A New Jersey appellate Court on Monday upheld a $4.4 million valuation of a parking lot condemned by the city of Hoboken. In Ponte Equities Inc. et al. v. City of Hoboken, the property owners sought additional damages claiming that the city lowered the market value of the 1-acre lot before taking it for a park. They argued that the valuation date should have been earlier due to these alleged actions. The court rejected the argument and held that there was insufficient evidence that the city “directly, unequivocally and immediately stimulate[d] an upward or downward fluctuation in value and which is directly attributable to a future condemnation,” the opinion stated.
