Cohen & Perfetto closes $6.2 million development rights sale

Cohen & Perfetto LLP, a Manhattan-based real estate law firm, recently closed a $6.2 million sale of development rights on the property known as Colonia Country Club (the Club) on behalf of an interest group, ML Colonia LLC, who purchased the Club in May, 2010. By selling the property's development rights to the Township of Woodbridge, ML Colonia LLC has cemented the Club's presence in the community. The sale comes after Cohen & Perfetto represented ML Colonia LLC in the purchase of the Club, which was made at a time when the Club's future was uncertain. ML Colonia LLC, purchased the property with the intention of keeping the Club and its corresponding golf course as it stood, the current membership intact, and growing the local membership. "The acquisition of the Club and the subsequent sale of the development rights ensure that it will remain a part of the Woodbridge community for many more years to come," said Louis Perfetto, Cohen & Perfetto's managing partner. Colonia Country Club, located at 300 Colonia Blvd., has one of the oldest original golf courses in the country. The property includes a 20,000 s/f clubhouse; an Olympic sized swimming pool; and an 18-hole, 6,380-yard golf course. Perfetto oversaw the sale of the development rights, as well as, the original purchase working with Matia Nikolovienis and Christine Mulryan, also of Cohen & Perfetto. Stephen Barcan, Esq. of Wilentz, Goldman & Sptizer P.A. acted as local New Jersey counsel to Cohen & Perfetto and on behalf of the interest group.