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Is the former Town Garage property for sale, again?

Village Council members met behind closed doors on Wednesday evening to
discuss possible options for acquiring 120 Franklin Avenue, formerly home of
the Town Garage. Acquisition of this property is key to the planned
construction of a municipal parking garage at the northwest corner of North
Walnut Street and Franklin Avenue.

It is now rumored that Ridgewood 120 LLC, the site’s current owners, have
offered the property for sale to Village officials at a price much higher
than the $1.265 million paid in November of 2006. Scuttlebutt is that
Ridgewood 120 LLC’s asking price is at least $1.865 million, and possibly as
high as $2.265 million. The current owners have made no improvements to the
property since purchasing it from the Agnello family late last year.

Council members must decide whether to: 1) pay the asking price, or 2) enact
the right of eminent domain, or 3) revise parking garage building plans to
eliminate the need for that parcel. Still unanswered is the question: “How
did Village Council members manage to get themselves in such an expensive
jam? In other words, how was a real estate investment group able to acquire
the Town Garage property from right under the Council’s noses?”

14 thoughts on “Is the former Town Garage property for sale, again?

  1. >NJSA 2C:30-3

    2C:30-3. Speculating or wagering on official action or information
    A person commits a crime if, in contemplation of official action by himself or by a governmental unit with which he is or has been associated, or in reliance on information to which he has or has had access in an official capacity and which has not been made public, he:

    a. Acquires a pecuniary interest in any property, transaction or enterprise which may be affected by such information or official; or

    b. Speculates or wagers on the basis of such information or official action; or

    c. Aids another to do any of the foregoing, while in office or after leaving office with a purpose of using such information.

    An offense proscribed by this section is a crime of the second degree. If the benefit acquired or sought to be acquired is of a value of $200.00 or less, an offense proscribed by this section is a crime of the third degree.

    L.1978, c. 95, s. 2C:30-3, eff. Sept. 1, 1979. Amended by L.1979, c. 178, s. 62, eff. Sept. 1, 1979.

  2. >Reports of alleged public corruption/crimes should be reported to the Office of the Attorney General, State of NJ at the following toll free telephone number: 1-866-847-7425.

    That number again is: 1-866-847-7425. The call you place today may save your ass tomorrow . . .

  3. >What is the name of the real estate investment group? Who runs it?

  4. >”What is the name of the real estate investment group? Who runs it?”

    Ridgewood 120 LLC, 405 Cedar Lane, Teaneck, NJ. Martin Dorfman and Alan Litt are two named principals identified on the property deed.

    Reportedly, Jeff Wells and Bob Miller are also somehow involved with this group.

  5. >Agnello, Richard
    Barker, Michael
    Dorfman, Martin
    Gillsenan, William
    Graham, Laura
    Hansen, Dylan
    Litt, Alan
    Miller, Robert
    Pfund, David
    Rutishauser, Christopher
    Stikna, Dorothy
    Ten Hoeve, James
    Wells, Jeffery

    “That number again is: 1-866-847-7425. The call you place today may save your ass tomorrow . . .”

  6. >The guy’s name is Burton Dorfman, not Martin Dorfman. He’s an attorney with offices in Nyack, NY.

  7. >more and more bull.

  8. >If this isn’t a case of insider information, nothing is!

  9. >There is nothing illegal about what Ridgewood 120 LLC did. What is wrong with you idiots?

    If what has been reported is true, the group did nothing more than what real estate developers and speculators have done for centuries. The town may have missed an opportunity or may not have been able acquire the property originally…I don’t know.

    But, I do know that you all sound like a bunch of snivelling “Boyd Lovings” at the microphone at a Village Council meeting. Grow up!

  10. >”There is nothing illegal about what Ridgewood 120 LLC did.”

    Please allow the AG’s office to render that decision after their investigation has been completed. Thank you.

  11. >“If what has been reported is true, the group did nothing more than what real estate developers and speculators have done for centuries. The town may have missed an opportunity or may not have been able acquire the property originally…I don’t know.”

    Let’s face it, no one in their right mind would purchase a piece of property destined to be condemned unless someone on the inside (e.g., Village Hall) promised that money could be made on the transaction (in this particular case, to the tune of at least $600K).

    And for those of you who think that the Agnello family sold $600K or more “low,” think again. The property had just been valued at $1.2 million by at least two professionals. So in actuality, the Agnello family sold “high.”

    This all being said, if the property, with a functioning business in place, was valued at $1.2 million by two professionals, why on earth would Village officials consider paying at least $600K more for a property where there is no functioning business that would be adversely impacted?

    If as you suggest the Village “missed an opportunity,” I can only wonder IF the “opportunity” was deliberately missed so that an individual, or group of individuals, could personally profit from such an oversight. And for those of you who think that no mistakes are ever made at Village Hall, read the post about this year’s municipal budget.

    As for Boyd Loving’s “sniveling” comments at the microphone, if you don’t care for his opinions, identify yourself by name and address at the microphone and present your views on this topic.

  12. >all i can say is you can not tell the big wigs in town hall anything they no it all,well they donot.they should start.i,ve burned all of then from time to time.and yes they do make many mistakes from time to time.and they will not stop making them.they are starting to make a nother one very soon buy moveing one of thear puppets to a other place in town hummmmmmm.no good. one big mistakes.

  13. >Slingblade, is that you? Hummmmmmmmmmmmmmmmmm, I reckon…

  14. >I kept looking for Ridgewood to be mentioned in the Bergen Record articles on the abuses of eminent domain and areas in need of development. I guess the Record is holding off until the Village buys The Town Garage property.

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