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October 19, 2005

As New HQ Rises, Old Owners Cause Trouble Underfoot

nytimestower.jpgThe New York Observer
by Matthew Schuerman

Let's turn our attention from one Ratner land grab to another:

Over three years ago, the state condemned the 11 parcels on the site to make way for the new 52-story building, and at the time paid out $86 million to the former owners.

Now 10 of the landlords who feel they have been ripped off are calling for their day in court—and a bigger check. (The 11th took the money and ran.)

Read about how the government regularly undervalues property during eminent domain seizures. In the case of the Ratner/NY Times project, if the former property owners prevail in court, the taxpayers get to pay the difference.


Posted by lumi at October 19, 2005 11:33 PM