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Business litigation plagues land on Mohawk River in New Jersey

There are 36.5 acres of land on the north shore of the Mohawk River in New Jersey that is owned by Krause and Krause Properties. Since Dec. 2012, the stretch of land has been the subject of business litigation. One lawsuit was filed by an engineering company saying the owner of the land owes it money. The second lawsuit is a foreclosure.

The landowner has been trying to get a project called The Halfmoon Village & Yacht Club off the ground for years. Chazen Engineering says that it did some work on the site from 2008 to 2012. The engineering company claims it is still owed some $101,217 for work the company did. The landowner says that it did not authorize the work in question and has already paid the engineering company over $600,000.

Krause and Krause Properties is indebted to Kain Development LLC in the approximate amount of $760,000. According to Kain Development LLC, the company has not been making mortgage payments. The lawsuit alleges that the company is owed upwards of $1.26 million which is comprised of interest, principal and fees on the mortgage in question.

The resolution of this business litigation could determine whether Krause and Krause Properties will be able to keep the land and continue to seek approvals and funding for the yacht club. As many New Jersey real estate developers are aware, the real estate market has not been kind in recent years. However, it may be possible for the landowner to settle both lawsuits in a way that will still allow the project to go forward.

Source: timesunion.com, "Filing sinks yacht club idea," Dennis Yusko, July 18, 2013

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