He entered his guilty plea just a week after his trial began, after approaching prosecutors about a plea deal on Friday.
Reid will be sentenced March 25.
Reid also agreed during his guilty plea to forfeit a total of $15,500, representing the entire amount of bribes he took as described in the indictment on which he was being tried in federal court.
Reid specifically admitted that, in addition to accepting $5,000 in one instance for himself, he accepted another $5,000 bribe on behalf of the Mayor of Irvington.
U.S. Attorney Christopher Christie said the investigation is continuing.
