Judge Urges Mediation In Marina Bay Hearing

MAYS LANDING ─ The long-awaited second Marina Bay Towers hearing came before Superior Court Judge Mark H. Sandson in a Mays Landing courtroom Dec. 1.
According to Bonnie McNamara, Sandson “wants mediation between (Department of Community Affairs) and Paul Cocoziello and his many attorneys.”
However, Salvatore Perillo,  representing PAC Capital, confirmed that counsel and the owners of the Towers are “working on a solution to rehabilitate the building as quickly as possible.”
Perillo went on to say that a “certain number of things” need to happen in the next few weeks and that another hearing has been scheduled for Dec. 18 at 8:30 a.m. “That’s where we are,” Perillo summarized.
McNamara, in a prepared statement, said, “We still want the building to remain senior citizens and not to have 80 percent of the building sold as condos.”
McNamara also claims Cocoziello has a plan to build a “15-story high-rise next to Marina Bay Towers between Fourth and Sixth avenues (in North Wildwood) for affordable housing for families.” Apparently, the question of Marina Bay tenants is if funds exist for another facility, then why not repair the Towers’ structure?
“Why overload our school system with no tax benefits to North Wildwood and block the whole neighborhood with views and streets with cars?” stated McNamara.
Structural damage, harking back to Superstorm Sandy in 2012, and other problems have plagued the Towers since 2012, although claims of previous damage exist.
According to a previous release, Marina Bay suffered “multi-million dollar damage” after Superstorm Sandy, approximately 95 percent of the apartment units, roof, and exterior walls rendered many of the units as “uninhabitable.”
According to the release, the insurance carrier has not fully compensated the claim. Filing a lawsuit against the carrier was still pending, as of March 10, 2015.
Cocoziello wishes to restructure the Towers and, although the plan will bring changes, the defense counsel for Marina Bay assured residents that “it will have no negative impact on the current tenants.” Converting 20 percent of the building into affordable housing will allow Cocoziello to convert other units into condominium units to rent or to sell.
As the release states, “The foreclosure and restructuring will clear title and allow substantial repairs and renovation of the property to secure financing and proceed despite the insurance carrier’s delays.”
To contact Rachel Rogish, email rrogish@cmcherald.com.