A deal has been struck over coveted real estate on the Hudson River that had sparked a legal battle between the town of Hoboken and the NY Waterway ferry company.
State and local authorities announced Thursday that Hoboken will pay NY Waterway $ 18.5 million for the 3-acre parcel just north of downtown.
The site was part of land once purchased by Dutchman Peter Stuyvesant in the 1600s from the Lenni Lenape tribe.
NY Waterway, which operates commuter ferries between New Jersey and New York City, planned to use it for maintenance when it purchased the site for around $ 12 million in 2017.
Hoboken officials viewed the location as the last link to the city’s waterfront park system and said the maintenance facility would have adverse effects on the environment. In 2019, city officials threatened to use a prominent estate to acquire the land for around $ 13 million. NY Waterway valued the property at $ 24 million.
NY Waterway will now explore expanding its current operations in the nearby town of Weehawken, according to Thursday’s announcement.
In a statement, Hoboken Mayor Ravi Bhalla called the agreement “one of the most significant in our city’s history” which “would dramatically improve Hoboken’s waterfront for generations to come”.
Armand Pohan, president and CEO of NY Waterway, said in a statement, “Hoboken and New York Waterway are too important to each other to disagree. It is time for all of us to solve our problems and move on.
The $ 18.5 million deal is yet to be approved by city council next month.