Union City, N.J. finally resolves fate of Palisades properties

After years of litigation, a federal judge has appointed a real estate brokerage to sell 13 properties on the Palisades in Union City, N.J. This decision comes after a lengthy legal battle that has prevented development on the site for nearly a decade. The Kislak Company is now tasked with finding potential developers for the 2.25 acres of land, which is currently zoned for low-density residential use and some recreational areas. The properties have been vacant since an investment group, Sky Pointe LLC, acquired them between 2005 and 2009 with plans to demolish the existing century-old houses and construct two residential towers. However, these plans never materialized, and the community has expressed frustration over the deteriorating state of the properties. A community meeting scheduled for September 2019 to discuss the proposal was canceled, leaving residents in limbo. With the recent court ruling, Kislak is now seeking bids for the properties, with a deadline set for September 12. The proceeds from the sale will be distributed to the partnership that owns the properties, including Sky Pointe LLC. There is potential for multiple buyers to purchase parts of the land, but the brokerage prefers a single sale to streamline the process. Local residents, who have long awaited development, are hopeful for new construction that respects the area’s character. Some neighbors have expressed a desire for townhouses while maintaining the natural beauty of the cliffside. The outcome of this sale could significantly impact the community and its future development plans.