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Bank Of America Investment Ending 15 years of litigation in state court and one of New Jersey's oldest bankruptcy cases, the owner of the Long Swamp tract in Palisades Park has reached a settlement that clears the way for construction of the borough's largest residential project.

Palisades Park is a borough of Bergen County, N.J., with a population of 17, 073 residents and a median household income of $48, 015. With 1.2 square miles of land and situated along the Palisades of the Hudson River, Palisades Park offers scenic views and a number of hiking trails. The Palisades have been designated a National Natural Landmark, and the Palisades Interstate Park is a National Historic Landmark.

Investment Opportunity The agreement, which was presented to U.S. Bankruptcy Judge Novalyn L. Winfield in Newark, allows Bernard J. Rosenshein, owner of the borough's last major undeveloped parcel, to close the sale with East Palisades Boulevard LLC, a development partnership under contract since 2000 to purchase the site for $6.1 million.

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Banc Of America Investment Once the closing takes place, the borough will be paid about $1.4 million in property taxes going back to 1988.

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Banking Investment As part of the so-called "global settlement," the Palisades Park Planning Board will dismiss its appeal of a state court ruling that allows East Palisades to construct three nine-story buildings on the 16-acre site, said Chris Hummel, an attorney for the borough.

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Investment Solution Strategic "We're thankful we could go forward and are looking forward to a good future," Rosenshein said as he left the courtroom Friday.

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Investment Banking Services His attorney, Richard B. Honig, said the bankruptcy filing allowed Rosenshein to hold on to his property while he waged a long and tortuous battle with Palisades Park to develop the site.

Bank Investment The only issue still in dispute is the amount of interest on taxes owed the borough. Honig told the judge that if the parties could not reach an agreement, they would submit the matter to an arbiter whose decision would be final.

Alternative Investment Brian Chewcaskie, attorney for the developers, said his clients and Rosenshein expect to close the sale within the next week or so. He said the settlement allows financing to go forward, and construction could begin in March for 204 apartments and parking for 473 cars on six upland acres straddling the wooded tract's wetlands.

Online Investment Services After eight years in bankruptcy court, Winfield said she didn't know if it was "exhaustion" or "the sheer weight of time" that prompted a resolution, but she is grateful the case is over.

Accompany Essential Investment In a decision last year, she ruled the borough overvalued Rosenshein's property from 1988 to 1998 by millions of dollars by appraising it for high-density residential use instead of the retail, commercial, and manufacturing uses for which it was zoned.

Investment Company Rosenshein First Development Corp. and Palisades Park Square Corp., two of Rosenshein's firms, filed for Chapter 11 bankruptcy protection in 1995 and 1996, respectively, after years of battling the borough for approval of two shopping center proposals and a 1,200-unit high-rise apartment plan. Residents rallied against all three plans, arguing they would increase traffic, crowding, and taxes.

Investment Management Solution In 1995, a Superior Court judge struck down the borough's zoning law for excluding low- and moderate-income housing and granted Rosenshein a so-called "builder's remedy" that allowed him to build a scaled-down 204-unit apartment complex, provided he set aside $230,000 or 23 units for affordable housing. The borough appealed and lost.

Investment Management Services Last year, Superior Court Judge Jonathan N. Harris took the unusual step of approving the development plans after the Planning Board failed to complete its review within a court-imposed deadline. Palisades Park and Fort Lee were appealing that decision.

Guide Investment Stock Fort Lee recently agreed to drop its appeal in return for an easement to preserve a large section of the tract on the Fort Lee border in its natural state. That land would act as a green buffer and help control flooding in the area.

Investment Manual Solution The development firm, whose principals include Hackensack architect Conrad Roncati, plan two towers on 12th Street, along the western slope of the tract, and a third on 14th Street along the Fort Lee border.

Investment Stock The Palisades Park Borough Council and Planning Board have scheduled special meetings for Monday, at 6 p.m., to ratify the settlements.

Essential Investment Solution By Peter J. Sampson
Bergen Record - 11/23/2003

Topic: Sprawl

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