Yes, Cathryn, it is true.
I can't reveal my source, but the person works with a theater group in the
area, who toured the building and had had its lawyer contact iStar's legal
representative. The group was prepared to put several million dollars into
rehabbing the building. Before those principals could move on in negotiations,
the building was ordered demolished.
Now the site is entitled to a tax reduction and is free to be sold for condo
development. In case you don't know, when a site is sold for that purpose, the
sale price is based on the number of units that can be built on the lot. That's
why density is favored in these developments -- not necessarily because the
number of units works best for the community. (You probably won't hear too many
real estate people complain though.)
And that developer will probably be grandfathered into a tax abatement to
extend to his buyers, because that is what the other "fast track" developers
got in order to attract them into a "blighted" and therefore hi-risk situation.
Since the world economy is in a slump, they may argue that they, too, should
have such tax relief. That relief will excuse the unit owners from schools tax
and most of the tax levied by the county.
Maureen
--- In AsburyPark@yahoogroups.com, "cathrynbe2002" <cathryn...@...> wrote:
>
> I was catching up on recent messages (but haven't gone back far enough to
> read them all) and saw someone said there was a buyer for the Baronet. I
> can't find that message now. Is that true - I'm SURE it is, but are there
> more details?
>
> Cathryn.
>
> --- In AsburyPark@yahoogroups.com, "radio881gal" <Restore881FM@> wrote:
> >
> > They couldn't get away with it if the city didn't let them.
> >
> > You mean one of the largest law firms in the state didn't put any clauses
> > in there that if they run into financial problems and can't complete that
> > they have to remediate the site and get the hell out? If not why is that
> > firm still representing our town?
> > We sold the Carrabetta tax liens for 50c on the dollar. It was ridiculous.
> > The buyer of the property has to pay the lien.
> > What was the other point?
> > Madison Marquette was brought in by Fishman because the Partners were
> > obligated to make those repairs and renovations to the waterfront and they
> > had run out of deadlines.
> > Kushner never intended to pay those post deed considerations.
> > AND there was a buyer for the BARONET!!!
> > They tore it down to end that little possiblity. First, they wanted to get
> > the tax burden off their backs. Secondly, they can sell it now for condo
> > development - X$ per unit, plus, plus, plus. Ocean view property.
> >
> >
> > --- In AsburyPark@yahoogroups.com, "oakdorf" <oakdorf@> wrote:
> > >
> > > He talks about what he does for a living. Vulture. They "loan" money and
> > > invest money - all for a return.
> > >
> > > They buy tax liens. That enables a town/city to carry on business. I had
> > > a tax lien on a property I own. The town sold it. They buyer - sass. 18%
> > > interest. They don't get the 18% because they purchased the debt from
> > > the town.
> > >
> > >
> > > If and when I failed to pay, they could of foreclosed and MAYBE made even
> > > more.
> > >
> > > So why is that really bad? Because it involved real property (land).
> > >
> > > Think for a minute.
> > >
> > > If you own a credit card, you really get screwed. It's ok for a bank to
> > > charge you 29.99 percent (hey it could be worse - 30%) .
> > >
> > > AP got screwed by continuing to tie up the zone to one developer. Look at
> > > AP Partners - they turned around and tried to and got lucky with kushner
> > > who got REAL lucky with MM and got the hell out.
> > >
> > > Don't you think Metro should be yelled at for screwing up? don't you
> > > think other local developers held the city hostage in the downtown and
> > > failed to produce? Greed perhaps?
> > >
> > > To be a real long-term success and a real developer - you have to leave
> > > room for some one else to come in pay their bills.
> > >
> >
>
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