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Home arrow News arrow Millions from Real Estate Deals Made by a Former Newark Mayor

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Millions from Real Estate Deals Made by a Former Newark Mayor
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Monday, 31 July 2006

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While Sharpe James left office early this month after 20 years as mayor of New Jersey's largest city, he has retained a significant real estate portfolio in Newark.

Over 15 years, James, his wife and their three sons have bought and sold 18 properties in Newark, on the Shore and in South Carolina, selling them for $1.4 million more than the purchase price, The New York Times reported in Sunday's newspapers after examining public records.

Many of those acquisitions followed a pattern, the newspaper's review of the family's properties shows. Several were bought in areas where the James administration had been investing public redevelopment money. At least three times, James used campaign funds to rent buildings he owned, the paper reported.

James did not immediately return a phone message The Associated Press left Sunday at the Newark office he uses for state Senate activities.

The New York Times reported that James used $2 million in Crown Bank Financing to buy a building in downtown Newark at 58 Park Place, near his state Senate office at 50 Park Place, while negotiating plans to invest $210 million in city funds to build a hockey arena.

By M. Sese
http://realestatepress.org

 
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