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6/15/2007

The puzzling case of 888 Pacific St

Here's an interesting listing. 888 Pacific Street, whose lot line abuts the Washington Condo courtyard (as seen in picture to the left) is being listed by Aguayo at $989K.

A search shows that this property just changed hands on May 1 of this year (!) for $980K. The The buyer was Isaac Fischman's shell corporation -- not AMI Development, but something called 1797 Realty LLC.

Our first thoughts go back to the rumour that Fischman had to purchase another building nearby in order to use their air rights to relieve themselves of Scarano's mezzanine/square footage debacle.

Apparently we were right -- Fischman purchased this to resolve the issue, get the TCO, and then sell it once everything cleared A deeper search of the DOB site shows that this was purchased indeed for EASEMENT/AIR RIGHTS issues. What does this mean, now that the developer is selling the building. Is everyone free and clear?

Possible hijinks aside, this listing may appeal to the first-time home buyer who wants to offset their mortgage with the help of two rental units. Check the listing for more pictures.

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5 Comments:

At June 16, 2007 10:29 AM, Blogger Unknown said...

Well, "free and clear" except that the buyer will be buying the easement as well. So whatever precisely was given up/granted will remain so.

In other words, the buyer will have some limitation imposed on the usage of her land. Amazingly, they're selling the property at a (slight) premium. I'd think a slight discount would be more appropriate.

 
At June 16, 2007 11:17 AM, Blogger ltjbukem said...

are they legally allowed to sell the bldg? what if the new owner decides to put on extensions to maximize FAR?

the washington hasn't received their perm co, so i'm unsure how they can do this. what if the dob finds out that they no longer own the bldg and can't use it for easement/air rights?

 
At June 16, 2007 11:17 AM, Blogger Ben said...

I think the free and clear was referring to the Washington owners. If air rights were transfered from this site to the washington then any issues of overbuilding FAR could potentially be resolved.

You're right that the new owner will have restrictions but they may not care. In many cases properties have unused FAR but it is not practical to ever use it so it's really not much of a loss.

 
At June 16, 2007 11:19 AM, Blogger Ben said...

ltjbukem, it is possible to sell the unused air rights. They are then no longer available to the original property.

They can only be transfered to adjacent lots with certain exceptions in landmark districts.

So basically, the new owner will lose their right to add an extension or another level.

 
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