ROSELAND, N.J./April 29, 2011 -- John D. Cromie, Noel D. Humphreys, and Monica Seth recently represented Limestone Hills Corporation (“Limestone”), a Texas corporation, as New Jersey counsel in connection with the negotiation and purchase of a 6.5-acre undeveloped parcel located in Palisades Park, New Jersey. The parcel was purchased for $1.8 million out of the Tarragon Corp. federal Bankruptcy Court proceeding. Berkeley Palisades Park LLC, an entity of Limestone, took title to the property.
The site is currently approved for multi-family development of 64 units and 8 stories, though Limestone plans to work with the borough to develop the site to its highest and best use. In connection with the purchase of the parcel, Limestone, with the assistance of Connell Foley, conducted extensive due diligence in evaluating past agreements related to the property and the current parameters of development permitted on the property.
Connell Foley also negotiated Limestone’s assumption and assignment of all previous agreements related to the property, and assisted in filing motions in the bankruptcy proceeding to ensure this outcome.
Limestone is a Texas-based investor with interests throughout the country.
John D. Cromie is Chairman of Connell Foley’s Corporate and Business Law practice group. Noel D. Humphreys is counsel at Connell Foley and a member of the firm’s Corporate and Business Law practice group. Monica Seth is an associate at Connell Foley and a member of the firm’s Corporate and Business Law practice group.
For more information, please contact 973-535-0500 or email jcromie@connellfoley.com, nhumphreys@connellfoley.com, and/or mseth@connellfoley.com.