TICK,TICK,TICK: Christie Bridge Jam INQUIRY TO PROBE $1 Billion Projects

[Segami]

As two New Jersey legislative committees begin probes today of who ordered lanes closed at the George Washington Bridge and why, they’ll examine whether the resulting traffic jams had anything to do with a pair of high-rise developments just blocks away in Fort Lee. The closures ordered by allies of Governor Chris Christie from Sept. 9 to 12 brought traffic to a standstill in Fort Lee, at the New Jersey end of the bridge to New York. Last week, Christie, a 51-year-old Republican, fired a top aide and jettisoned his campaign manager. Fort Lee Mayor Mark Sokolich, a Democrat, questioned whether the tie-ups were payback for his failure to support Christie’s re-election.



Assemblyman John Wisniewski, 51, a Democrat leading one of the legislative probes, said lawmakers are exploring “competing theories” about the motive for the shutdown. One is that the developments -- the biggest in decades in the town of 37,500 -- played some role, Wisniewski said. “The decision to close the lanes, and the response to the closure being ended, seems so disproportionate to just an endorsement that it leads to questions that there might be more involved,” Wisniewski said yesterday. “Real estate development involves a lot of money, and when there’s a lot of money involved, there’s usually people doing strange things.”



What’s unclear is what sort of message the delays -- increasing a typical 30-minute trip to as long as four hours -- may have been intended to send about projects on a 16-acre site that sat undeveloped for decades on prime real estate with quick access to New York over the bridge.



Retribution

Senate President Stephen Sweeney of West Deptford, the highest-ranking elected Democrat in the state, said any possible link between the development and the lane closures needs to be examined. Sweeney said the notion of a connection should be given as much credence as the idea that the closures were purely retribution against Sokolich. “It’s something that raises questions and that we should be looking at, but again we should be looking at every aspect of this to get to the bottom of what was done,” Sweeney said. “I don’t think we should limit the investigation to any one focus.”





cont'

http://www.bloomberg.com/news/2014-01-16/fort-lee-development-will-be-examined-in-lawmakers-bridge-probe.html

[grasswire]

1. I thought subpoenas were supposed to come out today.

Haven't seen anything about that yet.

[NYC_SKP]

2. Doh!

[Segami]

3. I see they allowed him to keep

his tailored suit and not the State-issued standard 'orange jumpsuit'......Governorship has its privileges.

[DURHAM D]

4. I posted a couple of days ago that I thought the closings

might have to do with someone trying to muscle in on the redevelopment in Fort Lee. I thought someone could be trying to bring pressure on the Mayor like the Mob/close friends of the Governor's etc. for financial gain. The Governor would not risk a ham-handed shutdown just for the Mayor's refusal to endorse but he would for financial gain for his "friends".

Then I heard on MSNBC last night that Samson (Christie's guy) at the Port Authority who has "helping with the retaliation" was a very important power player in NJ and he (his law firm) is involved in all real estate developments in NJ where there is big money to be made.

[rocktivity]

5. CUE THE VONAGE THEME!

Last edited Wed Jan 14, 2015, 01:13 AM - Edit history (11)

And I'll raise you an "absolutely fabulous, sweetie darling!"


I am VERY interested in the financing deal for the Ft. Lee development, especially since it wasn't completed until right after the lane closures after a "delay."

From a Tucker Development press release (circa 2011):

Construction will begin sometime in 2012, with completion 18 months later...The agreement resolves several disputes among the developers and the borough regarding what was known as Redevelopment Area 5...

Under the agreement, Tucker will redevelop the West Parcel; and FLRA...comprised of SJP Residential Properties, Bergen County attorney James Demetrakis and a private equity fund managed by Palisades Financial...(will redevelop) the East Parcel.

Tucker acquired the western portion of the site in 2009, and submitted proposals to the borough for the redevelopment of that portion of property...

From a Tucker Development press release, Oct 16 2013

A joint venture partnership of affiliates of Tucker Development Corporation, Ares Management and Kushner Real Estate Group (“KRE Group”) announced today that it has secured $218 million in financing for Phase I of Hudson Lights, a large-scale, one-million-square-foot mixed-use redevelopment of a prominent eight-acre site located at the base of the entrance to the George Washington Bridge in the heart of downtown Fort Lee, N.J...

The U.S.-based unit of international real estate services firm, Savills, arranged the debt and equity capitalization, including a $117 million construction loan provided by Sovereign Santander Bank.

Why would "Governor Soprano" do anything to jeopardize the development -- because HIS financial backers weren't getting a piece of the action?


rocktivity

P.S. The fire in Seaside Heights was officially deemed to be an accident. Seaside has a Democrat mayor. Maybe the Feds should double check that as well.

[Samantha]

6. I wonder if this is the story Rachel was referencing Steve Kornacki will break tomorrow morning

on UP. He needed to confirm his information before he broke the story, and evidently he has done so and will break the news tomorrow morning.

Sam

[Segami]

7. +1

OUCH!......