This bill authorizes the State Treasurer to sell a surplus property located at 200 Sanatorium Road in the Township of Lebanon, Hunterdon County. The property, which encompasses 57,462 square feet and is identified as Block 9, Lot 7 on the local tax map, is the former site of Building 33, known as East Hall, of the Hagedorn Psychiatric Hospital. The sale is to be executed to GShack Group, LLC for an appraised value of $570,000, with the terms and conditions of the sale to be determined by the State House Commission.

The legislation aims to facilitate the disposal of state-owned real estate that is no longer needed for public use, thereby allowing for potential redevelopment or other beneficial uses by the private sector. The bill is set to take effect immediately upon passage.