On 24 Oct 2007, at 2:57 PM, KAREN ALLEN wrote:
From: [EMAIL PROTECTED]
Date: Wed, 24 Oct 2007 13:20:30 -0400
To: [EMAIL PROTECTED]
CC: UnivCity@list.purple.com
Subject: [Ucneighbors] Re: [UC] Secretary of the Interior's
standards for rehab
As I understand it, when the property was purchased in 2004, no one
involved knew that the building was on the local register, so they
weren't anticipating renovation costs for the Italianate house.
And I've been told that they paid "roughly $1.8 million" for it,
and that renovation costs for the house are expected to be over $3
million.
I checked the Board of Revision of Taxes database and its records
indicate that 400 South 40th Street was sold on March 25, 2003 for
$1,685,000 to "OAP, Inc."
...no one involved knew that the building was on the local
register, so they weren't anticipating renovation costs for the
Italianate house.
This doesn't make any sense to me. If no one knew about the
designation at the time of sale, how was it eventually found out?
Since it was eventually found out, that means that it could have
been found out at the time of sale had anybody bothered to do
research. The title search didn't disclose it? Penn has access to
big-time lawyers, and Penn Law and Wharton School faculty, and
they couldn't discover this? I'm sorry Penn didn't do its due
diligence, but the neighborhood shouldn't have to suffer for it.
It makes perfect sense to me. The fact that no one of the purchasing
group knew at the time of the purchase that the building was on the
City of Philadelphia Historic Register does not logically entail that
someone in the group could have at a later time found out that it
was. You're not making any sense here.
Elliot M. Stern
552 South 48th Street
Philadelphia, PA 19143-2029
United States of America
telephone: 215-747-6204
mobile: 267-240-8418
[EMAIL PROTECTED]
