(To read more on the multifamily market, click here.)

JERSEY CITY-New Gold Equities and its parent company, the NewYork-based BLDG Management Co., have filed suit in the US DistrictCourt for the District of New Jersey against the city. The suitalleges that the city has "taken action under color of officialgovernment actions that were improper, wrongful, illegal andotherwise for depriving" New Gold of its rights in its propertiesat 110 and 111 First St. here. The developer is seeking damages ofmore than $100 million.

110 First St., deemed unsafe, was torn down a year ago to makeway for a proposed luxury residential building. 111 First St., aformer tobacco factory, was originally proposed for redevelopmentas a below-market live/work building for artists, but has similarlybeen deemed unsafe and proposed for demolition and redevelopment.Its demolition has been blocked by nearly two years of litigationbetween the city and the developer relating to its future, however.The suit cites former Mayor Harvey Smith; Robert Cotter, actingdirector of the Department of Housing, Economic Development andCommerce; and various other city officials and bodies.

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