New York is what is known as a “quick take” state. This means that title to property is transferred immediately when a condemnor exercises its power of eminent domain. The condemnor owes the condemnee just compensation once the property is taken. The measure of this just compensation is the fair market value of the property taken on the date of acquisition. Because the money is due on the title vesting date, interest accrues for any delay in payment. This is different from a “slow take” acquisition where a just compensation claim is resolved before title to property is transferred to a condemnor.
New York eminent domain proceedings are controlled by the Eminent Domain Procedure Law (EDPL). EDPL §303 provides:
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