Archive | Highest and Best Use

Valuation of Property in an Eminent Domain Case

I argued a case on June 20, 2016 in the Appellate Division, Second Department which involved an appeal by the Condemnor, New York State Urban Development Corporation.  The case arose in the Atlantic Yards – Barclays Center project, Brooklyn.  The case, decided by Justice Wayne Saitta, is reported at 43 Misc3d 1226(A), 2014 N.Y. Misc. LEXIS 2275 (Sup. Ct., Kings Co., 2014). The decision awarded claimant $9,186,000 as against an appraisal for $2,075,000 by Condemnor. The trial court found that there was a “very strong probability” of a zoning change… read more

Posted in Eminent Domain, Highest and Best Use, Recent cases
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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

Posted in Eminent Domain, Highest and Best Use, Zoning
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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

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

Posted in Highest and Best Use, Speaking Appearances, Valuation
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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

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