N.J. Stat. § 40:61-3
Whenever any municipality has, prior to April seventh, one thousand nine hundred and thirty-one, transferred to any park commission the care, custody and control of any land which has been acquired subject to a right of way for public or private use and has been dedicated for park purposes and whenever such park commission shall determine and declare that such land or portions thereof has never been used for and is not necessary or desirable for park purposes and that it is for the public interest that the care, custody and control of such land so acquired and dedicated, or of any portion thereof, should be returned to the municipality, the park commission may, by resolution, return to such municipality the care, custody and control of such land, or of any portion thereof, if the municipality shall by resolution consent to the return to it by the park commission of the care, custody and control of such land or of such portion or portions thereof, on the terms and conditions, if any, imposed by the park commission, which consent such municipality is hereby authorized to give.
The governing body of such municipality, or body politic, having the legal title or an interest in and to such land, may by resolution sell and convey, or lease such lands or a portion thereof, upon such terms as such governing body or body politic may by resolution fix and determine, and in such case, the conveyance or lease thereof shall be made and executed by the proper officers of the municipality or body politic having the legal title or interest in and to such land.
N.J.S. § 40:61-3