N.Y. Eminent Domain Procedure Law 406 – Abandonment
§ 406. Abandonment. (A) If, after an acquisition in fee pursuant to the provisions of this chapter, the condemnor shall abandon the project for which the property was acquired, and the property has not been materially improved, the condemnor shall not dispose of the property or any portion thereof for private use within ten years of acquisition without first offering the former fee owner of record at the time of acquisition a right of first refusal to purchase the property at the amount of the fair market value of such property at the time of such offer. In the event that the acquisition was a partial taking in fee, such offer need not be made unless such former fee owner has title to the contiguous remainder parcel at the time the condemnor determines to dispose of the property. A notice of the offer shall be served on the former fee owner by registered or certified mail return receipt requested. Such former fee owner shall have sixty days after service of such notice to serve a written acceptance upon the condemnor.
Terms Used In N.Y. Eminent Domain Procedure Law 406
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(B) Where the condemnor has in good faith and with reasonable diligence attempted to ascertain the identity of persons entitled to notice under this section and mailed notice to the last known address of record of those ascertained, the failure to in fact notify those persons entitled thereto shall not invalidate any subsequent disposition of property pursuant to this section.