Boro Lot Fetches $462K at Auction

Parisi Builders and Developers LLC of Berkeley Heights placed the high bid of $462,000 for a vacant, wooded lot owned by the Borough of Madison at an auction held Thursday.

Linda Parisi placed the bid on behalf of the company. Bidding opened at $250,000. Ten other bidders attended the auction, borough officials said.

Linda Parisi and her husband, Wayne, are former Madison residents.

The borough is selling the property because officials determined it's not needed for public use.

A July appraisal of the property, 27 Belleau Ave., found the market value to be $475,000. The appraisal said it appeared a single- or two-family home could be built on the 0.334-acre site.