Water Shutoff Threats Face Tenants In Financially Troubled Apartment Buildings; Notices Sent To Central Jersey Renters In 70 Units

In Plainfield, New Jersey, myCentralJersey.com reports:

• Notices informing tenants that their water service could be shut off in less than three weeks appeared Monday at two downtown apartment buildings managed by Connolly Properties Inc., but a company spokesman said that residents there shouldn't be concerned. The notices appeared at Pingry Arms(1) and Viola's Place,(2) buildings that include a combined 70 apartment units and sit directly across East Seventh Street from each other on Crescent Avenue.

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• Banks since June have filed for foreclosure against at least nine companies owning 17 different apartment entities managed by Connolly Properties, and at least six of those companies then filed for Chapter 11 bankruptcy protection. Debts listed in those proceedings combine to approach $60 million. Connolly Properties manages a total of 3,000 apartment units in more than 60 different apartment entities in New Jersey and Pennsylvania.

For more, see Utility threatens service suspension to two Connolly-managed buildings in Plainfield.

(1) Reportedly, Pingry Arms, the larger of the two Crescent Avenue buildings at 50 units, is not tied to any known pending foreclosure or bankruptcy case.

(2) Viola's Place is reportedly owned by Plainfield Apartments LLC, the company that in August filed for bankruptcy protection after a North Jersey bank filed for foreclosure against its nine city properties. RentSigmaSkimming