An eminent domain battle in NYC could put this dry cleaner out of business
““Eminent Domain” gives governments the power to take over private property if it’s determined that it’s for the public good. Most laws require that the government gives the property owner “just compensation” for the trouble. But what exactly is “just?”
Not $3.5 million, the amount offered by the city of New York to an East Harlem dry cleaning operation with three locations. The lot where the business stands, according to its owner, is worth more than $11 million.
“It’s like you own a Mercedes-Benz, and someone offers to reimburse you for the price of a Hyundai Sonata,” said Damon Bae, who owns the store with other family members in this New York Daily News report. Bae also is upset the city is offering to pay about $1.4 million less than the value of the store’s fixtures as well. He says his business – which performs dry cleaning operations – is unable to afford another location given current real estate market values in the city, let alone stay in operation while new water lines are set up and permits are approved.”
read the entire article
Marks, Gene. The Washington Post 11 January 2018.