The city sold the tax lien on the 3.8-acre site to P&F for $2.8 million. The firm is partnering with the New Jersey Economic Development Authority to finance the environment cleanup, estimated at a cost of $3 million.

"Our project is an ambitious effort to remove contaminated soil and ground water that threatens human health and the Hackensack River," says Glen Fishman, founder and chief executive officer of P&F Management, in a statement. "Our goal is to render this land parcel productive and viable while enhancing the city's riverfront."

Located at South River Street and Shafer Place at the I-80 overpass, the multi-story residential complex will be designed to reflect the character of the surrounding neighborhoods. "The Bergen County residential market, because of its proximity to New York City, remains one of the strongest in the New Jersey," Fishman states. "We are very confident in the success of this redevelopment."