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ADVENTURERS WHITESTONE v. NY

65 N.Y.2d 83 (1985)

Adventurers Whitestone Corporation, Respondent, v. City of New York, Appellant.

Court of Appeals of the State of New York.

Decided May 16, 1985.

Attorney(s) appearing for the Case

Frederick A. O. Schwarz, Jr., Corporation Counsel (Peter A. Mound, Joseph I. Lauer and Robert Pfeffer of counsel), for appellant.

Herman Itskowitz and Alfred D. Jahr for respondent.

M. Robert Goldstein for H.G.V. Associates and others, amici curiae.

Michael J. Greco and John E. Watkins, Jr., for Pauline E. Tully and others, amici curiae.

Chief Judge WACHTLER and Judges JASEN, SIMONS, KAYE and ALEXANDER concur.

MEYER, J.

Interest on a condemnation judgment is paid to compensate for delay in payment of the award and is payable at such rate as is fixed by statute. Interest on the value of the property taken is required by the just compensation clauses of the Federal and State Constitutions as a substitute for the beneficial use of the property during the period between the date of the taking and the date of final judgment...

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