Condemnation Law: Significant Ruling on Highest and Best Use
After a 22-day trial, Carter Ledyard, together with Senior Counsel Joseph Bavuso and Assistant Corporation Counsel James Hicks from the Corporation Counsel’s Office, achieved a significant victory in a matter involving a claim for additional compensation with respect to a 7.2-acre parcel of waterfront property located in Long Island City. The property was acquired in early 2002 by the Queens West Development Corporation and subsequently conveyed to the City. The claimants asserted that there was a reasonable probability that the property, located in an industrial area zoned for manufacturing, would be rezoned to permit luxury residential development, and that the property should be valued on that basis. The claimants’ appraisal included a financial analysis purporting to demonstrate the feasibility of residential development at the site. The claimants’ appraisal valuing the property at $85 million reached a value conclusion more than six times that of the City’s, which valued the property as a development site for big-box retail. While acknowledging the possibility that a rezoning might be granted if requested by the owner, the City argued that the area lacked the infrastructure and services necessary to support residential development. Furthermore, the City argued that all of the key assumptions that went into the claimants’ feasibility analysis were unreliable, including construction costs, rental rates and the total square footage that would be permitted if the property were rezoned. The court agreed with the City on both the suitability and feasibility issues and awarded damages based on a big box use.
Partners John R. Casolaro and Mark R. Zancolli, counsel Lee A. Ohliger and associate Michael H. Bauscher represented the City.
Ms. Mann was asked to comment on the lawsuit alleging that the Trump Foundation charity used funds for personal and political purposes.
Carter Ledyard is pleased to welcome the arrival of Ms. Dreizen to the firm as Counsel in the Corporate department.
Partner Steven Paul McSloy gave a presentation at the Consulate General of Ireland in NYC on “The American Indian as Irishman: The Lost Connection”
Carter Ledyard client Global SC Finance IV Limited completed an offering of $196 million of fixed rate asset backed notes.
Judith discusses the benefits and risks of arbitration of art disputes in the newly created process at the Netherlands Arbitration Institute.
Jack was honored with the Chairman's Award, in recognition of his "tireless efforts and unending dedication to the foundation."
Mr. McCarthy has joined the firm as a partner in the Litigation Department, bringing with him years of experience in international litigation and arbitration.
Our 2017 Year in Review highlights the cutting-edge work of our clients, both foreign and domestic, and some of the ways we helped them succeed.
Over breakfast at the midtown office, more than 30 members of the private equity community gathered to create a deal flow for all concerned.
Val Vasi discussed aint-money laundering (AML) guidelines in the art world and AML regulations in the financial services industry
Carter Ledyard client Lisa Schwarz, developer of the Comprehensive Resource Model trauma treatment model, prevailed on her motion for contempt against Dr. David Grand in proceedings in the Federal District Court for the…
Together with Her Justice, Carter Ledyard attorneys were successful in guiding pro bono clients apply for their U-Visa, obtain deferred and final approval of legal status, and receive employment authorization.