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Author Archive | Michael Rikon

September 19, 2023

Destruction of Black Neighborhoods

Essence Magazine published a remarkable article in its September 5, 2023 issue, “Why the Destruction of a Black Neighborhood Matters to Me – And Should Matter to Everyone” by Brandi Kellam. The story’s author was a student at Christopher Newport University in Virginia and unearthed the painful history behind the Campus’ location.  The college in a statement acknowledged that the residents of a well-established neighborhood were displaced by decisions made about the location of the university. The Black neighborhood was known as the “Shoe Lane area.” The article states: As… read more

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Posted in Black Neighborhoods, Condemnation, Racial Prejudice
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September 14, 2023

EDPL Section 701

The Appellate Division, Second Department affirmed an award of $799,627 for reimbursement of legal and appraisal fees pursuant to Section 701 of the Eminent Domain Procedure Law.  The award followed a trial where the City of New York valued the Staten Island vacant land condemned at $611,000.  Goldstein, Rikon, Rikon & Levi, P.C. representing the claimant, Yeshivas Ch’San Sofer, obtained $3,165,513 after trial.  Matter of Oakwood Beach Bluebelt (Yeshivas Ch’San Sofer), ___ AD3d ___ (Sept. 13, 2023). Eminent Domain Procedure Law (EDPL), § 701, was amended to provide that when… read more

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Posted in Attorneys' Fees, Condemnation, Just Compensation
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September 7, 2023

Matter of Huntley Power, LLC v Town of Tonawanda, 2023 WL 3912499

The Fourth Department doesn’t have many condemnation matters before it and is shows.  Huntley Power was a proceeding brought directly in the court to review the determination made by the Town to condemn property that includes a coal-fired electric generating station and water intake structures.  The town held a public hearing on April 25, 2022 and adopted its resolution authorizing the condemnation on July 11, 2022.  But did not publish a synopsis of the “Determination and Finding.”  It was required to do so within 90 days of the public hearing. … read more

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Posted in Challenges to Determination and Findings, Condemnation, Notice, SEQRA
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August 15, 2023

Entrepreneurial Profit

In valuing any property in the course of development, one must add entrepreneurial profit.  The cost approach is used and entrepreneurial incentive is an important element of this valuation method.  It is the incentive an investor has for coordinating the construction of a new project.  Few investors would accept less than an amount necessary to account for the trouble they spent coordinating the construction of a new building. The Dictionary of Real Estate Appraisal defines entrepreneurial profit as (1) a market-derived figure that represents the amount an entrepreneur receives for… read more

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Posted in Appraisal, Condemnation, Entrepreneurial Profit, Valuation of Property in Course of Development
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August 10, 2023

Property in the Course of Development

Since the urban real property market is very dynamic, one finds many properties in the process of being developed or renovated on condemnation. Frequently an owner will be just about to begin efforts to build or in the process of same when a condemnor swoops in to take the parcel. The law is clear that property taken whilst in the process of development, the owner is entitled to recover for the added value of the owner’s efforts.  We call this “entrepreneurial profit.” As New York’s Appellate Division, Second Department stated… read more

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Posted in Condemnation, Development, Entrepreneurial, Profit, Valuation
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