Arlen of Nanuet v. State of New York

Chief Judge Fuld.

The principal question posed—an important one in the field of condemnation—is whether it is permissible to fix the market value of land, completely bare when condemned, solely on the basis of capitalization of income expected to be realized from buildings and other extensive improvements not yet financed, on which no work had even been begun on the day of taking.

The State on May 10,1961, appropriated slightly over 16 acres of vacant land—part of a larger 26.78-acre parcel—for hi > way purposes. The property fronted on a main highway in Rockland County and was well situated…