Archive | Valuation

Condemnation Award of $669,00 Made for Staten Island Wetlands

The Appellate Division, Second Department affirmed an award of $669,00 made by Justice Wayne P. Saitta.  Matter of City of New York, New Creek Bluebelt (Galarza). This condemnation case involved the taking of a vacant 21,000 square foot lot in Staten Island which was designated 100% wetlands. The former property owner Ivan Galarza retained Goldstein, Rikon, Rikon & Levi, P.C.  The Manhattan law firm was founded in 1923 and limits its practice to eminent domain – condemnation matters. Wetland cases present difficult legal and valuation issues. As Justice Saitta wrote:… read more

Posted in Increment, Valuation, Wetlands
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Valuing Real Estate During a Pandemic

The Granular Approach Covid-19 has significantly impacted real estate valuations.  For example, under the comparable sales approach to valuation, valuators look at sales prices of similar properties in recent transactions, making adjustments for differences between those properties and the subject property.  As stated by Lisa Loychik of Cohen & Co. in a paper dated August 20, 2020, “It’s debatable whether pre-Covid-19 sales can be considered comparable with post-pandemic sales, though.  Valuators are looking beyond comparable sales and considering individual circumstances on a more granular level.  This approach acknowledges that generalities… read more

Posted in Comparable Sales, Covid-19, Valuation
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CAN A CLAIMANT TESTIFY AS TO THE VALUE OF PROPERTY IN NEW YORK? WHY NOT?

We became intrigued with this question after reading the Amici Curiae brief of Owner’s Counsel of America written by renowned legal scholar Robert H. Thomas in an appeal pending in the United States Court of Appeals for the 11th Circuit, Sabal Trial Transmission, LLC v 3.921 Acres of Land in Lake County, Florida.  I am the New York State representative of Owner’s Counsel of America. The brief makes two main points.  First, the Fifth Amendment requires that an owner recover the “full and perfect equivalent for the property taken.”  And… read more

Posted in Competency of Witness, Owner's Testimony, Valuation
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THE MARKET DATA APPROACH, HOW COMPARABLE DO COMPARABLE SALES HAVE TO BE?

We recently filed a brief in an unusual case dealing with the valuation of a 10 acre parcel of land on the Long Island Sound in Eastern Long Island.  The valuation is premised on a filed subdivision map.  Certainly, this is a rare parcel of land to value.  Both appraisers used the market data approach to value the land.  Utilizing comparable sales is the most common approach to value vacant land.  If the property is income producing, the law in New York requires the income approach, or the capitalization of… read more

Posted in Comparable Sales, Market Data Approach, Valuation
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Tax Assessments are Irrelevant in a Condemnation Matter

We often observe condemnors attempting to use tax assessment records or real estate tax reduction applications to influence a court’s award of just compensation.  It is well-established that tax assessment values bear no resemblance to fair market value and are never relevant in a condemnation case. In a condemnation proceeding, the subject property must be valued at its highest and best use regardless of actual use.  Matter of City of New York (Clearview Expressway), 9 NY2d 439 (1961). The valuation of the subject property is set forth in the parties’… read more

Posted in Eminent Domain, Tax Certiorari, Uncategorized, Valuation
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