Liberty Harbor developer files for bankruptcy

New York /
Apr.April 20, 2012 09:00 AM

In a strategic move meant to push construction forward, the developer of the Liberty Harbor complex in Jersey City, Peter Mocco, has filed for Chapter 11 bankruptcy, according to GlobeSt.com. They Jersey City Redevelopment Agency slammed Mocco for the move, saying it would have “tragic consequences” for contractors who are among the biggest debtors in the bankruptcy filing.

“This is not a failure of the Jersey City redevelopment market,” JCRA chief Antonicello said. “It’s not the economy … [and] it is certainly not the fault of the many business operators who worked on this project, believed in it, and now, with this bankruptcy action, will not be ‘made whole’ for what they are owed.”

But Mocco blames Antonicello’s organization for his decision, saying the way it handled the eminent domain process that was necessary to build the development left him with no choice. The family previously that owned the lot is owed $21 million, and the JCRA and Mocco are disputing who is liable for that debt.

By filing for bankruptcy, Mocco hopes the dispute will be settled and Liberty Harbor, which has already received interest from buyers, can progress. [GlobeSt]


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Trump International Hotel D.C. and Donald Trump (Getty, Trump Hotels)
Trump could profit $100M in DC hotel sale
Trump could profit $100M in DC hotel sale
Related's Stephen Ross and the Chelsea-Elliott Houses (Getty, Wikimedia)
Related wades into NYCHA — and becomes a target
Related wades into NYCHA — and becomes a target
Enterprise President and CEO Priscilla Almodovar (Getty)
Enterprise closes low-income housing funds after raising $365M
Enterprise closes low-income housing funds after raising $365M
Manhattan office leasing breaks 3M sf barrier for first time since early 2020
Manhattan office leasing breaks 3M sf barrier for first time since early 2020
Manhattan office leasing breaks 3M sf barrier for first time since early 2020
Lalezarian Properties CEO Kevin Lalezarian and 606 West 30th Street (Ismael Leyva Architects)
Lalezarian lands $170M loan for paused Hudson Yards tower
Lalezarian lands $170M loan for paused Hudson Yards tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...