Conrail

The last remaining obstacle is Conrail, which is still examining the deal and wants a "number of open items" addressed, said Kevin Coakley , a partner at Connell Foley, who is representing the company.

High Line Hopes in Jersey City Heather Haddon 2012

"Conrail is hopeful a settlement can be achieved," he said.

High Line Hopes in Jersey City Heather Haddon 2012

The last strikes at major railroads occurred in 1994 at Conrail and Union Pacific.

White House could intervene in rail dispute Reuters 2011

The last strikes at major railroads occurred in 1994 at Conrail and Union Pacific.

White House could intervene in rail dispute Reuters 2011

The city sued Conrail in 2005 for selling the land to Mr. Hyman, who then filed a dozen separate suits over myriad issues involving the land.

High Line Hopes in Jersey City Heather Haddon 2012

Conrail took over the embankment in the 1970s, but rail traffic ceased and nature took over.

High Line Hopes in Jersey City Heather Haddon 2012

Under the terms of the settlement, the city would pay Mr. Hyman $7 million and Conrail would chip in $13 million to settle all the pending litigation, according to people familiar with the matter.

High Line Hopes in Jersey City Heather Haddon 2012

Conrail would get development rights along the edges of the embankment, which could yield at least 300 housing units potentially valued at $10.5 million, other people familiar with the matter said.

High Line Hopes in Jersey City Heather Haddon 2012

Even with Conrail's approval, the Jersey City version of the High Line may be a long way from reality.

High Line Hopes in Jersey City Heather Haddon 2012

The city sued Conrail for making the sale, and Mr. Hyman, in turn, sued the city.

High Line Hopes in Jersey City Heather Haddon 2012