The Redevelopment Agency received a $350,000 judgment against the developers of Riverwalk.
City Administrator and Redevelopment Director Peter Pelissier briefed commissioners at last month’s Redevelopment Agency meeting. The chance of collecting the judgment is the issue, he said, adding that the LLC is out of business but one of the principals of the firm has been located.
Parsippany-based Diversified Communities built 86 townhouses for the Essex Street development off East Milton Avenue and while many sold for more than $400,000, about 19 units remained unsold after the housing market collapsed and ultimately went into foreclosure. At one point, Diversified had looked into a plan to build about another 40 units on the adjacent Kings Inn motel property.
Bank of America has started to foreclose on the 19 remaining unsold units at Riverwalk, said Redevelopment Agency Attorney Frank Regan at the agency's meeting last week. The city also has begun the process on seven of those units for failing to pay property taxes, according to City Administrator and…
A sheriff's sale on unsold units at Riverwalk originally scheduled last month has been postponed until April 11. Redevelopment Agency attorney Frank Regan briefed commissioners on the sale at their meeting last month. The $5.255-million sheriff's sale originally was scheduled Feb. 8 on the remaining 19 townhouses that went unsold…
A $5.255-million sheriff's sale on the remaining 19 unsold townhouses at Riverwalk is scheduled for Feb. 8, Redevelopment Agency attorney Frank Regan reported to commissioners at their meeting earlier this month. Bank of America likely will purchase the 19 units at the sheriff's sale and then look to sell them,…
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0 thoughts on “$350k judgment on Riverwalk foreclosure”
Are there any unsold units? I'm sure the city could take two or three of the units and sell them for the $350K they're owed….Same comment applies to Carriage City, which seems to also owe the city some $$$….AMAZING how if you're a homeowner they list your house for tax sale if you're late on your taxes, but these companies get away with not paying for years…..!!
why was there no bond in place?
Are there any unsold units? I'm sure the city could take two or three of the units and sell them for the $350K they're owed….Same comment applies to Carriage City, which seems to also owe the city some $$$….AMAZING how if you're a homeowner they list your house for tax sale if you're late on your taxes, but these companies get away with not paying for years…..!!