Justice John R. Lacava
AAA Electricians Inc. brought an Eminent Domain Procedure Law Article 5 proceeding challenging the valuation by the Village of Haverstraw of the 18.9-acre riverfront property taken from AAA. The village, urging that the “highest and best use” of the property was “light industrial,” made an offer for the taking of $2.6 million. AAA, based on the substantial size of the property, its excellent location with superb Hudson River views, and sewer and road access, opined that its highest and best use was as a multi-family residential/condominium development. With a “per unit” valuation of $47,000, AAA estimated its total valuation to be $16.3 million. The court rejected the village’s methodology, conclusions and comparable property valuations, and adopted AAA’s highest and best use conclusion. Instead of a “per unit” calculation of value, the court determined that a “per acre” analysis and calculation was more appropriate. Utilizing AAA’s comparable properties, but with modifications to a number of its adjustments, the court arrived at a final conclusion of value of $6.5 million.
