The city will buy the former Beverage Shop for $80,000 — $50,000 less than what the Rahway Center Partnership (RCP) paid for it nine years ago.
The City Council last week approved an $80,000 bond ordinance to acquire the East Cherry Street building, with a down payment of $4,000 coming from the Capital Improvement Fund. City Council in March approved an ordinance to acquire the property and begin negotiations and appraisals.
The Rahway Center Partnership bought the one-story structure at 52 E. Cherry St., (Block 318, Lot 18) in April 2001 for $130,000, and had an agreement by July 2006 to sell it to Dornoch, which last year defaulted on the agreement. Assessed at $129,600, the building paid property taxes of almost $6,200, according to PropertyShark.com.