Christie signs Liberty State Park bill into law; many object

TRENTON, N.J. (AP) - Gov. Chris Christie signed a bill into law that opponents say could lead to development at Liberty State Park. But the Republican governor and Democratic lawmakers are already planning new legislation aimed at addressing those concerns. Here's a look at what happened Thursday and where things stand with Liberty State Park.

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WHAT DID CHRISTIE DO?

Christie signed legislation that consolidates the New Jersey Sports and Exposition Authority and the Meadowlands Commission into a new board called the Meadowlands Regional Commission. The commission will have the power to approve and implement development at Liberty State Park, which is now under the state Department of Environmental Protection's authority. The legislation also changes a 40-year-old, tax-sharing structure in which some Meadowlands towns contribute to other towns and instead imposes a 3 percent usage tax on hotels in 14 northern New Jersey communities.

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WHY ARE OPPONENTS ANGRY?

Opponents include the New Jersey Sierra Club, the Friends of Liberty State Park and other advocates for the park. They say the commission's mandate allows development while the Department of Environmental Protection focused on preservation. Taken to the extreme, they say, an amusement park or a commercial building could be built on the property. They say the legislation amounts to privatization of the park.

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WHAT'S NEXT?

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Christie signs Liberty State Park bill into law; many object

New Mexico honors Liberty Lover, Proceed

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New Mexico honors Liberty Lover, Proceed

Anthony’s Interpretation of Patrick Henry’s "Give Me Liberty, or Give Me Death Speech" – Video


Anthony #39;s Interpretation of Patrick Henry #39;s "Give Me Liberty, or Give Me Death Speech"
This is my personal interpretation of Patrick Henry #39;s speech, prepared for Mrs. Howard in Rhetoric II at The Potter #39;s School.

By: Anthony Young

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Anthony's Interpretation of Patrick Henry's "Give Me Liberty, or Give Me Death Speech" - Video

Dranoff to market, sell Residences at Two Liberty Place

Hoping for a repeat of the experience at 10 Rittenhouse Square, iStar Financial has handed the remaining 73 condominiums at the Residences at Two Liberty Place to developer Carl Dranoff to market and sell.

Sales of those units, on the 42d through 57th floors of the Center City skyscraper, were to have begun Wednesday after a brokers' open house that drew more than 150 area agents, but the first contract was signed Tuesday.

The number of brokers at the open house attested to the market's high demand for luxury condos and the dearth of supply.

Doug Pearson, owner and chairman of Kurfiss Sotheby's International Realty, in New Hope, said Two Liberty should "do very well, especially because they're doing it at the right time, with such a shortage of inventory."

"There's nothing new until [Dranoff's] 1 Riverside comes on line," Pascarella said.

The 58-story, 1.2 million-square-foot Two Liberty Place at 50 S. 16th St. was completed in 1990 as a primarily commercial building. The Residences at Two Liberty were carved from the upper floors in 2005 by American Capital Partners and the Falcone Group.

In 2012, iStar took title to the unsold units and raw space, and once considered turning those floors into a boutique hotel, industry sources said.

The median price for the remaining Two Liberty condos should be in the $750-per-square-foot range, Dranoff said.

Istar will fund refurbishment of the Residences at Two Liberty lobby and creation of an amenities floor on the 37th level.

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Dranoff to market, sell Residences at Two Liberty Place