The Real Deal New York

MTA owes Riese Organization $35 million, court rules

September 08, 2009 01:11PM

After a seven-day trial, the New York State Supreme Court has ruled that the Metropolitan Transportation Authority must pay the Riese Organization $35.2 million for 194 Broadway, a property that the MTA took through eminent domain for the development of the Fulton Street Transit Center. The MTA had valued the property for less, according to a press release from Rosenberg & Estis, the law firm representing the Riese Organization. The MTA also has to pay $106.5 million total for 204-210 Broadway, 198 Broadway and 192 Broadway, all owned by the Reformed Protestant Dutch Church of the City of New York, and 200 Broadway, owned by Brookfield Properties. The MTA acquired all of these properties for the Fulton Street Transit Center in 2006. TRD

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