This bill authorizes the State Treasurer to sell and convey the Holland Tunnel Service Garage, located in Jersey City, to the Port Authority of New York and New Jersey (PANYNJ). The property, designated as Block 7203, Lot 2, has been declared surplus to the needs of the State. The sale will be executed for a price determined by the State House Commission, which will also set the terms and conditions of the sale. The Executive Branch has indicated a desire to convey the property for a nominal price of $1.

The legislation recognizes the historical control and responsibilities that the PANYNJ has had over the property since its construction in 1931, despite the lack of a recorded deed conferring title. The bill aims to formalize the ownership transfer to reflect the ongoing management and maintenance obligations that the PANYNJ has assumed over the years. The act is set to take effect immediately upon passage.