The valuation of leasehold interests in condemnation actions presents some unique issues that will be addressed in this article. It is the settled law in Michigan that a: leasehold interest constitutes ‘property’ and just compensation must be made therefor upon a taking. City of Detroit v Whalings, Inc, 43 Mich App 1, 8; 202 NW2d 816 (1972)(citing Lookholder v State Highway Commissioner, 354 Mich 28 (1958).
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