Archive | Highest and Best Use

A Perfect Example of The Highest And Best Use Concept

On September 21, 2016, New York’s Appellate Division, Second Department, handed down Matter of 730 Equity Corp. v New York State Urban Development Corp., __ AD3d ___, 2016 NY Slip Op 06086 (2d Dep’t 2016). If there was an eminent domain case book, this decision would be included as an example of establishing a highest and best use in a condemnation. The claim involved a one-half acre parcel of vacant land on Atlantic Avenue, Brooklyn, New York.  The land was under a long term triple net lease to a major… read more

Posted in Highest and Best Use, Recent cases, Zoning
Read more > 0

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
Read more > 0

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
Read more > 0

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
Read more > 0

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
Read more > 0