Dornoch's Paterson proposal
Glen Fishman and his Dornoch companies -- the developers for Plainfield's new Senior Center and condo complex -- are on the hot seat in Paterson for unpaid taxes, according to today's Herald News.
In 2005, Fishman, who has long invested in distressed urban properties, helped bail out Paterson's mayor Joey Torres, who was facing a budget crunch. At that time, he bought a downtown lot on which a commercial building was to be, and is now -- finally -- being built.
Fishman also controls two abandoned warehouses on the palisades above Paterson's Great Falls which are supposed to become a $30M housing complex. That project languishes in the face of the current housing market situation.
The generous Fishman also bailed out Torres in 2004, when he and a partner firm, M.D. Sass of New York, bought liens against 143 properties for $2.4M. That deal cost Paterson millions in proceeds it could have reaped from foreclosing on the liens and selling the land, the Herald News points out.
Fishman and his Dornoch companies currently owe Paterson more than $129,000 in unpaid taxes.
Earlier stories in the Herald News detail Fishman's adventures in developing Asbury Park, where there has also been much contention over his and his firms' roles (see link at end of this post).
At this point in Plainfield's adventure with Dornoch, I am more worried about the 2nd-class nature of the proposed project -- it surely doesn't hold a candle to the flashy stuff they showed at the NJ League of Municipalities in A.C. last November.
Of course, the other question in some people's minds is where Fishman and Dornoch came from in the first place.
It couldn't have anything to do with the enormous amount of money -- conservatively estimated at over $300,000 -- 'wheeled' into Assemblyman Green's mayoral campaign effort on behalf of Sharon Robinson-Briggs in 2005, could it?
Of course not. Why would one even think such a thought!
Further reading:
- Fishman stiffs Paterson - 06/21/2007: "Paterson developers not paying taxes"
- Lien deals - 10/15/2006: "Lien deals leave Paterson in dire straits"
- Affordable housing hurt - 10/15/2006: "Affordable housing hurt by lien sale 'circus'"
- Liens, defined - 10/15/2006: "What's a lien?"
-- Dan Damon
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