Last Square holdout fights for more $$
Tuesday, November 28, 2006
By KEN THORBOURNE
JOURNAL STAFF WRITER

Two down, one to go.

The Jersey City Redevelopment Agency has purchased two of three buildings standing in the way of a massive redevelopment project on a key block of Journal Square, an official said yesterday.

The two properties - 12 & 14 Journal Square, the site of a closed Wendy's and a still-open Kentucky Fried Chicken - will be conveyed to the developer within two weeks, said JCRA Executive Director Robert Antonicello.

Jersey City-based Harwood Properties inked a deal with the JCRA in May to build two residential/retail towers adjacent to the Journal Square PATH Transportation Center.

In keeping with that agreement, Antonicello said, Harwood Properties will reimburse the JCRA the $2.7 million it paid to acquire the two properties from Florham Park-based developer Fred Kruvant.

Robert Kang, owner of the third property - 15-16 Journal, which houses a McDonald's, Song's Hallmark, HT Wireless, and a dentist's office - is disputing the $2.5 million figure the JCRA maintains is the value of his property, Antonicello said.

Kang has paid for his own appraisal, which the JCRA is reviewing, Antonicello said. Antonicello declined to say how much money Kang is seeking, and Kang couldn't be reached for comment.

Harwood Properties is under contract to buy the other properties still standing on that block before the end of the year, officials said. Two businesses still operate out of 1-7 Journal Square - Three Brothers Pizza and Daily Tortillas.

The owner of these buildings, New York investor Ralph Tawil Jr., agreed to sell to Harwood Properties in March, after paying the city a record $1.1 million in fire and building code fines.

Harwood Properties officials hope to break ground on their $350 million project early next year and anticipate a two-year construction timetable.