Yesterday the Appellate Division, Second Department decided In re Matter of New Creek Bluebelt, Phase 4. Lawrence N. Paolella, et al., v. City of New York, in which it affirmed the findings of Supreme Court, Richmond County (Saitta, J.). The lower ruled that there was a reasonable probability that the imposition of wetlands regulations on the subject property constituted a regulatory taking and applied a 75% increment in calculating the final condemnation award of $810,000. For the Claimants, the award represents a 338% increase over the City’s valuation of $185,000. The… read more
November 20, 2014