The original suit was dismissed in June 2007, asGlobeSt.com reported, and the dismissal was later affirmed by theAppellate Division in Oct. 2007. Two weeks ago, opponents sufferedanother defeat when the New York State Supreme Court ruled againstthem in a case involving environmental reviewprocedures, as GlobeSt.com reported.
Bruce Ratner, CEO and chairman of Forest City, says in aprepared statement that "today's decision is more than anothervictory for Atlantic Yards; it is a victory for public good and theimportance of investing in diverse communities throughout the City.Atlantic Yards will bring thousands of affordable homes and neededjobs to Brooklyn. We believe, and the courts have repeatedlyagreed, that these are real benefits that will have a significantlypositive impact on the borough and the City."
The appeals court said that few powers of government have asimmediate and intrusive an impact on the lives of citizens as thepower of eminent domain. "For affected property owners, monetarycompensation may understandably seem an imperfect substitute forthe hardships of dislocation and the loss of a home or business,"the court said. "But federal judges may not intervene in suchmatters simply on the basis of our sympathies. Just as eminentdomain has its costs, it has its benefits, and in all but the mostextreme cases, Supreme Court precedent requires us to leavequestions of how to balance the two to the elected representativesof government, notwithstanding the hardships felt by those whoseproperty is slated for condemnation."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.