A plan to develop a 19-lot development adjacent to the privately-owned Sky Manor Airport at Pittstown, New Jersey, has hit a bumpy road and the property has been turned over to the primary lender, Metuchen Savings Bank.
Ken Totten, chief lending officer, said his bank took over the property when the original developer couldn’t repay development loans. As a result, the bank is now marketing the 15 lots to which it now has clear title.
Located about a half hour from Trenton, NJ., the airport itself has been acquired by new owners. In November, 2008, a group of pilots and hangar tenants completed the acquisition of Sky Manor Airport from its former owner. The plan to see the airport grow and prosper while maintaining the “country club” atmosphere for which Sky Manor has been known.
Since it began back in the 1940’s, Sky Manor has served both local and transient pilots. From its humble grass-strip beginnings to the current 2900-foot paved, lighted runway, Sky Manor has been a favorite stopping point for pilots.
The adjacent residential airpark lots are all fully permitted, according to the banker. Power has been brought to each lot, water wells and septic systems are planned and the combination road and taxiway is ready for paving. When completed the residential development will be a gated community. Five of the 19 lots have been sold.
Totten said the lots are being offered from $195,000. Lots vary in size from 1.5 to 3 acres each. There has been a smattering of interest since the bank’s acquisition in November was completed. The banker said lots aren’t being sold at “fire sale”prices.
For additional information contact Totten at 732-549-4452 x6311.