First appraisal allegedly based on flawed calculation under City’s Zoning Resolution. Malba Cove Properties, Inc. had owned a 655,188- square-foot undeveloped parcel in College Point, Queens that the City acquired by eminent domain in 1996 as part of the City’s plan to develop a waterfront park.

With the trial on the property value set to start in mid-July 2006, Malba asked the court in late May for permission to file a revised appraisal that would … <Read More>