the staff of the Ridgewood blog
Ridgewood NJ, reader questions the ownership status of the “Town Garage” , “Last I heard an LLC or such owned it. Did they manage to pass it off to the town w/o cleaning it? The Village would be nuts to have bought it in an “as is” condition. The owner of the Town Garage property was bought out by the LLC (?) with little or no warning. I assume he sold “as is” because he really had not planned on selling it. I hope they didn’t make a tidy profit by selling it “as is” to the town. Or worse, the Village cleaning it up for the present owners with a deal to then buy it at a reasonable price.”
One of the more effective tools on the Ridgewood blog is the “timeline ” it continues to roll and record the ups and downs of the Village of Ridgewood. Will a little search we found comments from March 1st, 2007 discussing the ownership of the Town Garage.
The Town Garage, 120 Franklin Avenue; the eye of the storm . . .
The current hot discussion topic among those who monitor Village Hall happenings is how an out of town firm was able purchase the Town Garage property from right out under the noses of Village Council members. Village ownership of the subject property (see posted photo) is seen as key to the successful construction of a municipal parking garage.
Reportedly, Village officials had offered previous owner Richard Agnello more than the $1.265 million sale price. However, it is being reported that Mr. Agnello refused to sell until the Village found a suitable location nearby for him to relocate his motor vehicle repair facility.
So the fly would like to know: 1) How was the Wells partnership able to buy the property for less than what Village officials had offered Mr. Agnello? 2) Will Mr. Agnello be closing up shop, or has the Wells partnership found a location for him to move his operation to? And, 3) What prompted the Wells partnership to purchase a piece of property destined for involvement in eminent domain proceedings?
And in May of 2007 we asked if the Town Garage was for sale yet again.
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?”