On May 17, 2011, Timothy P. Duggan, Chair of Stark & Stark’s Eminent Domain and Property Valuation Group, was successful in obtaining a jury verdict in a condemnation action for $4,450,000. Mr. Duggan represented the owner of an old bank building which was taken by Rowan University. When Rowan University and the property owner could not reach an agreement on the amount of just compensation, the matter was tried before a jury in Camden County, New Jersey.
Rowan University’s appraiser initially valued the property at $2.8 million, however, nine months after the complaint was filed, Rowan attempted to reduce its offer to $2.35 million. Prior to the start of trial, Mr. Duggan was successful in having the new appraisal stricken, which resulted in Rowan University being forced to rely upon its initial appraisal of $2.8 million.
The property owner’s appraiser opined to a value of $4,580,000. The jury listened to the testimony of four experts (two appraisers and two architects), and several fact witnesses, and rendered a verdict of $4,450,000.