Lowball Watch — New York

This is a whopper.

The New York Appellate Division just decided Gyrodyne v. State of New York, a partial taking of 245 acres for the Stony Brook State University (SUNY). Opinion affirming the trial court award filed November 22, 2011. Condemnor’s evidence of value was $22,450,000, but according bto the New York Law Journal it deposited $26 million. The owner’s evidence $125,000,000. Trial court award (there are no jury trials in New York eminent domain cases) was $125,000,000, A bull’s eye for the owner, or an increase of $102,550,000 over tyhe condemnor’s testimony. Or,  if you prefer, five-and-a-half times the condemnor’s eight-figure evidence.

For a copy of the Appellate Division opinion, such as it is (it’s a typical, uninformative New York Appellate Division opinion that tells the reader nothing about the evidence or the amount of the award) go to

http://www.nycourts.gov/reporter/3dseries/2011/2011_08562.htm
Follow up. For coverage of this case by Thomson Reuters, click here.

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