MOORE, Circuit Judge:
In 1955, the debtor purchased certain property bordering on the East River in Bronx County, New York City. Much of this land was resold to various industries, but the railroad retained a plot 50 feet by 421 feet, partly by fee ownership and partly by easement, for use as a railroad right of way. In March, 1961, the City of New York (the City) commenced an "assessable improvement" proceeding in condemnation of this land. Notwithstanding the fact...
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