Lowball Watch — New York

We are reliably informed that a New York trial court (what those folks call the Supreme Court) has entered judgment in favor of the condemnee-owner as follows. Condemnor’s appraiser opined to $2,075,000, but the court rejected that opinion because of condemnor’s erroneous use of highest and best use. It argued that such use was for a gas station (current use). The court found that there was a probability of zone change that would allow the valuation of the subject property to be valued for high-rise commercial uses, so it awarded $9,186,000 (rounded).

The case is 730 Equity Corp. v. N.Y. State Urban Dev. Corp., Index No. 1689/2012, judgment entered May 7, 204. The taking was evidently a part of the Atlantic Yards project.

To read the fact-intensive opinion go to https://mail.google.com/mail/u/0/?pli=1#inbox/145fbad7ce4cbc7c?projector=1

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