ROSELAND, N.J./October 21, 2008 -- The New Jersey Law Journal published an article in today’s edition on Connell Foley’s $5.975 million settlement with the New Jersey Turnpike Authority for United Partners, Inc. of Fanwood, New Jersey.
Managing Partner Kevin J. Coakley and James P. Rhatican, both of the firm’s Real Estate and Land Use practice group, won the settlement in a dispute over a six-acre tract of land that the Turnpike Authority condemned in order to build a ramp for Interchange 12.
The article, “$5.9M Condemnation Settlement: N.J. Turnpike Authority v. United Partners Inc.,” explains that the Turnpike Authority initiated condemnation proceedings back in 2006 over the property upon which United Partners was planning to build a commercial real estate complex.
The Authority originally offered $1.93 million, but reduced the offer to $598,000 after a $1.3 million environmental setoff, said Mr. Coakley. In addition, the Authority had claimed in the litigation that it could revoke an easement it had previously granted to United Partners’ predecessor, which would have left the tract with limited access, thereby substantially suppressing the value, said Mr. Coakley and Mr. Rhatican. In motions filed before the settlement, the Court rejected the Authority’s claim with regard to the easement.
The terms of the settlement call for the state to pay an additional $4.04 million to United Partners and drop all environmental claims, including the claimed setoff.
Mr. Coakley and Mr. Rhatican are both member of the firm’s Real Estate and Land Use and Environmental Law practice groups. For more information please call 973-535-0500 or email firstname.lastname@example.org.