In its April 19, 2005 decision in 520 East 81st Street Associates v. State of New York, the Appellate Division, First Department, held that principles of just compensation require that claimant be awarded compound interest as part of its takings damages.
Appellate Division Awards Compound Interest in Takings Case
In its April 19, 2005 decision in <i>520 East 81st Street Associates v. State of New York</i>, the Appellate Division, First Department, held that principles of just compensation require that claimant be awarded compound interest as part of its takings damages. While various Federal and state courts had previously awarded compound interest under such circumstances, <i>520 East 81st Street</i> marks the first time that a New York State Court has done so.
By
Jeffrey TurkelThis premium content is locked for New York Real Estate Law Reporter subscribers only
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