New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 16-15

Real estate devised to executors or trustees, in trust for a person for life or until the happening of an event specified in the will, and occupied by 1 or more buildings that do not produce an income proportionate to the value of the land may be sold by the executors or trustees, or their survivor or survivors, under judgment or order of the superior court if the court is satisfied that a sale would benefit the cestui que trust and remainderman and is not inconsistent with the intent of the will.

The sale shall, to the extent set forth in the judgment or order, be free and clear of any interest of a person claiming under the will and the proceeds shall, after paying taxes and assessments and the costs and expenses of sale, be held by the executor or trustee in accordance with the provisions of the trust.