The Real Deal New York

Posts Tagged ‘cornerstone group’

  • Making money off eminent domain at AY

    October 05, 2009 10:27AM
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    Four buildings that may face condemnation, clockwise from top left: 479 Dean Street, 485 Dean Street, 636 Pacific Street, 491 Dean Street

    The last remaining legal hurdle Atlantic Yards faces is a Court of Appeals hearing later this month on the project’s proposed use of eminent domain. If the court finds in favor of the defendant, the Empire State Development Corporation, the properties of several renters and owners are likely to be seized to make way for the development. Renters, owners and businesses in buildings such as 479 Dean Street, 485 Dean Street, and 636 Pacific Street in the Prospect Heights area of Brooklyn will face condemnation proceedings under eminent domain. A second phase of condemnation would include buildings like 491 Dean Street. If that happens, a firm called the Cornerstone Group will spearhead relocation efforts on behalf of a legal team the ESDC has contracted with. As The Real Deal examined in a story a few months ago, the city and state often use the Cornerstone Group in projects involving eminent domain, but the efficacy of the firm in helping residents and businesses find new places to live or work has often been questioned. A contract obtained by The Real Deal via a Freedom of Information Law request from the Empire State Development Corporation lays bear how much money Cornerstone is poised to make as the relocation point team on Atlantic Yards, as well as exactly how the firm is contractually obligated to help residents and businesses that need to be relocated. [more]

  • Who the city calls to move people

    August 19, 2009 11:56AM

    From the August issue: In late June, tenants and property owners in the Atlantic Yards
    footprint received a letter stating that reps from a company called
    Cornerstone Group Real Estate Services would soon be paying them a
    visit. The letter, which was sent by the Empire State Development
    Corporation’s eminent domain counsel, said Cornerstone would “explain
    the relocation advisory services and relocation assistance that they
    will provide.” While Cornerstone has been in the business for decades, it does not
    maintain a Web site. Sources who have worked with the firm say its
    principals, Gary Curry and Stuart Polinsky, are publicity shy. Nevertheless, Cornerstone is a familiar name to property owners and residents across the city who have faced eminent domain. [more]