Sunday, February 19, 2017

Real Estate Transactions 2/19


5018 Moss Mill Road, Boccella Filomena to Aponte Michael; 12/13/16. $135,000

1619 and 1631 Elwood Road, Wharton Properties Inc to NJDEP; 12/14/16. $518,287


Anonymous said...

I believe that the land sale to the NJDEP on Elwood Road is the Amatol townsite from WWI.

Moderator said...

Will check for information

Moderator said...

1.) Block 7501 Lot 1, 1619 Elwood Road – 240.54 acres
2.) Block 7501 Lot 5, 1631 Elwood Road – 43.29 acres
(By the REC Fields)

A post from Larry
Tuesday, May 23, 2006


GadFly had posted that around 250 acres had been bought by METRO ASSETS III, L.L.C. for $3 million recently. Further exploration of the purchase shows that what was actually purchased by this New York company was 573.76 acres off Elwood Road for $3 million. The confusion arose because the information initially just involved Lot 1 block 7501 on Elwood Road. However it now appears that there was more than one lot that was a part of the three million dollar deal from the same owner, Wharton Properties. ... Lot 5 which is 43.29 acres, Lot 6 which is 160.05 acres and Lot 7 which is 129.88 acres. When combined with the 240.54 acres of Lot 1, the deal shows a purchase of 573.76 acres off Elwood Road and behind the gravel pit for $3 million by METRO ASSETS III, L.L.C. New York NY.

Just as some background, this is the property that some fifteen years ago the proposal was to build a golf course with several hundred homes around it. The project as proposed included a desire by the builder to change the zoning to accommodate this kind of development and sadly Mullica elected officials at the time were working in secret to bring the planned golf course and hundreds of homes to fruition. The community once the plan became public was successful in scuttling it, but a number of the investors in the project from north Jersey actually came to a Mullica meeting to complain that they had invested in the land and were just doing the American thing and looking to get a return on their investment.

Checking to see if any Amatol land is involved.

Moderator said...

Excerpt of a November 6, 2007 post by Larry

source. This is the acreage that was purchased a couple years ago by Metro Assets for $3 million dollars ...and in addition they spent money to have the property surveyed and do a two year snake study ... that's about $5,000 per acre just for the purchase of this property. Green Acres pays somewhere between one thousand and two thousand dollars per acre when it buys land to preserve open spaces. While there may have been some exploration of selling off to Green Acres ... it was reported to GadFly that there is no deal to do so anytime soon. The original proposal by Metro Assets of NY, NY, was to rebuild the Amatol Village with thousands of new homes...of course the land is now zoned Forest by The Pinelands and that zoning would be unlikely to change...even though this is not the first proposal from developers to suggest the property should be densely developed with a large housing tract. The assumption being ... the loss for the investors (Metro Assets) in this property would be substantial and Green Acres only is able to pay the set figure listed above.