FILED: KINGS COUNTY CLERK 08/01/2016 05:29 PM

NYSCEF DOC. NO. 71

NEW YORK

STATE OF
OPPORTUNITY-

INDEX NO. 514736/2015

RECEIVED NYSCEF: 08/01/2016

Empire State
Development

February 12, 2016

BY CERTIFIED MAIL
RETURN RECEIPT REQUESTED
A.J. Richard & Sons Inc.
150 Price Parkway
Farmingdale, NY 11735-1315
Re: Atlantic Yards Project Offer of Compensation for Fee Title
15 4th Avenue, Brooklyn Block 927/Lot 1 (the "Property")

Dear Sir/Madam:
In furtherance of the Atlantic Yards Land Use Improvement and Civic Project (the
"Project"), the New York State Urban Development Corporation, doing business as Empire
State Development ("ESD"), is authorized to exercise its power of eminent domain and
acquire fee title in the above-referenced Property.
This letter constitutes the written offer by ESD to the owner of the Property, pursuant to
Section 304 of the Eminent Domain Procedure Law ("EDPL"), to acquire fee title in the
Property. ESD hereby offers the owner of the Property $15,100,000 (Fifteen Million One
Hundred Thousand Dollars) (the "Offer") as compensation for fee title to the Property. This
sum represents the fair market value as determined by ESD's highest approved appraisal.
As noted below, you may accept the Offer as payment in full or as an advance payment. The
Offer shall be deemed rejected if you fail or refuse to notify ESD in writing within ninety
days of the date hereof that the advance payment is accepted.
ESD's offer is subject to your obligation to furnish satisfactory proof of ownership and to
satisfy or obtain releases from all outstanding mortgages, UCC financing statements, lease
compensation claims, liens, or other claims against the fee title. If more than one party is
entitled to share in this offer of compensation, all parties must agree as to how the award is
to be apportioned and to whom the payments should be made and must advise ESD
accordingly.

Empire State Development

E33 Third Avenue, New York, NY 10017
(212) 803-3100 I www,esd.ny.gov

j/NEW YORK
STATE Of
OPPORTUNITY.

Empire State
Development

If ESD initiates a condemnation proceeding under the EDPL to acquire the Property, you
may either (1) accept the Offer as payment in full, or (2) reject the Offer. If you reject the
Offer as payment in full, you may instead accept the Offer as an advance payment and such
election shall in no way prejudice your right to claim additional compensation nor will it be
conditioned on your waiver of any other right.
Upon your election of one of these two alternatives, ESD shall make arrangement to
provide payment of just compensation, together with appropriate interest if applicable,
either as payment in full or as an advance payment.
ESD reserves the right to withdraw the Offer at any time, including in the event that the
condemnation does not proceed or your property is not required for the Project ESD also
reserves the right to adjust or revise the amount of the Offer to reflect correction of errors
or miscalculations, or to reflect any new data about the Property that may not have been
considered in ESD's appraisal report. If you receive an advance payment and a court
subsequently determines that the advance payment exceeds the value of the fee interest,
ESD will move pursuant to EDPL Section 304(H) for the entry of judgment in favor of ESD
for the amount of such excess, plus appropriate interest.
If you have any questions about the foregoing, please contact Charles S. Webb III or
Kenneth J. Applebaum of Berger &Webb, ESD's counsel, at (212) 319-1900.

Sincerely,
NEW YORK STATE URBAN DEVELOPMENT CORPORATION
d/b/a EMPIRE STATE DEVELOPMENT

4,

Elizabeth . Fine
Executiretice President Legal
and General Counsel
cc:

Michael P. Stafford, Esq.

Charles S. Webb III, Esq.
Kenneth J. Applebaum, Esq.
Robin Stout, Esq.
Empire State Development
633 Third Avenue, New York, NY 10017
(212) 803-3100 I www.esd.ny.gov