Since the urban real property market is very dynamic, one finds many properties in the process of being developed or renovated on condemnation. Frequently an owner will be just about to begin efforts to build or in the process of same when a condemnor swoops in to take the parcel. The law is clear that property taken whilst in the process of development, the owner is entitled to recover for the added value of the owner’s efforts. We call this “entrepreneurial profit.” As New York’s Appellate Division, Second Department stated… read more
August 10, 2023