More Details Revealed About Proposed Sickles Land Deal
LITTLE SILVER, NJ — Monmouth County locals were stunned this week when Patch broke the details of a plan hatched by three Rumson residents to purchase the assets of Sickles Market and re-open, and keep former owner Bob Sickles, Jr. and his two daughters on staff at six-figure yearly salaries.
But there are some additional new details that have not yet been made public. They are:
First, the Sickles family says they’ve been talking to “numerous” other parties (all unnamed) interested in buying the two lots of land they own in Little Silver: 1 Harrison Avenue, the six-acre lot that contains the market and parking lot, and 5 Harrison Avenue, a much smaller lot next door that has one single-family home on it.
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Two of the buyers are so serious they already started talking to Sickles’ bank (Northfield), which owns everything now. The developers say they want to buy both lots, tear down the single-family home and build housing there.
Sickles, Jr. is using Genova Burns as his bankruptcy lawyer, and Genova Burns raised the specter that affordable housing may be part of any new development:
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“Each of the prospective purchasers have also indicated that the 5 Harrison house should be knocked down and that land used as part of the residential development,” the filing reads. “All of the prospective purchasers have recognized that development of the Little Silver property will require certain approvals from the town of Little Silver, to maximize the value of the property. Because of the Township’s need to comply with affordable housing laws, there may be public resistance to these zoning approvals. Although this process might take some time, the debtors (the Sickles), their professionals and the prospective purchasers/plan proponents are all confident that the approvals will be ultimately obtained.”
Enter 1663 Partners, LLC.
This is the trio of Rumsonites — Jennifer Griffin Karp, Dennis Devine and Timothy McCooey — who want to swoop in, buy both Sickles lots and reopen the market.
1663 also wants ownership of Sickles’ private home in Rumson, where he and his wife live.
In an unusual arrangement, Sickles and his wife would become tenants in their own home. But they would not have to pay rent to 1663 Partners — at least not right away.
“Robert and his wife, Leslie, may reside in the Rumson property, without having to pay cash rent, for a period of time and provides them with an option to repurchase the Rumson property,” reads the application.
1663 also said they want to “develop” both Little Silver properties, but did not elaborate.
1663 Partners recognizes “the value of Robert, his daughters and certain employees in not only the development of the Little Silver Property, but the future operations of the Little Silver Market.”
Also, it is still not known how much 1663 will pay Sickles, Jr. for all three of these properties and the assets related to his food store.
Sickles, Jr. appears eager to re-open his market and get back to running it with his daughters. His lawyers said all the interested parties say “reopening Sickles Market will enhance the value of the Little Silver Property.”
Sickles has been talking to 1663 Partners since June. This proposal from 1663 Partners cannot go through unless a bankruptcy judge approves it.
In their application, Genova Burns also tells the judge Sickles, Jr. owes $800,000 in unpaid sales tax, $1.3 million he owes to unpaid merchants and $300,000 to market employees who have not been paid. Genova Burns also pointed that real estate taxes to the town of Little Silver are going unpaid.
All of these outstanding debts can be seen as reasons to compel a judge to approve the proposed 1663 deal.
All of this information is according to the latest Sickles bankruptcy application filed last Friday, Aug. 16. You can read the filing here. All bankruptcy filings in America are accessible to the public.
Wednesday’s wowzer: New Owner Attempts To Take Over, Reopen Sickles Market (Aug. 21)
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