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Author Archive | Michael Rikon

September 23, 2021

The Three Forms of Takings for Eminent Domain

The National Law Review had a brilliant article on the forms of takings in eminent domain.  (September 23, 2021, Vol. XI, Number 266) The simplest to describe and the most common is a physical taking.   Physical takings are the straight forward process of a government or other entity with the power of eminent domain. The second type is a regulatory taking.  This means the economic input factor comparing value that has been taken and the value which remains post-regulatory taking.  Regulatory takings are commonly called inverse condemnation. The third is… read more

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Posted in Physical Taking, Pro Tanto Taking, Regulatory Taking
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September 21, 2021

Matter of City of New York (Eman Realty Corp.) – Whatever Happened to the Rule of Highest and Best Use?

The City of New York condemned a multifamily building in Brooklyn.  The property was subject to rent stabilization and both experts found the highest and best use was for continued use as a multifamily dwelling complex.  Both appraisers used the sales comparison (market) approach to valuation.  Then the valuation process went screwy.  The City made a massive deduction for alleged critical repairs on the subject property and applied an Akerson format capitalization formula which accounts for both the cost and availability of mortgage financing.  An approach never used in valuing… read more

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Posted in Highest and Best Use, Measure of Damages, Reasonable Probability of Use
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August 31, 2021

Supreme Court Nixes Moratorium on Evictions

Millions of Americans around the Country face the prospect of losing their homes after the Supreme Court, on August 26, 2021, rejected the Biden Administration’s federal moratorium on evictions. The moratorium was imposed by the Centers for Disease Control and Prevention (CDC) on eviction of any tenants who live in a county that is experiencing substantial or high levels of Covid-19 transmission and who make certain declarations of financial need. Simply stated, the District Court correctly held that congress did not authorize the action that the CDC had taken. The… read more

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Posted in Eviction Moratorium, Landlord-Tenant, State Law
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August 19, 2021

Eminent Domain Significant Tool for Municipal Services “Going Concern” Valuation

A news story reports that the owner of White’s Ferry on the Potomac River wants the Loudoun County Board of Supervisors to exercise eminent domain over the private Virginia property where the ferry is docked.  The owner of the Virginia land was not willing to renew the lease. An owner must be aware of the government’s power of eminent domain if their properties are used to provide public services.   Fifth Avenue Coach Lines, Inc. v City of New York, 11 NY2d 342 (1962) is one example.  In Fifth Avenue Coach,… read more

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Posted in Condemnation, Going Concern Valuation, Municipal Services
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August 17, 2021

Now that Andy is Gone, What Happens to his Projects

The Real Deal featured an article that Governor Andrew Cuomo’s resignation leaves an air of uncertainty hanging over several large scale projects significant to the real estate industry. Earlier in the year, the Governor outlined a $306 billion dollar infrastructure spending plan that involved an array of projects across New York. The article focused on three key projects. Empire State Complex The plan called for a $1.3 billion dollar redevelopment and expansion of Pennsylvania Station as well as development of some 20 million square feet of mostly office space around… read more

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Posted in AirTrain, Andrew Cuomo, Empire Station Complex, Infrastructure Plan, Port Authority Bus Terminal
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