Page 19 - RE-NJ

™ 17
AMTRAK BUYS WEEHAWKEN SITE
AFTER EMINENT DOMAIN DEAL
Amtrak has taken control of a
key parcel near the Hudson River
waterfront in Weehawken, having
acquired it for $60 million after
an eminent domain settlement
negotiated by Carlin, Ward, Ash
& Heiart LLC and Winne Banta
Basralian & Kahn PC.
The law firms represented Dykes
Lumber, the familiar business that
occupied the property for decades
and recently moved to a new
warehouse, in a case that began in
early 2024. That was when Amtrak
offered to buy the site at 1899 Park
Ave. in connection with the high-
profile Gateway Tunnel project,
offering $14.8 million based on a
prior appraisal report by Weitzman
Associates LLC that identified its
highest and best use as continued
retail and warehouse.
But a review by Scott A. Heiart and
Michael J. Ash of Carlin Ward and
co-counsel Joseph L. Basralian and
Michael G. Stingone of Winne Banta
concluded otherwise, believing the
analysis to be incomplete. The team
argued that there was “no doubt
that 2.4 acres on the Weehawken
waterfront would sell in the open
market for residential development.”
With the support of professional
planner Keenan Hughes of Phillips
Preiss Grygiel Leheny and Hughes
LLC and appraiser Paul Beisser of
Integra Realty Resources, the Dykes
Lumber team presented a valuation
concept based on a multifamily
development yield of 550 units,
according to a news release. Amtrak
ultimately agreed, paving the way for
a sale in lieu of condemnation valued
at $60 million.
“With the support of our experts,
we were able to show Amtrak the
realistic development yield of the
property and a value based on market
evidence of value,” Ash said, “and
we convinced Amtrak that if they
filed the eminent domain complaint
it would result in wasteful protracted
litigation that would cost the Gateway
Project critical time.”
Years in the making, the $16 billion
Gateway program calls for building
a new two-track rail tunnel under
the Hudson River and rehabilitating
the existing century-old tunnel that
serves as a critical but congested
artery for commuters into Manhattan.
“We are grateful for our co-counsel,
Joe Basralian and Michael Stingone,
for trusting us to represent their
longtime client when the special
need of eminent domain defense was
necessary,” Heiart said.
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