By Real Estate NJ
A lawsuit tied a dispute over defunct freight lines has threatened to derail the development of a 35-story residential tower in downtown Jersey City.
A report Monday by The Jersey Journal said the developers of the site, Forest City and its partners, have asked a federal judge to throw out the lawsuit. The plaintiff, James Riffin, has told the federal Surface Transportation Board that he intends to acquire the entirety of a former Conrail line that crossed through the property and that he could end up restarting the rail line.
The tower is part of a massive project planned for the so-called Metro Plaza site in Jersey City, a shopping center at Marin Boulevard and Sixth Street. According to The Jersey Journal, the developers said the lawsuit is an attempt to “use this court to wrongfully extract money from the defendants by threatening to interrupt the redevelopment.”
For more, see Monday’s story by The Jersey Journal.
More New Jersey real estate headlines
North Jersey casino revenue plan includes A.C., lacks tax rate (The Press of Atlantic City)
Inspira leases space in Clarksboro shopping center (NJBIZ)
Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.
