In Union City, NJ, the third most densely populated city in America, large parcels of land for sale are rare, according to the Census.
But a federal judge appointed a real estate brokerage to sell 13 mostly contiguous properties on 2.25 acres. Above the palisadesWest of Hoboken, has tied up development for the past nine years after ongoing litigation between property owners.
In early July, United States Court of International Trade Judge Leo M. Gordon appointed the Kislak Company in Woodbridge, NJ, as the sales broker, which is now seeking potential developers for the site. (According to senior courtroom deputy, Nitza Creegan, Judge Gordon was assigned to the case to help with the case backlog at the U.S. District Court in Newark.)
Kislak chief executive Jason Pucci said the sale price of the property, as well as what might be built there, “remains to be seen” based on interest from developers and offers received. Kislak is in the process of adding a 14th cliff-side property to the parcel, bringing the total to 2.68 acres, but that deal has not yet been finalized, Mr. Pucci said.
The property has been vacant since the investment group bought the houses from individual homeowners from 2005 to 2009. The investment group, Sky Point LLC, had a vision to demolish the century-old houses and build two residential towers, totaling 99 units and a park. . They scheduled a community meeting on the proposal for September 2019, then canceled it. Nothing progressed until the court’s ruling in July.
Kislak’s deadline for bids is September 12. Once sold, it will go to court for final distribution among partnerships including Sky Point LLC, which owns and sells the properties.
Mr. Pucci said it was possible that several buyers could buy the parcels of land, but Kislak would prefer to sell the parcels as one.
“It’s zoned for small-scale residential,” he said, “and we expect someone to do the same. There are height restrictions and you don’t want to block the neighbors’ views.
The land falls within the city’s Palisades Preservation Overlay District, which is currently zoned for low-density residential development and some other uses such as parks and playgrounds.
Neighbors in the area were frustrated for years as properties fell into disrepair, and some now say they’re hopeful for development.
Kate Sparrow, a neighbor on Mountain Road who started a petition to remove the abandoned properties in 2015, said she recently noticed “for sale” signs on the property.
“I’d like to see a townhouse,” Ms. Sparrow said. “Not like the huge apartment buildings down in Jersey City. I hope they keep the rock wild.”
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