The seller, a local group called 61 Hoboken 2 Associates, actually contracted to sell the property nine years ago to Crown Plaza Towers LLC and principal Sandford Weiss. Attempts since then to get approvals for a residential project failed, even after the original proposal of twin 23-story towers containing 412 apartments was scaled back.
According to De Ruggiero, the City of Hoboken had expressed interest over the past year in buying the land for use as a public park. The sale to the city was a cooperative effort among David Zahner of 61 Hoboken 2 Associates, Weiss and attorneys representing the city. The acquisition is being funded by bonds from the Trust for Public Lands.
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