wow...if mocco is "pleased" and he's paying that money...just think of what he is worth...

I in favor of re-development and what Mocco did with Liberty Harbor, but they should have paid FAIR value. I'm even OK with the City using emminent domain but it should have paid fair value, but it should not have paid extortitive prices either imo.

As long as you are paying taxes on your property and its not for some form of municipality need then the government should back off. This was plain theft and he should be given more then fair market value especially since he didn't want to sell it.

He sold his nursing home downtown for the cash.

Great. I can see the city using eminent domain and improving an area, but the City should have been FORCED to pay market prices.

I didn't know JC specialized into wealth transfers from taxpayers to developers.

Awesome!

Jersey City developer Peter Mocco agrees to pay $21 million to family whose land was seized by city

July 19, 2012, 10:13 AM
By Terrence T. McDonald/The Jersey Journal

High-powered Jersey City developer Peter Mocco has agreed to pay a family $21 million in installments over the next six years for land the city seized for the Liberty Harbor North development in Downtown.

The agreement requires Mocco to hand over $10 million to the Kerrigan family by the end of this year, and additional sums annually until the entire judgment is paid off by the end of 2018.

The Kerrigan family owned a 3.4-acre site at the foot of Jersey Avenue that the Jersey City Redevelopment Agency seized via eminent domain in 2004 so the property could become part of the mammoth Liberty Harbor project.

The city paid the family $1.2 million for the waterfront property. But a jury in 2008 determined the actual fair market value to be $18 million, which with interest has risen to $21 million.

The Kerrigans, seeking payment of the 4-year-old judgment, sued Mocco, the JCRA and the city last year. This settlement will put an end to that suit.

Bill Ward, the Kerrigans? Florham Park attorney, said the family views the settlement as the best prospect for the $21 million judgment to be fulfilled.

?This is the best option for the Kerrigans,? Ward said.

Mocco said he too is pleased.

?While I was originally advised that the property was going to cost $1.8 million, my faith in Jersey City is such that even though I was ultimately delivered a bill of $20 million, I still have faith in Jersey City and I?m committed to paying the $21 million,? he said.

JCRA Executive Director Bob Antonicello was less enthused. Antonicello said the agency is ?cautiously optimistic? that the Kerrigans will finally get their money, adding that he?s still concerned about the ?fragility? of Mocco?s finances.

The LeFrak family, he said, has built more than 4,700 housing units, 1.2 million square feet of retail space and over 4.5 million square feet of office space since 1980. Since 1983, Antonicello said, Mocco has ?constructed 315 units and a beer hall.?

?No one has been given more by the City of Jersey City for less than Peter Mocco and has done so little with it,? he said.

Mocco declined to respond.

http://www.nj.com/jjournal-news/index ... y_developer_peter_mo.html