The Verizon building on Teaneck Road is back on the market after a prospective buyer backed out of a deal to purchase the facility, a company spokesman said Wednesday morning.

“We did have a potential buyer,” said Verizon spokesman John Bonomo. “The potential buyer decided not to move forward with it [the sale].”

Bonomo said he did not know why the buyer backed out, but noted the buyer did have a period of time to do due diligence, which could include reviewing plans for the property, preparing bids and having engineers review the facility.

Bonomo declined to release the sale price.

“Since there wasn’t an agreement at this point for the party to purchase it, a sale price wouldn’t be public,” he said.

The building, between Amsterdam Avenue and State Street, is being sold under a sealed bid process, which requires approval from the Board of Public Utilities.

"Probably within the next two months they will be calling for bids," said broker John Stravitz, of BIOC Commercial Real Estate, who is working in conjunction with Concordis Real Estate, to sell the building.

The sale of the building gained notoriety in December after the building was floated as a possible location for a cultural arts center. At the time, the Teaneck Chamber of Commerce had expressed interest but ultimately did not submit a bid.

Puffin Foundation President Perry Rosenstein and his wife, Gladys, who announced last October they would donate $500,000 towards a cultural arts center, started exploring other possible locations days before bids were due on the Verizon building.

Township officials had also toured the building during the talks about a possible cultural center.