Hoboken Makes $11.6M Offer To Buy Dry Dock From NY Waterway

HOBOKEN, NJ — The City of Hoboken wants to purchase the Union Dry Dock and turn it into an “open public park for everyone to enjoy.” And officials are willing to pay NY Waterway millions to make it happen.

On Monday, Hoboken Mayor Ravi Bhalla announced that the city is offering New York Waterway Chairman Armand Pohan $11.63 million to purchase the Union Dry Dock property.

City officials have been struggling over the fate of the waterfront Sinatra Drive property with NJ Transit, which has expressed interest in purchasing it and leasing it back to NY Waterway – a privately owned company - for use as a ferry maintenance and refueling facility.

• See related article: Hoboken Continues Tug Of War Over Union Dry Dock

Bhalla released the following statement about the city’s offer on Monday:

“On March 15, the Hoboken City Council authorized me, in my capacity as Mayor, to acquire the Union Dry Dock property by friendly acquisition or by eminent domain, as a last resort. At that time, the city also conducted a thorough evaluation of the property and received an appraisal valuing it at $11.63 million. The appraisal report can be seen in its entirety here. With this information in hand, I felt that it was in the best interest of the city to make a fair and friendly offer to NY Waterway. I now await their response.”

• See related article: Hoboken Council Greenlights Eminent Domain For Dry Dock

In his letter to NY Waterway, Bhalla said that condemnation or the use of eminent domain would only be implemented if all parties are not able to engage in voluntary negotiations.

“I see firsthand how beneficial NY Waterway is to our city and the region’s mass transit infrastructure,” Bhalla said. “However, I also firmly believe that the Union Dry Dock property is not an appropriate location for the use intended by NY Waterway, nor does it serve the greater public, regional interest in expanding mass transit options for New Jersey residents. I have made it clear that I will do everything within my lawful authority as mayor to ensure this land is secured as open space for the public benefit, and my offer to purchase this property is a means towards this end.”

Arthur Imperatore, a member of the New Jersey Hall of Fame and the founder of NY Waterway, recently pledged that the company will fight for the right to operate a maintenance facility at the Dry Dock.

“I urge the leaders of Hoboken: do not try to take our property at Union Dry Dock away from us,” Imperatore stated in a letter to the Hoboken City Council.

• See related article: NY Waterway Founder To Hoboken Council: Leave Dry Dock Alone

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File Photo: City of Hoboken

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