school eminent domain case for $6.3 million

Transcription

1 Sanchez & Polovetsky settles NYC school eminent domain case fo... Ll TXTJRY LH1NG BEGINS AT 0S AND OLDER UNITS AYAlL;\BLE FUR $-!00.L :5~) Press Releases sustness Sanchez & Polovetsky settles NYC school eminent domain case for $6.3 million Updated September 30, :30 AM t!pjo Reprints Q A+ A- Firm negotiates sale of former White Castle headquarters to NYC School Construction authority in lieu of condemnation New York, NY (PRWEB) September 30, 2015 Sanchez & Polovetsky, PLLC, ( a midtown Manhattan law firm focusing its practice in eminent domain law, is pleased to announce that is has successfully closed the sale of the former White Castle ADVERTISEMENT I ADVERTISE ON NEWSDAY 1 of7 9/30/15, 3:28PM

2 Sanchez & Polovetsky settles NYC school eminent domain case fo... a am ADVERTISEMENT I ADVERTISE ON NEWSDAY Headquarters located in Woodside, NY to the NYC School construction authority (SCA), in lieu of condemnation, for $6.3 million; in the Matter of QUEENS CB SCQ (Application pursuant to Section 1732 of the New York School Construction Authority Act, concerning the proposed site selection for a new, approximately 450-Seat Primary School facility to be located on the north side of 34th Avenue between 69th and 70th Streets (Block 1242, Lot 32), Borough of Queens, in Community School District No. 30) (450-seat primary school-public Hearing Date August 11, 2015). By negotiating a sale in lieu of condemnation on behalf of its client, Nakorn Realty LLC, Sanchez & Polovetsky was able to net its client considerable amounts of money for its lost redevelopment rights, while saving Nakorn from years of eminent domain litigation and substantial legal fees. According to public records and media outlets, Nakorn Realty LLC is a Queens based company formed in 2013, 2of7 9/30/15, 3:28 PM

3 Sanchez & Polovetsky settles NYC school eminent domain case fo... with ties to Woodside and other Queens neighborhoods. According to public records on file with the Queens County Clerk, in November of 2014 Nakorn Realty LLC purchased the property located at th Avenue, Woodside NY for approximately $5 million. According to Nakorn?s lawyers, just a few weeks later--in December of Nakorn received a notice from the SCA informing it that the property it had just purchased and was about to redevelop had been identified by the City as a site for a new school; and that the SCA was authorized to acquire Nakorn?s property by way of either negotiated purchase in lieu of condemnation or by commencing eminent domain judicial proceedings in Court.?After receiving the SCA?s December 2014 letter stating that its property would be taken by eminent domain, Nakorn Realty came to us for help in January of 2015, having been referred to our firm by a former client for whom we had successfully settled a complex eminent domain case,? says Jennifer Polovetsky, a partner at Sanchez & Polovetsky.?We were able to guide them through this complex process, and we successfully negotiated a sale in lieu of condemnation that benefited all parties involved. We are thrilled at the outcome of this case, since we avoided a long, drawn-out and expensive litigation process for our client. Now a beautiful stateof-the-art school will be built for New York City?s schoolchildren.??a best case scenario is now a reality. If the parties involved did not agree to a negotiated sale of the property, 3 of7 9/30115,3:28 PM

4 Sanchez & Polovetsky settles NYC school eminent domain case fo... http: I lwww.newsday.com/business/press-releases/sanchez-polovets... then the SCA would have acquired it for construction of a school by eminent domain legal proceedings in court. This could have taken years to resolve,? says Philip Sanchez, a partner at Sanchez & Polovetsky.?Our client, Nakorn Realty, who owned the property for less than a year, accepted the agreement in good faith because we were able to negotiate a solid deal for them.? According to public records on file with the Queens county clerk, a deed was recorded transferring the property from Nakorn to the SCA in lieu of condemnation. The purchase price is recorded at $6.3 million. ABOUT SANCHEZ & POLOVETSKY, PLLC Sanchez & Polovetsky, PLLC is a midtown Manhattan based law firm, with offices at The Commerce Building, which focuses its practice in eminent domain law. The attorneys at the firm have over three (3) decades of combined legal experience in both the public and private sectors. Jennifer Polovetsky, Esq., who started her career as an attorney at the New York City Law Department in 2000 before entering private practice in 2003, is the firm's founding Member and a seasoned litigator with extensive experience in all aspects of Eminent Domain Law and Real Estate Law. Philip A. Sanchez, Esq., who became a Member of the firm in 2012, has over fifteen years of legal experience in both the public and private sectors, with a focus on Eminent Domain Law. 4of7 9/30/15,3:28 PM

5 Sanchez & Polovetsky settles NYC school eminent domain case fo... More information about the firm can be found on its website at: For the original version on PRWeb visit: /prweb htm R The latest Ll business news in your in box daily. Get the Biz Briefing newsletter! Em a I add ess tl!tl 0 Click here to read or post comments You also may be interested in: Celebs you didn't know passed away: #17 is Shocking Your Daily Dish Prison for White raises questions about justice ncwsday corn Top 20 Hottest Celebrity I IPco::hi:~~nc;: 5 of7 9/30/15, 3:28PM