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September 30, 2009
On Brian Lehrer, Goldstein says ESDC offer for condo is less than what he paid in 2003; today's segment is Atlantic Yards
Atlantic Yards Report
Norman Oder reviews Monday's Brian Lehrer Show segment on eminent domain.
...the most enlightening moment of the segment came when Daniel Goldstein, spokesman for Develop Don't Destroy Brooklyn, called up and revealed that the Empire State Development Corporation (ESDC) actually offered him less money than he paid for is condo in 2003.
...At about 16;10, Goldstein called in. "As far as just compensation, people need to know what just compensation actually means in New York State," he said. "I received, last Monday, a letter from the ESDC, which is overseeing the use of eminent domain for Atlantic Yards, where they make what is called their pre-vesting offer, what they're going to pay you should they take the property.... They don't offer you just compensation. They don't even offer you fair market value. What they have offered is below the market value, any real estate agent would tell you that.... It is even below what I paid for the place... over six years ago, and everybody knows the market is not lower. So the point is, in New York State at least, people trying to live their lives in their homes are being punished... by incredibly low-ball offers."
Serkin said that properties are valued at the time of taking and can suffer from condemnation blight--the fair market value reflects the lowered perception of the property.
That doesn't seem fair, Eddings said.
NoLandGrab: No, it's not fair. Bruce Ratner and the Empire State Development Corporation would have you believe that property owners are lavished with riches when their homes and businesses are taken by eminent domain, but the reality is far different.
Posted by eric at September 30, 2009 11:42 AM