Hoboken-New York Waterway fight over waterfront land ends with $18.5 million deal

Hoboken has secured an agreement to acquire the final piece of its waterfront needed to create a contiguous city-long park, the conclusion of a marathon standoff with current property owner New York Waterway that had planned to use the land for boat repairs.

The two parties agreed to an $18.5 million sale that the city will pay for through its Open Space Trust Fund and a separate bond, Mayor Ravi Bhalla’s administration announced Thursday. The price tag sits about halfway between the two parties’ valuations of the property — Hoboken appraised it at $13.1 million, New York Waterway at $24 million.

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