HACKENSACK, N.J., June 26, 2024 /PRNewswire/ -- First Real Estate
Investment Trust of New Jersey,
Inc. ("FREIT") is pleased to announce today that a settlement has
been reached between FREIT and certain of its affiliates and
Sinatra Properties, LLC and Kushner Companies, LLC, (the "Kushner
Parties") regarding previously reported ongoing litigation.
The litigation involved a dispute between the parties related to a
purchase and sale agreement entered into on January 14, 2020 (the "Purchase and Sale
Agreement").
The Settlement Agreement between the parties to the litigation
provides for the payment of a total of $16.9
million by the Kushner Parties to FREIT and its affiliates,
consisting of the release to FREIT and its affiliates of the
$15.0 million deposit made by Sinatra
Properties, LLC under the Purchase and Sale Agreement and an
additional payment of $1.9 million by
the Kushner Parties on or before July
26, 2024. The $15.0
million deposit has been received by FREIT and its
affiliates.
The Settlement Agreement provides for customary mutual releases,
dismissal of the litigation with prejudice and the discharge of
lis pendens that had been filed by Sinatra Properties, LLC
against the properties that were subject to the Purchase and Sale
Agreement. While the settlement does not constitute an
admission of liability by any of the parties for any of the claims
asserted in the litigation, it does conclude a multi-year dispute
between the parties.
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The statements in this report, which relate to future
earnings or performance, are forward-looking. Actual results may
differ materially and be adversely affected by such factors as
market and economic conditions, longer than anticipated lease-up
periods or the inability of certain tenants to pay rents.
Additional information about these factors is contained in the
Company's filings with the SEC including the Company's most recent
filed reports on Form 10-K and Form 10-Q.
First Real Estate Investment Trust of New Jersey, Inc. is a publicly
traded (over-the-counter – symbol FREVS) REIT organized in 1961.
Its portfolio of residential and commercial properties are located
in New Jersey and New York, with the largest concentration in
northern New Jersey.
For additional information, contact Investor Relations at
(201) 488-6400
Visit us on the web: www.freitnj.com
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SOURCE First Real Estate Investment Trust of New Jersey