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.”
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!”