Truth is stranger than Fiction : The Real Estate Bloggers

Truth is stranger than Fiction

December 16th, 2005 • Related • Filed Under

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Tell me this is not right out of a Soprano’s episode from a couple of years ago. The politician greases the wheel to get a previously undeveloped property for the powerful development firm. In no way am I implying that this is the case in reality, but the irony and perception has to make some heads turn.

Christmas could come early for the powerful LeFrak Organization - and possibly get a portion of the Jersey City waterfront developed more quickly - if a bill sponsored by Assemblyman Lou Manzo passes the Legislature.

Proposed earlier this year, the legislation would allow developers to borrow money from a state fund created in 1997 to spur the development of “brownfields,” or sites where the responsible polluter hasn’t been identified.

The law would “grandfather in” developers who signed agreements with the state prior to 1997 to bear all the cleanup costs for their site.

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