X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TRENTON-Sterling Forest Corp., a Tuxedo, NY-based developer that at one time owned about one-sixth of the 19,500 acres making up the Sterling Forest reserve, straddling New Jersey (Passaic County) and New York (Orange and Rockland counties), has been trying to develop more of the tract over the last several years. But public and private sector opposition has made it slow going.

Now, however, SFC is cashing in on its investment in the land because the two states and some conservation groups have taken to buying up portions of it to take it out of circulation. In the latest move, the States of New Jersey and New York have collaborated with The Trust for Public Land to fork over just under $8 million for another 1,065 acres, which will be set aside as parklands. This follows a similar deal that occurred two years ago.

One of the key issues regarding the site is that the tract just purchased provides drinking water for some two million residents of North Jersey. Adjacent forests purify rainwater flowing into the Wanaque and Monksville reservoirs and Greenwood Lake.

The sale reduces Sterling Forest Corp.’s holdings to about 1,200 acres, about half of which is said to be developable. SFC still plans to build homes and a golf course, but on a much smaller scale than had been anticipated.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.