Jennifer Polovetsky. Courtesy photoTrade Fixtures in New York Eminent Domain Cases—What Qualifies and How Are They Valued?
The author states "New York courts have consistently held that the proper method of valuation for trade fixtures is reproduction cost less depreciation. This means that each fixture item is valued based on the cost of reproducing that item as of the time of the eminent domain seizure, less the depreciation of such item, to arrive at its sound value."
November 25, 2024 at 10:00 AM
10 minute read
In New York,the eminent domain laws require that compensation be made to a business tenant for the loss of its compensable trade fixtures in a separate condemnation award. A business tenant is entitled to receive compensation for its “chattel” (i.e., any machinery, equipment, and/or other legally compensable installations that are used for its business purposes) separately from any compensation offered to the landlord/owner of the property for the seizure of their real estate. See Eminent Domain Procedure Law (the “EDPL”) §504 (c); Rose v. State of New York, 24 N.Y.2d 80 (1969).
Before being entitled to any payment, however, a trade fixture claimant must first prove that each item being claimed on its trade fixture inventory (filed in court as part of its eminent domain claim) is actually a compensable trade fixture under the law.
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