N.J. Stat. Ann. § 54:1-43

The commissioner may sell, either at public or private sale, any property, real and personal, by him acquired under the provisions of this article, at such times, for such prices and on such terms of payment as will, in his judgment, be for the best interest of the state, and may convey, transfer and deliver by deed, assignment or other proper instrument, said property so acquired by him, provided the sale price and terms of payment shall be approved by the state house commission and that the proceeds of said sale shall be paid to the state treasurer for the general use of the state, to be credited as a receipt of taxes in accordance with the provisions of the particular statute under which the assessment has been levied.