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Archive | Highest and Best Use

May 3, 2016

New York Law Journal: Reasonable Probability of Rezoning as Component of Highest and Best Use

Michael Rikon authored a column in the April 26, 2016, edition of the New York Law Journal titled, “Reasonable Probability of Rezoning as Component of Highest and Best Use.” In his article, Mr. Rikon begins by explaining what the valuation concept of highest and best use is according to case law, the Appraisal Institute, and The Uniform Standards of Professional Appraisal Practice.  “Certainly, many owners do not manage their property in a way that provides the most productive highest and best use.”  But, once the property is condemned, it is… read more

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Posted in Eminent Domain, Highest and Best Use, Zoning
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June 15, 2015

Court Awards $10,100,000 on Eminent Domain Claim of Property in Staten Island

The Honorable Wayne P. Saitta, Justice of the New York Supreme Court, Kings County, recently issued a decision dated June 10, 2015, awarding Yeshivas Ch’San Sofer, Inc., a Claimant in an eminent domain proceeding, $10,100,000.00 as just compensation for its property.  The decision was issued after a three day, non- jury trial was held on October 20-23, 2014 in Kings County Supreme Court. Prior to trial the City had paid an advance payment of only $611,000.00, later increasing its valuation with a supplemental payment totaling $919,000.00 The property at issue… read more

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Posted in Advance Payments, Appraisers, Highest and Best Use, New York, Offer & Compensation, Recent cases, Wetlands
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April 8, 2015

Michael Rikon Spoke at the New York State Judicial Institute on April 7, 2015

Below is a part of the paper presented.   New York State Judicial Institute April 7, 2015 By Michael Rikon[1] VALUATION OF PROPERTY Real property value is very dependent on the factual circumstances presented.  It is also dependent on the reason for the need to value the property. The same property may be valued differently as of the same date depending on whether the subject property was taken in an eminent domain proceeding, or, it’s assessed value is questioned in a tax certiorari proceeding.  The value of real property may… read more

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Posted in Highest and Best Use, Speaking Appearances, Valuation
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March 6, 2015

Supreme Court, Rockland County Agrees with Claimant’s Highest & Best Use, Awards $741,671.00 in Just Compensation

The Supreme Court of Rockland County recently decided the case of Ferguson Management Company, LLC v The Village of Haverstraw, in which it awarded Claimant $721,671.00 as just compensation for the taking of its property. The subject property was located at 2 Dr. Girling Drive in Haverstraw and was acquired on July 26, 2006 by the Village as part of its effort to develop the waterfront with residential units known as the “Harbors at Haverstraw.” The site was improved with a one-story mezzanine warehouse/garage building consisting of finished office and three… read more

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Posted in Advance Payments, Appraisers, Highest and Best Use, New York, Offer & Compensation, Recent cases, Valuation
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January 14, 2015

The Valuation of Real Property in a Condemnation Case

Art Linkletter had a very popular television show called “Kids Say the Darndest Things.” We would like to appropriate the title and modify it to say “Condemnors Say the Darndest Things.” We admit, although we have been at this for a number of years, sometimes we are still surprised at the arguments made by Condemnor’s counsel in an effort to keep just compensation awards low. Recently, Counsel for a Condemnor argued that the Court could not consider the reasonable probability of rezoning for the subject property because it disregards the… read more

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Posted in Highest and Best Use, New York, Valuation
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