This section is from the book "Practical Real Estate Methods For Broker, Operator & Owner", by Thirty Experts. Also available from Amazon: Practical Real Estate Methods for Broker, Operator, Owner.
It has been the policy of the city for a number of years past to acquire water-front property, and as it is almost invariably acquired by condemnation, you might be called upon as an expert to testify as to its value. The value of the upland is not so difficult to determine, due weight being given to its contiguity to the water front. The land under water is more difficult to appraise, and necessitates a study of the grant under which the riparian rights were acquired. The value depends very much upon the amount of improvement necessary by the grantee before he can avail himself of the privileges of the grant. The value of a bulkhead is not difficult to establish. The Charter of the City of New York (see Section 859) provides for the amount of wharfage and dockage which shall be received, and also provides for the number of boats that can lie at any wharf at one time, so that these facts being given, it is merely a question of how much the bulkhead can earn. However, the grant itself, as I have stated, is the governing factor in cases where riparian rights are involved.