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Archive | February, 2015

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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