Real Estate

Rosie O’Donnell’s NJ home to be turned into affordable housing

After years of not having the ability to discover a purchaser for her Saddle River mansion, Rosie O’Donnell lastly caved and offered her home at a loss, The Post has realized. 

But the home’s subsequent residents are already inflicting a stir within the tony neighborhood, home to the wealthy and well-known, from rapper Ja Rule to singer Mary J. Blige.

The six-bedroom, nine-bathroom abode is predicted to be demolished and turned into a collection of affordable housing models per a landmark public court docket settlement with Fair Share Housing Center.

But the settlement has left its upscale residents outraged.

According to an unnamed supply who lives within the space and was aware of the proceedings, the borough had plans to adjust to the affordable housing necessities in Saddle River. The necessities often embody websites which are 100% affordable.

However, on this case, native builders Saddle River Investors intervened, court docket docs present.

And their intervention solely “added insult to injury,” the supply stated.

As a part of a good housing court docket settlement between the borough of Saddle River and the Fair Share Housing Center of NJ, the 5-acre lot that belonged to O’Donnell will be transformed into 60 models — of which solely 20% will be used for affordable housing.

Essentially, the supply stated, “the developer plans to segregate the units, instead of integrating them with the high density multi-family housing.” While there isn’t a authorized requirement that the models be built-in, residents say the present plan doesn’t sit effectively with them. Saddle River Investors has declined to touch upon the matter. 

The property spans over 9,000 square-feet and sits on 5 acres of land.
The property spans over 9,000 sq. ft and sits on 5 acres of land.
by way of Realtor

The insider defined that of the 60 models within the plan, “only eight are set for low and moderate income and the developer will stick the eight units in the back corner of the property instead of integrating, so everyone will know these are the homes saved for the poor.” 

The controversy calls to thoughts comparable points over affordable housing, such because the so-called “poor door” on the upscale Lincoln Square Tower in Manhattan.

“It’s a very complex issue,” the resident stated. “Fair Share Housing decided to make Saddle River its example.”

Bergen County court docket information reveal the case — together with the 20% affordable housing stipulation — was settled when the borough agreed to embody O’Donnell’s property and two different neighboring properties that span 10 acres.

“It makes no sense and it’s creating a further divide between the wealthiest and the non [wealthiest],” they added. “There is not even public transportation here!”

O’Donnell, 59, offered the property at a $1 million loss for $5.3 million on March 17 after 5 years on the market, in accordance to an insider. The actress, who’s at present filming the brand new season of Showtime’s “The L Word,” first purchased the home in 2013 for $6.3 million. 

O’Donnell at present resides in an $8 million, four-bedroom, three-bathroom luxurious New York City penthouse in Midtown.

Her rep has not responded to The Post’s request for remark. 

The grand foyer.
The grand lobby.
by way of Realtor

New Jersey State Senator and former resident of Saddle River, Holly Schepisi, who now lives in a close-by city can be up in arms over the project. 

“The town itself is against [it] but they had no choice,” Schepisi informed The Post, including that the realm might not be hospitable to these on a restricted earnings.

“Everything is out of pocket here,” Schepisi stated. “Pay out of pocket for sports, schools… how is somebody with very little income viable to live in this town?”

Anthony Campisi, communications rep on the Fair Share Housing Center informed The Post that Saddle River had an “obligation to zone.” 

The home features an in-ground pool, hot tub, with a grotto waterfall.
The home options an in-ground pool with grotto waterfall, a plunge pool and a Jacuzzi spa.
by way of Realtor

“It’s one of the most exclusive towns in the country,” Campisi defined. “Our role didn’t have to do with the sale itself. We negotiated a housing agreement and the town allowed the redevelopment on O’Donnell’s site. It is a prime piece of real-estate leverage for affordable housing.”

The home is at present pending a purchase order by the Bergen County Borough by means of Saddle River Investors. Here’s a have a look at the house now on the middle of debate in the neighborhood.

The home has been renovated with modern finishes since it was first built in 1928.
The home has been renovated with fashionable finishes because it was first inbuilt 1928.
by way of

With the property spanning 9,173 sq. ft, the colonial home additionally included a separate full service year-round guesthouse with a eating room, front room/bed room, two baths, laundry and kitchen. Other facilities of the home included a basketball court docket and an elevator.

The soon-to-be former property featured an in-ground pool with a grotto waterfall, a plunge pool and a Jacuzzi spa.

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