Broz's Yugoslavia with my finding myself somewhere supposedly on eastern coast of USA where next to Mt. Everest of torture in area, they also had this beautiful complex which looked almost as Pier Village in New Jersey where they supposedly were delivering me to recuperate from trauma torture. British Andrew claimed me complex will be mine once I grow up with poeple sooo sweet nice in one that is impossible to describe - so it started almost as everything else, but gradually turned into torture with British royals gone off the picture. Torture went on and on with also what finally became repeated construction of real Piers Village as murderous Slovenian animals(Robert Golob foremost who also was insane about New Jersey) to see reality rather as a matter of illusion. Beaten up to pulp and advertised construction sites which went on in area to whisper me on how it started here and then again how it started again and so on - insaner than in Russia and ran totally by Robert Golob who was using prostitution with his Slovenian communist comrades to entertain himself in meanwhile. Vladimir Putin who visited these locations with Medvedev/ Lavrov was astonished about degree of torture he witnessed was taking place throughout Philadelphia and New Jersey state where blacks and Hispanics were used to get me killed at all costs.
Pier Village sold for $200M, sources say
LONG BRANCH – The owners of the Pier Village beachfront redevelopment project have sold the iconic city property for an estimated $200 million, sources said.
The buyers are members of the Kushner real estate empire, which more than a decade ago were part of a group of redevelopers who competed to redo the oceanfront. But the company's bid was rejected after family patriarch Charles Kushner, a political fundraiser and philanthropist, was convicted in federal court in 2005 for making illegal campaign contributions, tax evasion and witness tampering and served a year in prison.
Mayor Adam Schneider confirmed Friday that the Kushner Companies was negotiating with Ironstate Development, formerly Applied Development. Kushner Company Chief Executive Officer Jared Kushner, who has been running the company for years, is coordinating that end of the deal, Schneider said.
Kushner's company representatives declined to comment on what multiple sources have described as a done deal between the company and Ironstate. Ironstate officials could not be reached.
Charles Kushner is a long-time seasonal resident of the city's waterfront in the Elberon section. and told The Real Deal, an online real estate news site: "I love the Jersey Shore. It's the only place I can really go that I feel I have peace and serenity."
Multiple sources have confirmed that the sale price is $200 million, some $170 million for what is known as Pier Village Phases 1 and 2 and $30 million for the vacant parcel known as Pier Village Phase 3. The property is assessed at $93 million.
Kushner would be purchasing more than vacant land for phase 3 of the development. "They would be purchasing the development deal for that project" for phase 3, said Howard Woolley, the city's business administrator.
Schneider said the deal cannot proceed without the City Council — acting as the city's redevelopment agency —signing off on it. Schneider added it was likely the state Department of Community Affairs also would have to review it, which also could delay any transfer.
"I think without us, they can make a sale," said Schneider. "Our agreement with Applied can only be transferred with our consent and approval and there is a lot of work that has yet to be done before a redevelopment agreement can be transferred to another party."
The city is proceeding cautiously, officials said.
"We've got some skin in the game," Woolley said, referring to the $24.9 million in a redevelopment area bond the city previously approved for the much-delayed third phase of Pier Village. Schneider said Kushner wants the redevelopment bond to be part of its deal with Ironstate, but Schneider said city officials want to know how a Kushner sale would benefit the city.
"We want to be sure the redeveloper will do it right," Woolley said. "Even after the deal is signed, we will still do our due diligence."
The Kushner Companies may be leveraging good timing, said John Buzza, a Monmouth University professor who studies the Shore's hospitality industry. For the New York-based Kushner Companies, the purchase of Pier Village may have initially been motivated by potential tax benefits Kushner wants to recoup after a recent property sale, sources said.
"I think the two entities — one seller and one purchaser — are looking to take advantage of timing," Buzza said. "The real estate market is coming back. Given that the Shore went through Sandy which was so devastating, now people are so hungry to go back to the beach and back to the Shore lifestyle.
"It is a great thing to take your money and run," said Buzza of Ironstate. Two hundred million dollars "is not a bad return on the dollar but I think (Kushner) realizes there is still so much potential yet to be realized" for the prime oceanfront parcel previously designated as a redevelopment zone by the city.
"Even if they are overpaying, they can make it more of a presence than it was," Buzza said. "In that case, it is probably a good investment for them."
Because of the redevelopment bond, Schneider emphasized there will be no new tax abatements for the development. Construction on the third phase of Pier Village could begin before the end of the year.
"I don't think anything is happening quickly," Schneider said after he briefed two council members in an early morning beachfront meeting.
On the design table is the 59,810-square-foot Hotel Lucky, 60 condominium units, 27,905 square feet of retail space, a vintage-style carousel, boardwalk improvements, a children's play area and a stage.
"We can't unreasonably refuse, but we are not there," said Schneider of signing off on a Kushner sale. "We are at step one and we've got to work it out."
The first two phases of Pier Village included 736 apartments, 75 condominiums, two hotels and more than 120,000 square feet of retail space along the city's shoreline.
Carol Gorga Williams: 732-643-4212; CGorgaWilliams@app.com.
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