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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 117401
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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I'm a buisness owner in New York. I have been in the same

Customer Question

I'm a buisness owner in New York. I have been in the same location for 46 years and I have another 28 years on my lease. The. Is a chance the property may be a subject of a eminent domain takeover. How much is my buisness worth ? The business doe 1.2 million a year in sales .
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
If the government is trying to take over your business property through eminent domain, they would have to pay whatever reasonable market value is to the owner for the land (since you are under a long term lease and the landlord still owns it) and also they would have to pay you what your losses would be for the remaining 28 years on your lease. You will need to do the math based on your financial records and average NET PROFITS, not gross sales, to determine the reasonable value of the lease remainder to you. If the government refuses to pay, you have grounds to sue in court for a taking without just compensation.

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