Norris, McLaughlin & Marcus

IN THE NEWS: Property Owner and Developer Split the Difference in Arbitrated Eminent Domain Dispute

The Star-Ledger reports: Arbitrators awarded property owner Steve Adler $24 million for 10 acres of property near the PATH station and the Red Bull Arena soccer stadium.  The developer, Richard Miller of the Hoboken-based Pegasus Group, was helped by the Harrison Redevelopment Agency, which used its power of eminent domain, condemning the property, which would ostensibly allow the developer to acquire the land for less than its actual value.  Ultimately, after arbitration, the developer had to pay $9 million more than what he originally offered the property owner and $11 million less than what the property owner valued the property.

Harrison developer to pay $24M for eminent domain takeover of parcels near PATH

Be Sociable, Share!

Leave a Reply

CAPTCHA Image
*