Jersey City Developer Liberty Harbor North Files for Bankruptcy

By Steven Church and David Voreacos - Thu Apr 19 20:37:54 GMT 2012

Liberty Harbor North Inc., a developer of waterfront property opposite Manhattan in Jersey City, New Jersey, filed for bankruptcy to resolve a $21 million court judgment related to the urban-renewal project.

Company President Peter Mocco, a former mayor of neighboring North Bergen, put three companies affiliated with the Liberty Harbor community into bankruptcy to settle a legal dispute with a former landowner.

We need the quick definitive action of the bankruptcy court to permit me to enter into a settlement, Mocco said today in an interview.

Liberty Harbor North controls land worth $350 million, the company said in court papers filed April 17 in U.S. Bankruptcy Court in Newark. The project itself is not in bankruptcy and has adequate cash flow, Mocco said.

The development is an example of new urbanism, which relies less on cars and more on public transportation in creating a sense of community, Bob Antonicello, executive director of the Jersey City Redevelopment Agency, said in a telephone interview.

It is monitored by more than 500 security cameras, served by two light-rail stations, and sits within walking distance of PATH trains run by the Port Authority of New York & New Jersey, Mocco said.

People have really looked at this and said this could be a striking example of how to redevelop cities, Antonicello said.

The bankruptcy filing is very disappointing, he said.

When the developer files a bankruptcy and thinks it wont impact the future development, thats ludicrous, he said. At the end of the day, bankruptcies have a stigma. This will be a stigma on what has the potential for being a jewel on the Hudson. This cold, calculating business move could have a very damaging effect on the city.

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Jersey City Developer Liberty Harbor North Files for Bankruptcy