Will State Get a Bargain in Columbia Eminent Domain Seizures?

The Columbia Spectator is reporting that the Empire State Development Corporation decided today to take the properties of the last two hold-out owners in Columbia’s West Harlem expansion footprint through eminent domain. It’s not an unexpected move: In July, the ESDC declared the footprint blighted, setting the ball rolling toward an eminent domain seizure.

The properties to be seized include long-time eminent domain opponent Nick Sprayregen (profiled by The Observer here this past summer). Mr. Sprayregen and the other property owner, a family gas station concern, will be compensated at market rate for their properties.

But, one has to wonder: Was market rate a lot more several months ago than it is now, thanks to the recession?

Will State Get a Bargain in Columbia Eminent Domain Seizures?