N.J. Stat. § 40:61-11
Wherever any highway, railroad or street railway runs through or across any public park, or public place for resort or recreation of any municipality, or any lands of any municipality acquired therefor, the body having control of such parks or lands may make an agreement with the body having control of any such highway, and with the company owning the railroad, or street railway, to change the course or location of such highway, railroad or railway, and to agree as to payment of the cost of such change.
Upon execution of such agreement, the municipality may grant and convey to such body having control of the highway or to the company owning the railroad or railway, a right of way over the lands of such changed location, and the body in control of the highway, or the company owning the railroad or railway shall in like manner grant and convey to the municipality all its interest in the lands of the former location of said highway, railroad or street railway.
Upon execution and delivery of such conveyances, the body in control of the highway, or the company owning the railroad or railway, may locate, lay out, construct, operate and maintain its highway, railroad, or street railway upon the lands of the changed location, and connect and operate with the remaining portion of its highway, railroad or street railway in accordance with the agreement and shall possess all the powers with respect to the changed location as it had in the former location, and the same shall be subject to all the obligations and limitations imposed thereon in the former location.
All the rights, privileges and powers of the body in control of the highway, or of the company owning the railroad or street railway, in the lands of the former location shall be transferred to and vested in the municipality.
N.J.S. § 40:61-11