Dozens of Unsold Condos Bought Out

The developer of a high-rise condominium in Palisades Park, New Jersey has filed for Chapter 11 bankruptcy protection, abandoning plans for the addition of another tower on the property.

The condo project named Trio is composed of 140 units in two 9-story towers. Original plans called for a third tower which would bring the addition of another 56 units, but the slow demand for real estate coupled with many already unsold units have forced the developer Tarragon Corp. to file for bankruptcy protection.

Phoenix Realty Group recently purchased 71 bulk units at Trio for $18 million and now plans to lease the units out rather than attempt to sell them.