In New York City, Some Real-Estate Battles Come Down to Inches
They say football is a game of inches. That is also true of the bruising sport of New York real-estate development.
Gary Barnett, one of New York City’s most prominent real-estate moguls, is the founder of Extell, which boasts an expansive portfolio including two of Manhattan’s tallest residential towers. But Barnett has hit a potential stumbling block in his quest to develop the first luxury hotel in the midtown Diamond District. While the 33-story building would soar over much of the block, Barnett, a former diamond dealer himself, has been waging a protracted legal battle over 18 inches.
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At issue is a legal doctrine called adverse possession, which allows one person to claim another’s land after openly using it for years.
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Adverse possession can prove such a threat that owners sometimes bring lawsuits over tiny amounts to prevent such claims in the future, said Massimo D’Angelo, a real estate attorney. “Owners need to be vigilant in stopping any sort of construction that encroaches on their property, however small it may be,” he said.
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"In New York City, Some Real-Estate Battles Come Down to Inches," by Corinne Ramey was published in the Wall Street Journal on August 10, 2023.