1st Reading - Jersey City

, Portion ofPJPLandfil1Site, Jersey City New JerseyrIdentification and TitleEdwin L. Siegel and a related entity, Edlin, Ltd, have owned the .subject property ,for over five years. I am unaware of any recent transfers, Of property title.History, Use and Occupancy", The site is parrof a Superfund site known as the PJP Landfil. As such, the site wasplaced on the EPA's National Priority List in December 1982. The site iscontaminated by a variety of toxic substances and much of the site is covered withlandfil materiaL To gain a better understanding of the site's environmental andgeotechnical conditions, I have rev.iewed an engineering study prepared by GolderAssociates entitled Pre-Final (90 Percent) Remedial Design Report-' PTP LaIidfil1 'Site. lerser City. New lersev. The report, dated June 2004, was prepared forWaste Management of New Jersey. R~ferences to this study appear throughout theappraisal and the complete report is available for review upon request. Despit€the'presence of on-site contamination, the subject pr'operty has been vahied as if fullyremediated in accordance with'current law.Approximately two acres ofthe site fronting on Truck Roiite i & 9 ,are leased tooutside tenants ata combined net annual rent ,of $204',000. The kased portion ofthe site is improved with truck stop and fueling facilty'and a commercial building. 'The remainder of the site is vacant. During my inspection, I observed several trucktrailers and containers scattered across the site.' According 'to Mr. ,Wolf, thecontainers are being removed as part of the reme~ial workplari.' ,VALUE RESEARCH GROUP, LLC 10