HUD Approves Demolition for Stock Exchange Expansion

November 1, 2001

LVT Number: 15355

Rent-stabilized tenants appealed a HUD ruling approving the demolition of their building at 45 Wall St. to make way for additional New York Stock Exchange buildings. They claimed that the proposal wasn't a proper public use of the space and that HUD didn't have a workable plan for tenant relocation. The court ruled against tenants. Expansion of the Stock Exchange facilities was a proper public use under the Eminent Domain Procedure Law because maintaining the Stock Exchange in New York City would provide substantial public benefit.

Rent-stabilized tenants appealed a HUD ruling approving the demolition of their building at 45 Wall St. to make way for additional New York Stock Exchange buildings. They claimed that the proposal wasn't a proper public use of the space and that HUD didn't have a workable plan for tenant relocation. The court ruled against tenants. Expansion of the Stock Exchange facilities was a proper public use under the Eminent Domain Procedure Law because maintaining the Stock Exchange in New York City would provide substantial public benefit. And HUD met the requirements of the Urban Development Corporation Act regard- ing relocation. HUD's plan provided real estate broker services without charge, an allowance for moving expenses, a stipend for other related costs, and a full-time relocation manager at no cost to tenants to provide information and assistance.

In re Fisher: 730 NYS2d 516 (App. Div.1 Dept. 2001; Williams, JP, Mazzarelli, Andrias, Ellerin, Saxe, JJ)

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