NJ Court Upholds $4.4M Price Tag For Hoboken Land Taking

By John Petrick (February 26, 2018, 8:12 PM EST) -- A New Jersey appellate panel on Monday upheld the $4.4 million valuation of a Hoboken parking lot condemned by the city under eminent domain proceedings, finding a lack of evidence that the city drove down the market value of the 1-acre lot before taking it for a park.

The court disagreed with property owners Ponte Equities Inc. and Unity Environmental Group Inc. that June 11, 2008, should be the controlling date for valuation because the city allegedly took actions on that date that substantially affected the worth of the property, the ruling stated. The property owners contended that the city's intent...

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