Docs show Wainstein bought NB home for $10, Sacco camp questions campaign financing


North Bergen mayoral hopeful Larry Wainstein purchased his township home from a company he owns for just $10 last year, according to the copy of the deed released by Mayor Nick Sacco’s campaign, and they are now questioning if Wainstein is using the same company “to skirt campaign finance laws.” 

Larry Wainstein

By John Heinis/Hudson County View

According to the deed, signed and dated on July 26, 2014, Wainstein purchased his house at 7414 4th St. for $10 from 2909 Investment LLC – an entity he is the president of.

Phil Swibinski, a Sacco campaign spokesman, says the LLC bought the property for $339,000 cash just eight months prior.

Sacco’s team attacked Wainstein’s business filings for four separate entities, one being 2909 Investment LLC, earlier this week over the fact that Wainstein signed off on business filings using his Franklin Lakes address.

The Wainstein team responded by saying the documents were dated, and therefore irrelevant, to the fast-approaching May 12 municipal election – even though one filing was as recent as March 25 of this year.

2909 Investment LLC also owns the Superwash Laundromat in Union City, which was issued a notice of violation and order to terminate last week.

Furthermore, the Sacco camp also released a copy of the $344,000 mortgage filing, dated October 15, 2014, taken out on the property.

Swibinski questioned if the transaction was a scheme to maneuver around state campaign finance laws.

“Did the transaction allow Wainstein to skirt campaign finance laws and use money from his LLC to fund his campaign, without being subject to contribution limit laws? Did Wainstein avoid paying the required real estate transfer fee on the sale to himself by limiting the price to under $100?,” he asked in an email.

Commissioner Alan Pasucal, who is seeking re-election with Sacco’s ticket, slammed the business deal as “a highly dubious real estate transaction.”

“Larry Wainstein wants North Bergen to believe that he lives in town, instead of the $2 million mansion in Franklin Lakes where it was recently proven he really lives,” Pascual said in a prepared statement.

“But this highly dubious real estate transaction where Wainstein used one of his many dummy corporations to buy a house for only $10 is just another in a long trail of lies he has told all over North Bergen.”

Wainstein said the way he purchased his home was by the book and for the Sacco team to go after him on the matter is a “desperate attempt” to “distract voters” days before the election.

“I made my money the old fashioned way – I earned it. Sacco lines his pockets with tax payer dollars dollars through three public jobs he holds at the same time and history of fraudulent and corrupt practices,” Wainstein said in a statement.

“That’s why he needs to go. This is another lie and desperate attempt to distract voters from Sacco’s record of corruption.”

“I retained a lawyer and accountant to ensure the transfer was completed properly. Every “I” was dotted, every “t” was crossed, and every document recorded in the County. All requirements for the lawful transfer of the property were fully satisfied; otherwise the County Register would not have recorded the documents.”

“How is that Senator Sacco knows so little about the law!”

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  1. Sure very Nice! Politicians. Congress and Senators, always speculating about the future of our City & country with bureaucrats speeches but the reality is different! Politicians are only interested in represents their own personal interests in order to increase their income and revenue not to mention the acquisitive power that it represent for those in positions of administrative power! !number one! Our system is no interest in rehabilitated anybody, two our system is so corrupted that our people has become another source of revenues for the people in power, due to the facts that our taxpayers paid top dollars to institutionalize the people that so conveniences our system call or title as criminals of our society! Then you have this criminals with police banged committing police crime and brutality against people who once vowed to protect our people. No offense to you, but tell me Larry, why should I trust you? What have you’ve done for work in the last 10 years, what have you’ve done for the people in the last 2 years that can prove that you are the best candidate for the Job? Show me your resume! I’m not interested in promises, I want to see facts! I am neither for nor against any of the candidates! I’m simply writing my honest opinion, based on my personal observation adjudicating by the behavior of all political figures through the course of my own experiences as a person and citizen of this society therefore you can say that I have no faith in the system, and I can assure you that the new candidate is more interested in his own ambition to power, that the benefit that he can contribute to the citizens of North Bergen, I think Sacco has created a political monopoly which is more than obvious that he have managed to reward his political crew members and allies by compensating his people who are in compromising positions and administrative power positions, otherwise he would not have been able to fill the position of Mayor of North Bergen for many years, and I’ll bet you that his opponent share the same ambition and desires, that’s the reason why I demand to this new candidate to show me his credentials. In order to determine if this new Candidate have the knowledge, experience, discernment to run and play role as leader or political figure, I do not care about gossip nor the dirt or blackmail game front and back between candidates, I am aware and I’m clear that someone has to do the job, but I just want someone that is best for it, gossip does not interest me, but I’m interested and I worry about the future of my neighborhood I need to know that Whichever occupy the leading position has the credentials and knowledge to do so after the bureaucracy,extortion,corruption,vitiation,debauchery,rottenness,something left for disbursement and distribution of the funds of our taxpayer to repair the issues of our City.