John Amendola, 39, was found dead Sunday afternoon inside 311 Union Avenue.
According to investigators, Smith was at the Amendola's house socializing early Sunday morning. The two were friends and have known each other for nearly twenty years.
An argument erupted between the two men, and at some point Smith allegedly stabbed the victim numerous times with a knife that he carried regularly.
Smith then fled the scene, taking the weapon with him. No one else was present in the house at the time of the stabbing.
Detectives executed numerous search warrants at Smith's residence in Hasbrouck Heights, New Jersey and the residence of his girlfriend in Wallington, New Jersey. They said numerous items of evidence were seized as a result, including what is believed to be the murder weapon.
Smith, who is currently unemployed and was formerly employed as a police officer with the Hasbrouck Heights Police Department, has been charged with first degree murder and related charges.
He has been ordered held on $2-million bail.
Smith is due in court on Thursday afternoon.