Why Japan is auctioning off some of its land
- by admin
The United States and Japan are in a bidding war over a vast swath of public land, with the United States holding more than $1 billion in property in the country and Japan more than half a billion in land, according to data compiled by Bloomberg.
The latest auction was announced last week in New York, according the website, with bidding on public lands in the U.S. at an average of $1.28 billion.
That is more than twice the average for the U: $1,074 million.
The United Kingdom, which has a much smaller population, is bidding at about $1 million per acre.
The top two auction winners were auctioned in October in the city of New York for properties worth more than a billion dollars.
The biggest winner was a 5-acre parcel of land in the New York City borough of Queens owned by the city’s city-owned parks department.
The property, which was bought for $5.5 million by the New Yorker-owned Landmark Hotel, was valued at $1 trillion by the auction house, according Toenberger Partners, which specializes in public land acquisitions.
The sale was not announced until Thursday.
“There’s a great deal of history and a lot of history in the United Kingdom,” said Scott Toenberg, managing partner of Toenbach Realty Advisors, which advises on public land deals.
“And there’s a lot more history in Japan, where we are starting to see a lot less land.”
The auction in New Jersey was also the largest for public land in recent years, according The New York Times.
In the New Jersey deal, the land is owned by New Jersey Gov.
Chris Christie, who is a Republican and has pledged to maintain the state’s current policy of keeping public lands undeveloped.
The state and federal governments have also spent years negotiating a long-term deal for the land, which would be the largest public land sale in New England in at least 50 years.
Christie has said he supports preserving public lands and has said the sale could save the state money.
The United States and Japan are in a bidding war over a vast swath of public land, with the United…
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