P&F Management Company, LLC Partners with City Of Hackensack to Transform Brownfield Into Upscale Residential Development

By admin • December 28, 2009

HACKENSACK, N.J., Sept. 29, 2009 – The environmental cleanup of a former oil storage site on South River Road in Hackensack, N.J., is progressing with construction of a multi-story residential complex slated to begin early next year, according to the owner of the property, P&F Management Company, LLC, a leading distressed real estate owner, developer and lender with holdings throughout New Jersey. The company is collaborating with the City of Hackensack to redevelop the 3.75-acre land tract into a new 144-unit residential community.

“Our project is an ambitious effort to remove contaminated soil and ground water that threatens human health and the Hackensack River,” said Glen Fishman, founder and chief executive officer of P&F Management Company LLC. “Our goal is to render this land parcel productive and viable while enhancing the city’s riverfront. We have received a great deal of support and assistance from local and state officials, who have been instrumental in facilitating the advancement of this redevelopment effort.”

Acquired in 2007, the former Eval Oil Terminal is a classic brownfield with several
one million-gallon storage tanks abandoned years ago. The once-thriving bulk storage oil terminal had fallen into dangerous disrepair and contributed no local tax revenues until the city sold the tax lien to P&F for $2.8 million.

P&F Management is partnering with the New Jersey Economic Development Authority to finance the environmental clean-up of the property, estimated to cost $3 million.

Located at South River Street and Shafer Place at the I-80 overpass in Hackensack, plans include the construction of a multi-story, 144-unit upscale residential community designed to reflect the character of the surrounding neighborhoods.

“Once the property is remediated, we project that actual construction will start in early 2010,” said Fishman. “We are very confident in the success of this redevelopment. The Bergen County residential market, because of its proximity to New York City, remains one of the strongest in the State of New Jersey.”

P&F Management Company LLC is a multi-faceted real estate investment and development company. Specializing in the acquisition, repositioning and redevelopment of underutilized real estate assets and portfolios as well as real estate-backed securities, P&F serves as an owner, developer and lender. Since 2007, the Hillside, N.J.-based company has acquired more than 1,500 residential units, many of which have been built out and sold despite difficult economic conditions.