Breaking new reporting from Politico revealed that New Jersey Republican U.S. Senate candidate Curtis Bashaw’s campaign chairman, State Senator Michael Testa, is being investigated by federal authorities for a shady real estate deal that resulted in flipping public land and selling it for seven times the original price.
“It’s alarming that Curtis Bashaw’s campaign chairman is under federal investigation for shady self-dealing,” said End Citizens United Spokesperson Grace Silva. “New Jerseyans shouldn’t have to wonder whether their elected officials are abusing their position of power to line their own pockets. This disturbing pattern of corruption must come to an end. Congressman Andy Kim continues to lead the way to restoring honesty and integrity to public office—and once elected to the Senate, will help usher in a new era of transparency and accountability.”
Politico: Feds investigate property flip involving two New Jersey state senators
Matt Friedman
08/15/24
Key sections:
- Federal authorities are investigating a real estate deal involving two New Jersey state senators who bought public land and then flipped it for seven times the original price.
- Publicly-accessible property records show that the Vineland Industrial Commission sold the plot to four limited liability companies.
- According to state business records, one of the companies that flipped the property, Nova Investments, is listed as a major source of income by state Sen. Michael Testa — a Vineland native and Cumberland GOP chair — on his legislative financial disclosure forms.
- Another company, Dotia Investments, was registered by state Sen. Doug Steinhardt, who chairs the Republican Party in Warren County, and is listed on his financial disclosure form (he was not a senator at the time of the purchase but was when the property sold.) A third company, JERC Partners XLVIII, is affiliated with the Asbury-based developer J.G. Petrucci Co. And a fourth, 1615 W. Garden Road LLC, lists attorney Seth Tipton, a named partner in Steinhardt’s law firm, as its registered agent, while another document lists Steinhardt law partner Michael Perrucci as a member.
- The parcel was first sold by the City of Vineland to the Vineland Industrial Commission for $1 in May 2022, property records show.
- In October 2022, the Vineland Industrial Commission sold the parcel to the four LLCs for $1.15 million, according to property records. Neely said the investors had first gone into contract on the property in June 2021. In March of 2023, records show that Cumberland County granted two easements to the property owners — one for right of way and one for drainage — for $1 each.
- Five months later, in August 2023, records show that the companies sold the property to the Michigan-based Dawsar Investments for $8.4 million.
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