A Federal Court has said Steve Hyman has lost his lease! Everything must GO! Everyone knew the Sixth Street Embankment, sold to Hyman from Conrail, was going to end up in the hands of the city of Jersey City. First some backstory:
The previous owner of the embankment, Conrail, sold the property -- which runs along the south side of Sixth Street from Marin Boulevard to Brunswick Street -- to developer and investor Steve Hyman for $3 million nearly a decade ago.
In 2012, the city and Hyman reached a tentative settlement in which the city would purchase most of the roughly mile-long parcel for $7 million and create a Highline-style park, while Hyman would retain one block. Hyman had wanted to develop the entire property.
So to court they went, Hyman and Jersey City, Jersey City and Hyman. Most knowing full well who was going to prevail. Wednesday a panel of federal judges agreed with Jersey City that the property was indeed a rail line which to make a long story short would give the city right of first refusal on the land which they would never do. Not Healy nor Fulop. In fact said Mayor Fulop:
"We are committed to this fight and partnership with the Embankment Coalition to create a world-class citywide park in Jersey City."
Hyman stands to get his original $3 million for the property.
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