Re: [UC] Don't forget 43rd and Baltimore Avenue

[Anthony West]

To be precise, the main entity that "has figured how to profit from 
providing interim housing" in this case is Women Against Abuse. That is 
the owner that cashed in on a $3.x million capital gain from 4224-26 
Baltimore Ave. It's a nonprofit social-service agency that "profited."


The property was rolled over by Campenella to a new owner on 1/11/08. 
Campenella probably turned a profit on the transaction. Most real-estate 
developers and brokers turn a profit even on transactions that involve 
nonprofit property owners. Isn't this how most real estate is transacted?


There is no evidence at this time that the current owner has figured out 
how to make a profit off it. That is the simplest explanation for why 
nothing has happened on the site after it was cleared. Construction 
finance has still not recovered from the crash of Sep '08. Spruce Hill 
is a tough place to develop in politically. Philadelphia's rickety, 
obsolete zoning code poses another obstacle. If the owner can afford to 
sit a few years, it might think it shrewder to wait until the Zoning 
Reform Commission has done its work and find out what the new rules of 
the game will be, before it comes up with a plan.


-- Tony West



I never minded the use of the property as 42xx Baltimore as a shelter for women 
and their children.
I am frustrated that the building has been torn down and the property is in the 
hands of someone who has figured out how to profit from providing interim 
housing for addicts and prisoners.

Best!
Liz
   



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RE: [UC] Don't forget 43rd and Baltimore Avenue

[Lalevic, Darco]

It was a smart move for WAA - which has traditionally suffered from lack of 
financing and is the only major organization serving that clientele in this 
city.

Considering the $3.5 million cost (what Thylan paid for it), we're probably 
looking at AT LEAST 35 units, more likely more. So, besides waiting for the 
financing and RE markets to come back, as Tony points out, they have to be 
careful about dealing with the zoning. I expect we won't see anything happen 
there for years.


-Original Message-
From: owner-univc...@list.purple.com [mailto:owner-univc...@list.purple.com] On 
Behalf Of Anthony West
Sent: Sunday, April 18, 2010 2:35 PM
To: UnivCity listserv
Subject: Re: [UC] Don't forget 43rd and Baltimore Avenue

To be precise, the main entity that "has figured how to profit from 
providing interim housing" in this case is Women Against Abuse. That is 
the owner that cashed in on a $3.x million capital gain from 4224-26 
Baltimore Ave. It's a nonprofit social-service agency that "profited."

The property was rolled over by Campenella to a new owner on 1/11/08. 
Campenella probably turned a profit on the transaction. Most real-estate 
developers and brokers turn a profit even on transactions that involve 
nonprofit property owners. Isn't this how most real estate is transacted?

There is no evidence at this time that the current owner has figured out 
how to make a profit off it. That is the simplest explanation for why 
nothing has happened on the site after it was cleared. Construction 
finance has still not recovered from the crash of Sep '08. Spruce Hill 
is a tough place to develop in politically. Philadelphia's rickety, 
obsolete zoning code poses another obstacle. If the owner can afford to 
sit a few years, it might think it shrewder to wait until the Zoning 
Reform Commission has done its work and find out what the new rules of 
the game will be, before it comes up with a plan.

-- Tony West


> I never minded the use of the property as 42xx Baltimore as a shelter for 
> women and their children.
> I am frustrated that the building has been torn down and the property is in 
> the hands of someone who has figured out how to profit from providing interim 
> housing for addicts and prisoners.
>
> Best!
> Liz
>


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Re: [UC] Don't forget 43rd and Baltimore Avenue

[Glenn]

"Considering the $3.5 million cost (what Thylan paid for it), we're probably looking 
at AT LEAST 35 units, more likely more. So, besides waiting for the financing and RE 
markets to come back, as Tony points out, they have to be careful about dealing with the 
zoning. I expect we won't see anything happen there for years."


Yes, it will be a few years.  Before the health center is sold for a dollar, we 
will need some time to pretend that the democrat's health bill helps 
people-hahaha.

After the well connected crony sells the health center for 3.5 million, the 
entire block can be developed across from the privatized grand plaza, formerly 
known as Clark Park.

They demolished the old building to get a tax windfall, as they wait for the 
dollar sale of the health center.

Sometimes I wish I was a "fucking retard" like Rahm Emanual calls thinking 
citizens.

Best,
Glenn




On 4/19/2010 9:51 AM, Lalevic, Darco wrote:

It was a smart move for WAA - which has traditionally suffered from lack of 
financing and is the only major organization serving that clientele in this 
city.

Considering the $3.5 million cost (what Thylan paid for it), we're probably 
looking at AT LEAST 35 units, more likely more. So, besides waiting for the 
financing and RE markets to come back, as Tony points out, they have to be 
careful about dealing with the zoning. I expect we won't see anything happen 
there for years.


-Original Message-
From: owner-univc...@list.purple.com [mailto:owner-univc...@list.purple.com] On 
Behalf Of Anthony West
Sent: Sunday, April 18, 2010 2:35 PM
To: UnivCity listserv
Subject: Re: [UC] Don't forget 43rd and Baltimore Avenue

To be precise, the main entity that "has figured how to profit from
providing interim housing" in this case is Women Against Abuse. That is
the owner that cashed in on a $3.x million capital gain from 4224-26
Baltimore Ave. It's a nonprofit social-service agency that "profited."

The property was rolled over by Campenella to a new owner on 1/11/08.
Campenella probably turned a profit on the transaction. Most real-estate
developers and brokers turn a profit even on transactions that involve
nonprofit property owners. Isn't this how most real estate is transacted?

There is no evidence at this time that the current owner has figured out
how to make a profit off it. That is the simplest explanation for why
nothing has happened on the site after it was cleared. Construction
finance has still not recovered from the crash of Sep '08. Spruce Hill
is a tough place to develop in politically. Philadelphia's rickety,
obsolete zoning code poses another obstacle. If the owner can afford to
sit a few years, it might think it shrewder to wait until the Zoning
Reform Commission has done its work and find out what the new rules of
the game will be, before it comes up with a plan.

-- Tony West


   

I never minded the use of the property as 42xx Baltimore as a shelter for women 
and their children.
I am frustrated that the building has been torn down and the property is in the 
hands of someone who has figured out how to profit from providing interim 
housing for addicts and prisoners.

Best!
Liz

 


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02:31:00

   

Re: [UC] Don't forget 43rd and Baltimore Avenue

[Anthony West]

I pass some of my curious, ignorant time by trying to calculate what you 
could put on that parcel if you simply cloned the prevailing residential 
3-story Victorian twins on adjacent blocks, and plopped them down on it. 
It's much bigger than it looks -- about 80% as big as my catty-corner 
tricorn block (and Glenn's), from the Best House to 44th St., to my eye.


A hasty count there is 37 buildings. At least half these buildings are 
9-roomers that have been divided into units over the century, sometimes 
3 or more. I estimate 1.6 units per building is conservative. So ... 37 
x 1.6 = 59; x 0.8 = 47. If you put at least 47 units onto that parcel, 
maybe more, it would exactly match neighborhood residential density.


Does anybody on this list do residential construction math? Could you 
buy land for 50 units for $3.5 million and then build 50 units atop it 
and sell them for a profit? If not 50, what other number works then?


-- Tony West



On 4/19/2010 9:51 AM, Lalevic, Darco wrote:

It was a smart move for WAA - which has traditionally suffered from lack of 
financing and is the only major organization serving that clientele in this 
city.

Considering the $3.5 million cost (what Thylan paid for it), we're probably 
looking at AT LEAST 35 units, more likely more. So, besides waiting for the 
financing and RE markets to come back, as Tony points out, they have to be 
careful about dealing with the zoning. I expect we won't see anything happen 
there for years.
   



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list named "UnivCity." To unsubscribe or for archive information, see
.

RE: [UC] Don't forget 43rd and Baltimore Avenue

[Lalevic, Darco]

Lot size is 52860 sq feet. Zoned R9 - lowest size zoned row homes is 1440 sq 
feet, single family attached (think University Mews or 500 block of Melville)

So that is 36 single family units assuming the 36 pieces fit perfectly into the 
space (which I doubt).

And yes, 35 units with a land cost of $100k each could be built profitably - I 
guess it depends on what they consider their overhead costs. However, I doubt 
that's enough profit for that kind of investment for most developers. And 
jamming in 36 row homes is probably not all that attractive, so my guess would 
be a condo complex, which obviously requires re-zoning (but more profit).



-Original Message-
From: owner-univc...@list.purple.com [mailto:owner-univc...@list.purple.com] On 
Behalf Of Anthony West
Sent: Monday, April 19, 2010 9:36 PM
To: UnivCity listserv
Subject: Re: [UC] Don't forget 43rd and Baltimore Avenue

I pass some of my curious, ignorant time by trying to calculate what you 
could put on that parcel if you simply cloned the prevailing residential 
3-story Victorian twins on adjacent blocks, and plopped them down on it. 
It's much bigger than it looks -- about 80% as big as my catty-corner 
tricorn block (and Glenn's), from the Best House to 44th St., to my eye.

A hasty count there is 37 buildings. At least half these buildings are 
9-roomers that have been divided into units over the century, sometimes 
3 or more. I estimate 1.6 units per building is conservative. So ... 37 
x 1.6 = 59; x 0.8 = 47. If you put at least 47 units onto that parcel, 
maybe more, it would exactly match neighborhood residential density.

Does anybody on this list do residential construction math? Could you 
buy land for 50 units for $3.5 million and then build 50 units atop it 
and sell them for a profit? If not 50, what other number works then?

-- Tony West



On 4/19/2010 9:51 AM, Lalevic, Darco wrote:
> It was a smart move for WAA - which has traditionally suffered from lack of 
> financing and is the only major organization serving that clientele in this 
> city.
>
> Considering the $3.5 million cost (what Thylan paid for it), we're probably 
> looking at AT LEAST 35 units, more likely more. So, besides waiting for the 
> financing and RE markets to come back, as Tony points out, they have to be 
> careful about dealing with the zoning. I expect we won't see anything happen 
> there for years.
>


You are receiving this because you are subscribed to the
list named "UnivCity." To unsubscribe or for archive information, see
<http://www.purple.com/list.html>.

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