X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HACKENSACK, NJ-P&F Management Co. LLC, a Hillside-based investment and development company that specializes in distressed real estate assets, has begun the cleanup of a brownsfield site here. With help from state and local agencies, the company expects to start construction on a 144-unit upscale residential community early next year.Acquired by P&F Management in 2007, the former Eval Oil Terminal consists of several abandoned one-million-gallon storage tanks.

The city sold the tax lien on the 3.8-acre site to P&F for $2.8 million. The firm is partnering with the New Jersey Economic Development Authority to finance the environment cleanup, estimated at a cost of $3 million.

“Our project is an ambitious effort to remove contaminated soil and ground water that threatens human health and the Hackensack River,” says Glen Fishman, founder and chief executive officer of P&F Management, in a statement. “Our goal is to render this land parcel productive and viable while enhancing the city’s riverfront.”

Located at South River Street and Shafer Place at the I-80 overpass, the multi-story residential complex will be designed to reflect the character of the surrounding neighborhoods. “The Bergen County residential market, because of its proximity to New York City, remains one of the strongest in the New Jersey,” Fishman states. “We are very confident in the success of this redevelopment.”

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.