Is A Settlement Afoot, In The Kean University Vs. Russo (Developer) Spat?

We have been covering this for a few years now, so here is the latest — on this legacy Schering-Plough property.

It seems the likely terms of settlement will involve the developer (who bought the parcel from Merck) deeding/returning a portion of the 46 acres to Kean University. But only a portion. Here’s the NJ.com article — do go read it all:

. . . .Richard Berger, general counsel for Russo Acquisitions, which wants to redevelop the property, confirmed negotiations involve the university getting some of the property.

His comments came after a conference meeting Wednesday with Superior Court Judge Katherine Dupuis and gave the first indication about the status of the litigation and property that has been in limbo for more than two years. . . .

Let’s hope that the settled deal still preserves the bulk of the 46 acre parcel as taxable real property — for the benefit of the public school kids in Union, New Jersey. Onward — with a grin — on a warm clear afternoon, here. . . it is perfect out — windows open on the 12th floor. . . .

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