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

Follow up. For coverage of this case by Thomson Reuters, click here.