Thirty-five acre, former pipe manufacturing facility, adjacent to PATH commuter rail station in Harrison, Hudson County was located in the center of the Harrison Waterfront Redevelopment Area. The town’s designated redeveloper offered the property owner $8,900,000 for the property based upon its use for industrial purposes, and also sought to hold the owner responsible for environmental remediation of the property.SOLUTION
The property owner engaged McKirdy & Riskin as special condemnation counsel. Working with valuation and environmental experts, a settlement was reached prior to commencing condemnation proceedings that reflected a value of the subject property for commercial and residential development due to the property’s proximity to the commuter rail line and station.RESULT
The sale price obtained was $15,800,000 for the property. The parties’ settlement also included a complete resolution of the responsibility for environmental remediation. The client received an additional $6,900,000 as well as a final resolution of any environmental responsibility and liability for the property.