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Unfinished Port Liberte to sell by sealed bid.

Glaves/JLW Financial Advisors-PL announced plans for the sealed bid offering of Port Liberte, the 116-acre predominately residential and partially completed waterfront development on the western shore of New York Harbor opposite the New York City financial district and directly across from the Statue of Liberty.

Glaves/JLW Financial Advisors-PL, which was appointed general manager of the project in January by the lenders, has begun marketing Port Liberte on behalf of the Board of Participants of Port Liberte Partners, which is comprised of 14 lending institutions and/or the receivers. The Resolution Trust Corporation acts in its receivership capacity for 48 percent of the Board of Participants.

The auction will be conducted in three pools. Pool #1 includes 175 completed residential units on 18 acres in a canal setting and an unfinished 26,000-square foot yacht club; Pool #2 is 60 developable acres and a 4,000-square-foot health club; Pool #3 is 38 developable acres.

According Jones Lang Wootton USA Director Richard Mandel, the pools can be purchased all together or singularly.

The sealed bid due date is Sept. 30, 1993. Glaves/JLW Financial Advisors-PL as advised the Board of Participants with its development of the alternative master plans, cost studies, zoning analyses and market research.

The original developers of the $160 million, Port Liberte Partners, led by Paul Bucha, sought bankruptcy protection in 1989. Commenced in the 80's, the master plan called for 2,280 residential units, a 245-boat slip marina, 590 canal boat slips, a 350-room hotel, a 46,000-square-foot office building and more. The project is said to have come to a halt in 1989 due to cost overruns and a collapse of the financial services industry, which was supposed to provide its users.

Glaves/JLW Financial Advisors-PL is a partnership of Jones Lang Wootton USA/Jones Lang Wootton Realty Advisors and Glaves and Associates, Inc.

For further information regarding this property, please contact Garrett Sheehan, Richard Mandel, Jones Lang Wootton, USA director, or Ben Young at (800) LEBERTE or (212) 688-8181.
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Title Annotation:Glaves/JLW Financial Advisors-PL plans offering of residential waterfront development in New York, New York
Publication:Real Estate Weekly
Date:Jul 14, 1993
Previous Article:Owners facing 4 more years of rent controls.
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