NJ Town, Condemnee Square Off On Eminent Domain Interest

Law360, New York (January 29, 2014, 4:42 PM EST) -- The onetime owner of a Long Branch, N.J., property that was taken for redevelopment argued before a state appellate panel on Wednesday that it should have received a market interest rate on a $3.94 million condemnation award.

West of Pier Associates LLC, whose 2007 award in arbitration was about three times what the city posted in 2001, is hoping to upend a lower court decision to apply a court rule interest rate, rather than a U.S. Treasury or prime rate plus some risk premium. The lower...
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