MTR. OF CITY OF N.Y.


82 Misc.2d 557 (1975)

In the Matter of the City of New York, Relative to Acquiring Title to Real Property, for a Project Known as Washington Heights-Highbridge Park Community Development Area (Also Known as the Washington Heights-Highbridge Park Urban Renewal Area) Situated Within the Area Bounded Generally by 171st Street and Other Streets in the Borough of Manhattan.

Supreme Court, Special Term, New York County.

April 4, 1975


Attorney(s) appearing for the Case

Raphael, Searles, Vischi, Scher, Glover & D'Elia (Sidney Z. Searles of counsel), for Columbia University, claimant. Adrian P. Burke, Corporation Counsel (Dominick Sorrentino of counsel), for City of New York.


WALLACE R. COTTON, J.

In the instant proceeding, the claimant, Columbia University, seeks to increase the prevailing rate of 6% interest paid on condemnation awards to 8%, on the theory that since the date of vesting (October 1, 1971), conditions in the "money" market were such that the prevailing rate of 6% interest is inadequate and thus does not conform to the constitutional requirement of "just compensation...

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