A settlement was reached on a coveted property on the Hudson River that was the source of a lawsuit between the City of Hoboken and NY Waterway ferry company.
State and local officials announced Thursday that Hoboken NY Waterway will pay $ 18.5 million for the 3-acre property north of downtown.
The site was part of property once bought by Dutchman Peter Stuyvesant from the Lenni Lenape tribe in the 17th century, and it was later a shipping and embarkation port for WWI troops before being used as a ferry service.
NY Waterway, which operates commuter ferries between New Jersey and New York City, planned to use it for maintenance work when it bought the site for around $ 12 million in 2017.
Hoboken officials envisioned the site as the final link to the city’s waterfront parking system, claiming the maintenance facility had a harmful effect on the environment. In 2019, city officials threatened to acquire the land for about $ 13 million. NY Waterway valued the property at $ 24 million.
According to Thursday’s announcement, NY Waterway will now consider expanding its current operations in nearby Weehawken.
In a statement, Hoboken Mayor Ravi Bhalla called the agreement “one of the most momentous in the history of our city,” which would “dramatically improve Hoboken 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 one another to remain at odds. It is time for all of us to solve our problems and move forward. “
The $ 18.5 million deal has yet to be approved by the city council next month.