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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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February 25, 2015

Update: New York Court of Appeals to Hear NYU Expansion Case

We are posting with an important update on our previous blog regarding NYU’s planned expansion into implied parkland in NYC: The New York Court of Appeals has agreed to hear the case. By way of refresher, the case involves NYU’s planned $6 billion, 2-million square foot expansion that will impact three parks- Mercer playground, LaGuardia Park and LaGuardia Corner Gardens. These parks have been used by the public, and according to the Petitioners, should be protected from development as “implied” parkland with the City funding, labeling, and maintaining them as… read more

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Posted in New York, parklands, Recent cases
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February 17, 2015

Case Alert: Negligence Action Regarding Misclassification of Appraised Property is Time-Barred

The Appellate Division, Fourth Department recently decided a case we thought might be interesting to appraisers: Nothnagle Home Securities Corp. v Bruckner, Tillet, Rosse, Cahill & Associates and Patrick W. Cahill, NY Slip Op 01342 (February 13, 2015). The case involved a negligence and breach of contract action brought by homeowners against the appraisal company, alleging that the defendants had negligently appraised a parcel of real property: they had misclassified of the structure on the property as a modular home rather than a manufactured home. As a result of the… read more

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Posted in Appraisers, New York
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February 3, 2015

Could New York City’s Requirement to Build Affordable Housing Effect a Taking?

New York City Mayor Bill de Blasio has pledged to create or preserve 200,000 affordable units of housing in the next decade.  Among the several proposals being considered, one idea is to amend or remove a controversial real estate tax abatement available under section 421-a of the Rent Act of 2011.  The abatement gives developers a property tax break, in decreasing amounts, over a 25 year period.  The statutory authority for abatement expires this Spring.  In certain neighborhoods in the City, developers must set aside a percentage of units which… read more

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Posted in Economy, Eminent Domain, New York, Published Articles, Real Estate, tax abatement, Zoning
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January 23, 2015

The 2015 Real Estate Economic Forecast

Dr. Mark Zandi, presenting the 2015 Economic Forecast held by the Metropolitan New York Chapter of the Appraisal Institute I attended the 2015 Economic Forecast held by the Metropolitan New York chapter of the Appraisal Institute as the guest of William Picoli, MAI. The guest speaker was Mark Zandi, PhD, the Chief Economist of Moody’s Analytics. Dr. Zandi is one of America’s leading economists. He was optimistic about the 2015 economy. He predicted that 2015 would be a good year, and so would 2016. He predicted that the economy would… read more

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Posted in Appraisers, Economy, New York, Real Estate
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