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Hoboken, NY Waterway Reach $18 5 Million Deal Over Coveted Riverfront Real Estate

NY Waterway, which operates commuter ferries between New Jersey and New York City, planned to use it for maintenance when it bought the site for roughly $12 million in 2017. Hoboken officials envisioned the spot as the final link to the city s waterfront park system and claimed the maintenance facility would have harmful environmental effects. In 2019, city officials threatened to use eminent domain to acquire the land for about $13 million. NY Waterway appraised the property at $24 million. NY Waterway will now explore expanding its current operations in nearby Weehawken, according to Thursday s announcement. In a statement, Hoboken Mayor Ravi Bhalla called the agreement “one of the most consequential in our city s history” that would “dramatically improve Hoboken’s waterfront for generations to come.”

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