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MATTER OF MTA v. AM PEN CORP

94 N.Y.2d 154 (1999)

723 N.E.2d 50

701 N.Y.S.2d 301

In the Matter of METROPOLITAN TRANSPORTATION AUTHORITY, Appellant, v. AMERICAN PEN CORP., Also Known as AMERICAN PENN CORPORATION, et al., Respondents.

Court of Appeals of the State of New York.

Decided November 18, 1999.

Attorney(s) appearing for the Case

Anthony P. Semancik, New York City, for appellant.

Goldstein, Goldstein & Rikon, P. C., New York City (M. Robert Goldstein of counsel), for respondent.

Judges BELLACOSA, SMITH, LEVINE, CIPARICK, WESLEY and ROSENBLATT concur.

OPINION OF THE COURT

Chief Judge KAYE.

Is the prejudgment interest rate on property condemned by the Metropolitan Transportation Authority (MTA) 9% (as provided by McKinney's Uncons Laws of NY § 2501 [L 1939, ch 585, as amended by L 1982, ch 681, § 4]) or 4% (as provided by Public Authorities Law § 1276 [5])? The courts below answered 9%, as do we.

In June 1988, the MTA condemned certain...

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