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Daniel Goldstein — the city's most prominent Atlantic Yards opponent — was low-balled by the state with an eminent domain offer of just $510,000 for a three-bedroom Prospect Heights condo he purchased for $590,000 in 2003. It's also less than half what mega-developer Bruce Ratner offered Goldstein for the home, which, alongside Goldstein's lawsuits, stand in the way of $4.9 billion plan. Goldstein believes the state made such a low offer "to deter people from fighting like we have," but others say it's the real estate downturn, which has put the entire Atlantic Yards project on thin ice. In the coming days, the state's highest court is expected to rule on Goldstein's lawsuit alleging that the state is improperly using eminent domain to seize private property to benefit Ratner's company — not the public. [Via Brownstoner]
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By law he has to offer the MARKET PRICE of your house, and that is indeed the market price. Honestly, I'd still consider that a good deal considering how much housing prices have dropped.
yes, but by law doesn't the use of eminent domain have to be strictly for the benefit of the public? pretty arguable here, especially if, theoretically, these people really want to go on living there. Even if they want to sell their building, shouldn't it be within their rights to hold onto it until the "market price" rebounds?
Kojak, I would like you to sell me a nice, spiffy house in Prospect Heights or thereabouts for half a mil. When can we meet?
500k? I'll sell it to you for $250.
The Supreme Court ruled in Kelo vs. New London, CT that eminent domain can be used for projects like this, because the alleged economic benefits to the area serve the public good. Which is horseshit of course. Especially when you look what happens in the aftermath after the state gets involved in capitulating to big corporations, and then the project fails, like in New London.
http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/Pfizer-abandons-site-of-infamous-Kelo-eminent-domain-taking-69580497.html
I think spirit of eminent domain is for the final result to benefit the greater public, of course sometimes at the expense of a small minority. Whenever its invoked, there will always be some who will go through hardship for the project to go forward. Who knows when the Market Price will rebound. It could take many years.
New London is having regrets and now say it was a "fiasco".
http://www.examiner.com/x-536-Civil-Liberties-Examiner~y2009m3d10-Susette-Kelos-revenge-New-London-regrets-eminent-domain-fiasco
There was a huge populist fallout after the decision and many many states passed laws prohibiting similar land grabs. It was simply politicians fearing for their political lives. While NY was not one, (and I am sure we know why) my bet is that continued push by the City and State to obtain forcefully private land for (another's) private gain is pushing the envelope too far.
A reminder - Bloomberg only won by 4.5%. He really can't afford to be seen as backing this dead donkey. Nor can Patterson, Cuomo or anyone else who values their career. Atlantic Yards is done. In a year to three, Ravich will sell the land and we can have an honest discussion on how it can best be used...
Starrygordan makes another good point... Even with the housing crash, can you imagine getting a house in Prospect Heights for a half mill? no way.
I hate Ratner, his hell spawn children, and thier children...but according to the article, this is a price for an apt/condo not a house. Which might be market or closer to it.
That said making Ratner richer by allowing a PRIVATE FOR PROFIT business to take people property by using the LAW...is height of corruption, of course, once again, in NYC.