Cedar Cove, Inc., a Corporation of the State of New Jersey, Plaintiff-Appellant, and the State of New Jersey…

Summary

The Supreme Court held that Mathis Plaza was "held" by the Borough for recreational purposes at the time of the 1978 Green Acres grant, so its sale required State approval under N.J.S.A. 13:8A-47b, reversing the Appellate Division and reinstating the Law Division's decision. Justice Garibaldi dissented, arguing the property was primarily intended for commercial development and should not be subject to the restriction.