New Jersey City Agrees to Lease Back Parking Lot for $27 Million That It Sold for $1: Reports

A photo shows 43-67 Green Street in Newark, N.J. Google Street

The New Jersey city of Newark has agreed to pay $27 million over 30 years to rent a piece of property that it had previously sold for $1, according to reports.

The autonomous Newark Parking Authority said it is planning to put up retail space, a parking deck, and offices at 43-67 Green Street under a $34 million redevelopment agreement with the city of Newark, reported NJ.com.