Wednesday, February 9, 2011

Asbury Park Confronts iStar Financial in Court February 17th

The  successor to Asbury Partners, a group of investors that included at various times MD Sass, a NY-based private investment bank, Cherokee, a brownfields investor that ran aground of the US Environmental Protection Agency, tax lien investors Larry and Glenn Fishman and others, iStar Financial will meet with Asbury Park in Judge Lawrence Lawson's court, in Freehold, on February 17th.

The City claims iStar, which assumed all shares of Asbury Partners after that entity defaulted in loans from iStar that it values at $70M, defaulted on its obligations as master developer under the Waterfront Redevelopment Agreement the Partners' signed with the City in 2002.  The City's position asserts it is entitled to withdraw iStar's redevelopment rights and sell them to developers.
See also on this site iStar's written reponse to the City and the City's resolution for a citizens advisory board for amending the waterfront redevelopment plan.

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