A developer that has partnered in major projects in northwestern Hoboken has filed for Chapter 11 bankruptcy, according to Businessweek. However, its more than six Hoboken buildings have done well in the current market, according to past articles. The city of Hoboken has been hoping that the developers build a promised pool/community center.
An excerpt from Businessweek today:
“Residential real estate developer Tarragon Corp. said Monday that it and some of its subsidiaries have filed for Chapter 11 bankruptcy protection because of financial losses caused by falling prices and slower sales in its home building division…Tarragon said its goal was a comprehensive reorganization of the company. Tarragon will seek additional outside financing and participation of a new investor or investor group, the company said in a news release…The company said it has ‘adequate current liquidity’ and the filing is not expected to impact the daily operations of the management subsidiary, Tarragon Management Inc., or the operation of the rental apartment properties in Tarragon’s Investment Division.”
See the rest of the story HERE.
And for Tarragon’s comments about its Hoboken properties last June, in the New York Times, click HERE.