Paterson will proceed with plan to auction former Libby's Lunch property
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PATERSON — Persistence paid off for Mayor Andre Sayegh’s plan to hire an auction company for selling the Libby’s Lunch property.
After coming up short twice in June, Sayegh’s plan got approval from the Paterson City Council in a 6-2 vote on Tuesday night.
What comes next?
The mayor is hoping the property will draw investors who want to open a restaurant or boutique hotel at the site, which is next to Paterson Great Falls National Historical Park.
Libby's, known for its Texas Weiner deep-fried hog dogs, closed in 2020 after eight decades. The business had been engaged in a lease payment dispute with the city.
Officials have not yet scheduled the date of the auction, which will be conducted by the Max Spann Real Estate and Auction company. The McBride Avenue property is assessed at $525,000, and Sayegh administration officials hope to use the proceeds from its sale to help close Paterson’s $18.6 million budget deficit.
Earlier: Paterson's mayor must wait for votes for Libby’s Lunch auction
The winning bid at the auction will still need City Council approval before the sale can proceed, officials said.
Voting in favor of hiring the auction company were council members Al Abdelaziz, Maritza Davila, Shahin Khalique, Md Forid Uddin, Luis Velez and Alex Mendez. Opposed were Michael Jackson and Lilisa Mimms.
What detractors said
Jackson said selling the Libby’s land was shortsighted.
“What’s the first rule in Monopoly?” Jackson said, referring to the board game. “You hold on to your property. You don’t sell Boardwalk. You keep it, because you know it’s a valuable asset.”
Joe Malinconico is editor of Paterson Press.
Email: editor@patersonpress.com
This article originally appeared on NorthJersey.com: Libby's Lunch: Paterson NJ property heads to auction
