Date: 05-30-2009

Case Style: Ashbury Park v. Vincent Alvino

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Court: Superior Court, Monmouth County, New Jersey

Plaintiff's Attorney: Lawrence Shapiro, Ansell Zaro Grimm & Aaron, Ocean Township, New Jersey

Defendant's Attorney: Paul Fernicola, Red Bank, New Jersey

Description: The City of Ashbury Park sued Vincent Alvino on an eminent domain theory seeking to acquire all rights, title and interest owned by him in property located on Ocean Avenue. Asbury Partners LLC, acting on behalf of Ashbury Park offered Defendant $230,000 for the property.

Defendant claimed the highest and best use of the property was for highrise residential condominiums and that the comparable sales relied on by the City's appraisers were out-of-date and not reflective of the true value of the ocean view property.

Outcome: Defendant's verdict for $1.4 million.

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