The Parking Authority has acquired the New Era Sportswear building on East Cherry Street.

The single-story building sold for $277,500 in October, according to property records, first from the original owner, Dweck Family, LP, to 59 E. Cherry St., LLC. It went on the market last summer with an asking price of $289,900.

Records indicate that the entity 59 E. Cherry St., LLC — with the same Red Bank address as Cherokee Realty Partners — then, flipped the property on the same date to the Parking Authority for $1. Assessed at $101,700, the building has a property tax bill of about $6,666 for 2014.

The building will continue to be leased for the time being, according to Redevelopment Director Leonard Bier. Eventually though, it’s expected to be razed to create an opening on East Cherry Street for better access to the Rahway Transportation Center on Lewis Street, as has been the plan for many years. The 196-unit Main & Monroe project proposes to extend Monroe Street through Lot B into East Cherry Street but won’t go all the way to Lewis Street but is expected to have a plaza-like setting with temporary/removable bollards.

The New Era building is the third East Cherry Street property that’s been acquired in recent years by either the city or related entity, like the Parking Authority. Technically, the city still holds liens on the neighboring property at 65 E. Cherry St. but is expected to eventually acquire it in foreclosure and it over to the Parking Authority. A fire some 10 years ago ruined the building and it sat untouched before the city  finally demolished in 2011.

The city also purchased the former Beverage Shop across the street in 2010 and turned it into a Police Assistance Center.

Also around October, a developer picked up  four downtown properties in foreclosure, including two on East Cherry Street,  and private real estate firm acquired a Main Street property.