This is great news for Teaneck. Long overdue. I hope Grant Electrical and the existing neighbors will cooperate with each other. Electrical components are high value cargo. This will also provide new jobs in the neighborhood. I just hope our Council will use the new tax revenue to keep taxes down for us all. Teaneck needs efficient, right sized government. "Efficiency" has to become a common thought in Council thinking. Holdover policies and methods have be reviewed and eliminated where they no longer perform a useful function. No more "Well, we've always done it that way." Instead, it should be "This is the best way to accomplish this task." Let's not disappoint those that invest in Teaneck.

This transaction was actually completed in February and one of the first things the property will likely (and should) do is appeal its property tax assessment of $10.75 million. One would suspect that showing a real purchase price of $6.1 million will give the new owners some pretty good leverage against the town. So you see, Art, it may not be the golden egg you think it is. You may actually have to pay a little more on your tax bill when all is said and done. The only way to help alleviate the tax burden to homeowners is grow ratables all over town and get rid of Teaneck's longstanding NIMBY attitude.

@Jacob: Teaneck wastes so much resources that it is absurd. The first thing Teaneck should do is to give out zero increases in any union contracts whats so ever. They should seek a decrease because unions are killing this town.
Teaneck needs to curb its expenses and in a major way. That is the only way forward.

Jake and Zi: Even a $6 million tax assessment is the equivalent of adding at least a dozen new, "better" homes. A business generates less service needs that many homes so I am OK. Yes, I am afraid that some NIMBY attitudes do hold Teaneck back. To grow ratables we need to modernize and streamline our municipal services, to rebuild our town's reputation, to take advantage of our excellent location, and to add housing suitable for our aging but still active seniors. Too many of my friends have left Teaneck, not because they want to, but because our building stock left them no choice.

A few of my friends left Teaneck because of ever increasing taxes. Teaneck is certainly not an affordable town anymore.... the taxes are high and they are growing by leaps and bonds...... I am also considering selling my house...... I am sick of the high taxes and a lack of facilities.... don't forget an abundance of red tape..... I have to pay for my garbage but the town has a huge public works departments and a lot of manpower. and equipment... I wonder why we have so many people on the town's payroll......

Good question Zizi. I wonder how long it will be till the high taxes drive the company out.