Archive | 2020

January 21, 2020

How to Value Contaminated Land

This Appellate Division, in Matter of City of New York v Mobil Oil Corp., 12 AD3d 77 (2d Dept, 2004), a case of first impression in New York, held that the most efficacious way to acknowledge that land may be contaminated in an eminent domain proceeding is to value the condemned property as if remediated, but to hold in escrow any condemnation award pending the outcome of the Navigation Law proceeding.[1] This court stated, [B]y excluding evidence of remediation costs in an eminent domain proceeding, the potential that the… read more

By Michael Rikon

Posted in Contaminated Land, Uncategorized, Valuing Contaminated Land

Creative Approaches to Solving Difficult Appraisal Problems

We start any evaluation of a parcel which has been taken by the exercise of eminent domain by the application of the overriding principal of the concept of highest and best use. The concept of highest and best use is well founded in appraisal practice. Regardless of whether property has been condemned, in valuing any parcel of real estate an appraiser must make a highest and best use of the land analysis as though the property were vacant and as though it were improved. This is an essential… read more

By Michael Rikon

Posted in Highest and Best Use, Uncategorized, Unusual Land

MONKEY BUSINESS WITH THE ADVANCE PAYMENT

New York’s Eminent Domain Procedure Law (EDPL) provides that a condemnor must make an advance payment to a former owner in the amount of its highest approved appraisal. (EDPL Sec. 304). The statute contemplated payment of the advance payment to the owner except in three circumstances: (1) Where there is a potential conflict of title or dispute as to who is entitled to receive the payment; (2) where more than 90 days have passed following vesting of title in the condemnor and an agreement has not been reached;… read more

By Michael Rikon

Posted in Advance Payment Agreement, Advance Payments, Distribution Proceeding, Uncategorized