MTA Ordered To Pay $4.37M More For Railroad Property

Law360, New York (December 5, 2012, 1:26 PM EST) -- The Metropolitan Transportation Authority must pony up $4.37 million to compensate real estate firm Longridge Associates LP after a New York state appeals court ruled Tuesday that an appraiser had miscalculated environmental factors and seriously undervalued land taken for a rail project.

Judge John R. LaCava ordered that the MTA pay $4.37 million, plus interest accumulated since the agency took over the land in 2003, after he found that an appraiser the MTA hired had made several wrong assumptions regarding how certain wetland areas and access...
To view the full article, register now.