The New York Court of Appeals has held that landmark regulation of commercial property is valid provided the landowner is not deprived of all reasonable return from the designated landmark; in determining a reasonable return, the basic value is limited to that worth contributed by the owner's efforts and the return must include any benefit derived from development rights made transferable by the regulation.
Penn Central Transportation Co. v. City of New York, 42 N.Y.2d 324, 366 N.E.2d 1271, 397 N.Y.S.2d 914 (1977), aff'd, 98 S. Ct. 2646 (1978).
George W. Myers Jr.,
Constitutional Law - Land Use Control - Landmark Preservation,
Duq. L. Rev.
Available at: https://dsc.duq.edu/dlr/vol16/iss4/17