FYI - the Trump Tower here in JC (I'm looking at it from my office window lol)
is still NOT finished
Sent from my Verizon Wireless BlackBerry
-----Original Message-----
From: "radio881gal" <restore88...@aol.com>
Sender: AsburyPark@yahoogroups.com
Date: Wed, 16 Feb 2011 16:18:51
To: <AsburyPark@yahoogroups.com>
Reply-To: AsburyPark@yahoogroups.com
Subject: [AsburyPark] Re: Question about MM and Asbury Partners/iStar
Two things:
First thanks very much for the feedback Arhythmick - one of my favorite groups
by the way - I try.
1 -The fall of Esperanza was in 2007, not 2009. The city has presented it as
part of the credit crisis, but it was really too early chronologically. (I know
the CDOs and CDSs were flying but that's besides this point.) Geibel probably
looked around and saw that Wesley Grove (with Kushner pulling out) and North
Beach were not selling out as advertised. And, he may have figured out by then
that by giving the Partners their share of aftersale considerations would
seriously erode his profits. Geibel also wanted to pick up his marbles and
consolidate his assets in his project with Trump up North. Ironically, I think
iStar was a funding source there, too.
2 - Jim Keady - glad to see you adding to this discussion. Just wanted to let
you know that the city did finally sign an agreement with Madison Marquette. I
may even have posted it on www.asburyradio.com. But no time to look now.
There's a search feature on the blog and for older stuff, pls help yourself to
the directory on the left banner of the site.
All best,
Maureen
--- In AsburyPark@yahoogroups.com, "arhythmick" <arhythmick@...> wrote:
>
> I must say that my best source of information over the past many years has
> been Maureen Nevin's coverage. Her consistent and very specific reporting of
> city council meetings that I could never attend is invaluable!
>
> --- In AsburyPark@yahoogroups.com, Educating for Justice <jim@> wrote:
> >
> > Arhythmick¹s assessment below of the rights/responsibilities for the
> > Waterfront Redevelopment Area are fairly spot on. Many people have made the
> > mistake in assuming that Madison Marquette became a ³redeveloper² on par
> > (legally) with Asbury Partners. This is not the case. Prior to their
> > purchase of Wesley Grove, MM was nothing more than a contractor, hired by
> > Asbury Partners, to execute the retail portion of the boardwalk
> > redevelopment. When MM purchased Wesley Grove, they became a sub-developer,
> > nothing more. During my time on Council, I consistently pushed my
> > colleagues and the City Manager to formalize some kind of legally binding
> > agreement with MM that would put them on the hook with the City for what
> > they were contracted to do by Asbury Partners. This did not occur during my
> > tenure, nor do I believe it has occurred since I left office.
> >
> > I am happy that the City is finally willing to fight and name iStar in
> > default. This should have happened with Asbury Partners about 4 years ago.
> > If anyone would like to read through the piles of files and notes I have on
> > this, let me know. I saved everything (Executive Sessions, Workshop
> > Sessions, Open Public Meetings, Special Meetings, etc.) and it is all neatly
> > tucked away in my attic for posterity¹s sake.
> >
> > Peace, Jim Keady
> >
> > Arhythmick said...
> >
> > ³I have been trying to follow this as well. Here is my best guess of what is
> > going on. I am not sure of all the legal relationships (joint ventures, etc)
> > but here goes...
> >
> > Some time ago a group called Asbury Partners obtained the development rights
> > for the waterfront area from the town of Asbury Park. They made deals with 3
> > sub-developers to build condos; Paramount Homes for North Beach to the
> > North; Metro Homes to build the Esperanza in the middle; and Kushner to
> > build Wesley Grove in the south (by Wesley Lake). Then in May of 2007 they
> > signed a deal with Madison Marquette (a Washington DC based retail
> > developer) to handle all the retail along the boardwalk. They formed a joint
> > venture with Madison Marquette called Madison Asbury something.
> >
> > When Kushner wanted out of Asbury Park, Madison Marquette bought the Wesley
> > Grove condo project from them (and presumably obtained the rights to
> > continue to develop there).
> >
> > Then Metro Homes abandoned the Esperanza project in 2009 when the economy
> > went south. (some say their plans were too grandiose in the first
> > place...and that Asbury park could never have supported $3M condos). The
> > project sits abandoned waiting for a new developer
> >
> > When Asbury Partners defaulted on its loan to iStar last year, iStar had a
> > decision to make on whether to get rid of the entire project or keep it.
> > They hired consultants and assessors who told them it was worth too much to
> > bail out of. So iStar has taken on the role of waterfront developer from
> > Asbury Partners. It is presumed that they have also taken on the Asbury
> > Partners half of the joint venture with Madison Marquette.
> >
> > As waterfront developer, iStar has a responsibility to develop and/or find
> > suitable sub-developers...The town claims they are dragging their feet and
> > are not doing that when many sub-developers are out there ready to develop.
> > The town claims some have approached them directly. iStar says the market
> > isn't ready yet.
> >
> > So the battle begins...
> >
> > Others feel free to chime in and add or correct...this is complicated²
> > --
> > Jim Keady, Director
> > Educating for Justice, Inc.
> > jim@
> > 732.988.7322
> > www.educatingforjustice.org
> >
> >
> >
> > [Non-text portions of this message have been removed]
> >
>
[Non-text portions of this message have been removed]
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