This bill authorizes the Department of the Treasury to sell and convey the Holland Tunnel Service Garage, a property located in Jersey City, to the Port Authority of New York and New Jersey (PANYNJ) for the nominal price of $1. The legislation recognizes that the PANYNJ has effectively controlled and maintained the property since its construction in 1931, despite the absence of a recorded deed conferring title. The bill asserts that the PANYNJ has assumed all responsibilities related to the property, including monitoring, recordkeeping, and maintenance, and therefore, it is appropriate to legally transfer ownership to them.

Additionally, the bill stipulates that the sale and conveyance of the property will not require the approval of the State House Commission or any further legislative approval, overriding any existing laws to the contrary. This provision aims to streamline the transfer process, reflecting the long-standing operational control that the PANYNJ has exercised over the Holland Tunnel Service Garage. The act is set to take effect immediately upon approval.