A property that represents one of the last phases of Port Imperial will hit an auction block within a few days after many disputes and foreclosure proceedings on land ownership.
In 2019, Hongkun USA purchased a 3.65 acre lot along the Wihoken waterfront for approximately $ 75 million. The company immediately began planning a multipurpose development of 282 units on the site, having Handel Architects design a two-story complex of two buildings.
Hongkun USA, an American affiliate of the Beijing-based Hongkun Group, has finalized plans for Port Imperial’s 1800 Avenue before receiving a $ 61 million loan from Parkview Financial.Development is report Start of construction in early 2020, fresh rendering release As recent as last year, but soon a problem arose in the field.
This property was subject to a proceeding in December 2020. Around Real Estate Weekly. The main investors in the Port Imperial project claimed that Hong Kung lags behind by using Tribeca Real Estate Capital to find another major investor.
Other reports soon reported that the parent company was in trouble with a Chinese regulatory agency.
The controversy culminated last month when Parkview Financial launched a UCC foreclosure procedure against Hongkun.The real deal is report The property was auctioned on June 29, with Newmark’s Block Cannon leading the marketing of foreclosure sales and Matthew Manion of the Manion Auction set to act as an auctioneer.
The level of interest surrounding property auctions is not yet known, but the Weehawken waterfront has become a hotspot for development in recent years.Project like Hamilton Cove, EnVue MarriottWhole Foods Outpost,and Large-scale expansion Part of the Township’s waterfront recreation park has been added to the landscape along the Hudson River under the cliffs of Palisade.