Fatal Flaws
This deal was doomed from the outset. This didn't have to be, but
is, 
being primarily product of the ignorance of its architects; the 
deal's architects Terry Weldon and the Fishmans who were so 
successful in their sole pursuit of maximizing equity on their buy 
that they've neglected a realistic strategy for achieving that
win.

Turning a great opportunity into a tangible gain requires either deep 
pockets or cooperating with and the pooling of resources of others.  
The Fishman hasn't the money to finance this development, lacks
the 
creativity to procure alternate means or the wisdom to work in 
concert with others.  The single smartest thing this dolt could have 
done was to work with those already invested in Asbury; instead he 
chose to con council into harassing, denying permits and 
expropriating those who were natural allies.

Can it be saved?  Only if The Fishman, council or the silent partners 
to wake up and change course.  Will they?  Only the `Shadow'
knows.



Can it be saved?  Only if The Fishman, council or the silent partners 
to wake up and change course.  Will they?  Only the `Shadow'
knows.
--- In AsburyPark@yahoogroups.com, "SkipDragon" <[EMAIL PROTECTED]> wrote:
> 
> Example: You have two condo's (on Cookman & waterfront) 4sale at 
> $600,000 and assume each $100,000 x 6% = $6,000/12= $500/month x 6 
= 
> $3,000/month interest only.  
> 
> Assume realty tax of $15,000/year; Fishman's unit with its 65% 
> abatement will pay $5,250 while the Cookman unit pays $15,000.  The 
> difference effectively subsides or moves forward 10 years of price 
> accrual due to the difference, which at the 6% mortgage rate could 
> carry $162,500 of purchase price.  
> 
> All other things being equal, it's safe to say that a price 
> differential approaching that subsidized amount will occur, greater 
> in the early years, declining during the 10 years with a likely 
price 
> drop relative to the rest of the market at the end.  At that point 
> the city will continue to pay for this abatement due to falling 
> appraisals.  Just another nifty feature council swallowed.  
> Skip Bernstein 
> 
> 
> 
>  --- In AsburyPark@yahoogroups.com, Allan Peterson 
<[EMAIL PROTECTED]> 
> wrote:
> > 
> > I can understand the tax abatement however; maybe my view is 
> lacking information.  The city offered the abatement so the 
developer 
> would have an incentive to fill the units.  Up until recently,
> wasn't 
> the city receiving none or reduced taxes on this property?  With 
all 
> these units going into a block the city, even with the abatement, 
> will be receiving more revenue than before.  Plus when you have the 
> people here, the local economy will benefit etc.  Trust me I am not 
> taking sides with the developer, I am raising a question.  If a 200 
> unit building is completed and left empty, it is not going to help 
> the town much.  Let's face it; Asbury still has a lot of
> nastiness in 
> it.  These new units are going to be on the high end.  People need 
to 
> be convinced that the town is changing and if there is a demand for 
> these units it, will only help us property owners even more.  I do 
> see a downside to this as well.  My guess is city services like 
> police, fire, etc can be covered in the reduced tax.
> >   Again my guess is the city was not receiving much from this 
land 
> for the past 15 years.  My worry is with the schools.  More people 
> equal more kids.  It takes big $$$ to build schools.   I read 
> someplace that they figure it would be a 50/50 split of people who 
> use their new place year round as compared to weekends.  Maybe the 
> town took this all into consideration.  Am I missing something here?
> > 
> > 
> > [EMAIL PROTECTED] wrote:That some 20 developers tried to get into 
> Asbury and only corruption kept them out.  That Terry Weldon is a 
> crook and he orchestrated the sale of the tax liens to one entity - 
> Sass/Fishman.  That people work to preserve buildings because 
> ordinary developers always build something worse.  That the tax 
> abatements will increase our taxes by 50% for about 10 years.  That 
> old buildings (even ugly old buildings) bring people who spend 
money 
> to town.  That Fishman is just tax lien seller and shouldn't be in 
> control of any development anywhere.  That we, the citizens of the 
> City, are getting ripped off by a developer and our own attorney 
and 
> will pay for it for a long, long time.  etc.  
> > 
> > 
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