Retained by Greenberg Traurig, LLP
Defense counsel for a homeowner in the Village of Southampton retained Cornerstone Research to support Eric Sussman of UCLA Anderson School of Management to assess the potential damages associated with designating the homeowner’s property as a local landmark.
Professor Sussman conducted an analysis of comparable homes and previous landmarking in the area to estimate the impact of the designation on the market value of the at-issue property. His analysis showed that if the subject house were to become a local landmark, the property’s value would be reduced by approximately $10 million.
The Village of Southampton Architectural Review and Historic Preservation Board voted unanimously to dismiss its own landmark designation process following the testimony of Professor Sussman.