Register now !    Login  
Main Menu
Who's Online
32 user(s) are online (16 user(s) are browsing Message Forum)

Members: 0
Guests: 32

more...




Browsing this Thread:   1 Anonymous Users




(1) 2 »


Re: Developer wants to buy our building
#35
Home away from home
Home away from home


Hide User information
Joined :
2008/8/12 18:31
Last Login :
7/21 23:05
Group:
Registered Users
Posts: 3744
Offline
Quote:

gtmarin wrote:
Quote:

bodhipooh wrote:
Quote:

jklm wrote:
Resized Image



Resized Image


Resized Image


Shuster is building another 12-13 story building behind Oakman on Second Street that will connect to the empty lot on Marin jet to the north of O'Hara's. It's quite dense. I thought he had already tried but failed to entice the condos on the corner - but I guess they're trying again. All three buildings will share 115 parking garage on the ground level.



OK, so my information wasn't too far off. But, I had heard that the parking structure was supposed to hold 160 cars. Regardless, I think the point of trying to acquire the properties along LMM Blvd would be to protect the views of condos in The Oakman and to control what development or businesses go into that strip of land. It is a very narrow strip of land and they couldn't possibly get that many units out of them, especially if they have to build setbacks at 4 and 6 stories. It should also be pointed out that the units starting at the 7th floor should have windows facing directly West, so they would want to protect those views.


I don't think they can put windows on the West façade as you suggest because this borders the property line. If that property line dissolves by buying our building, I imagine Shuster could change the architectural plans.


Windows on west facade would be legal, as long as they are receded. From the looks of the two images posted, it looks like they have both windows AND balconies planned for some units.

Posted on: 2015/6/22 12:15
Top


Re: Developer wants to buy our building
#34
Quite a regular
Quite a regular


Hide User information
Joined :
2010/4/15 12:30
Last Login :
2018/3/5 18:11
Group:
Registered Users
Posts: 54
Offline
Quote:

bodhipooh wrote:
Quote:

jklm wrote:
Resized Image



Resized Image


Resized Image


Shuster is building another 12-13 story building behind Oakman on Second Street that will connect to the empty lot on Marin jet to the north of O'Hara's. It's quite dense. I thought he had already tried but failed to entice the condos on the corner - but I guess they're trying again. All three buildings will share 115 parking garage on the ground level.



OK, so my information wasn't too far off. But, I had heard that the parking structure was supposed to hold 160 cars. Regardless, I think the point of trying to acquire the properties along LMM Blvd would be to protect the views of condos in The Oakman and to control what development or businesses go into that strip of land. It is a very narrow strip of land and they couldn't possibly get that many units out of them, especially if they have to build setbacks at 4 and 6 stories. It should also be pointed out that the units starting at the 7th floor should have windows facing directly West, so they would want to protect those views.


I don't think they can put windows on the West façade as you suggest because this borders the property line. If that property line dissolves by buying our building, I imagine Shuster could change the architectural plans.

Posted on: 2015/6/20 13:53
Top


Re: Developer wants to buy our building
#33
Home away from home
Home away from home


Hide User information
Joined :
2008/8/12 18:31
Last Login :
7/21 23:05
Group:
Registered Users
Posts: 3744
Offline
Quote:

jklm wrote:
Resized Image



Resized Image


Resized Image


Shuster is building another 12-13 story building behind Oakman on Second Street that will connect to the empty lot on Marin jet to the north of O'Hara's. It's quite dense. I thought he had already tried but failed to entice the condos on the corner - but I guess they're trying again. All three buildings will share 115 parking garage on the ground level.



OK, so my information wasn't too far off. But, I had heard that the parking structure was supposed to hold 160 cars. Regardless, I think the point of trying to acquire the properties along LMM Blvd would be to protect the views of condos in The Oakman and to control what development or businesses go into that strip of land. It is a very narrow strip of land and they couldn't possibly get that many units out of them, especially if they have to build setbacks at 4 and 6 stories. It should also be pointed out that the units starting at the 7th floor should have windows facing directly West, so they would want to protect those views.

Posted on: 2015/6/19 23:55
Top


Re: Developer wants to buy our building
#32
Home away from home
Home away from home


Hide User information
Joined :
2008/1/29 2:54
Last Login :
7/1 19:35
Group:
Registered Users
Posts: 279
Offline
Resized Image



Resized Image


Resized Image


Shuster is building another 12-13 story building behind Oakman on Second Street that will connect to the empty lot on Marin jet to the north of O'Hara's. It's quite dense. I thought he had already tried but failed to entice the condos on the corner - but I guess they're trying again. All three buildings will share 115 parking garage on the ground level.


Posted on: 2015/6/19 22:16
Top


Re: Developer wants to buy our building
#31
Home away from home
Home away from home


Hide User information
Joined :
2008/8/12 18:31
Last Login :
7/21 23:05
Group:
Registered Users
Posts: 3744
Offline
Quote:

brewster wrote:
Quote:

bodhipooh wrote:
Since there wouldn't be any units on the first floor, you are talking about 20 to 25 units


OK, my assumption was 135 ft and 2 or 3 times that many units.


Thank you jklm for posting that picture. The rendering is a bit confusing for those not familiar with the area. The key thing to keep in mind is that the property that is "faded" represents Waldo Lofts (hence the little notation that says "Waldo Lofts directly east) and the structure directly next to it is what they are already building, which is The Oakman. My understanding is that the side on 2nd St, next to Waldo, was to be a parking structure and a receded entrance to Oakman, so now I am a bit puzzled. In any case, the properties along LMM Blvd wouldn't add much more to the two Shuster developments. I think this is a case of a developer trying to secure that extra land to ensure/protect views from the condos being built already and to prevent/control what other development or businesses could go into that strip of land.

Posted on: 2015/6/19 21:54
Top


Re: Developer wants to buy our building
#30
Home away from home
Home away from home


Hide User information
Joined :
2008/1/29 2:54
Last Login :
7/1 19:35
Group:
Registered Users
Posts: 279
Offline
Resized Image

Posted on: 2015/6/19 21:27
Top


Re: Developer wants to buy our building
#29
Home away from home
Home away from home


Hide User information
Joined :
2004/11/6 21:13
Last Login :
Today 3:12
From Hamilton Park
Group:
Registered Users
Posts: 5540
Offline
Quote:

bodhipooh wrote:
Since there wouldn't be any units on the first floor, you are talking about 20 to 25 units


OK, my assumption was 135 ft and 2 or 3 times that many units.

Posted on: 2015/6/19 21:22
Top


Re: Developer wants to buy our building
#28
Home away from home
Home away from home


Hide User information
Joined :
2008/8/12 18:31
Last Login :
7/21 23:05
Group:
Registered Users
Posts: 3744
Offline
Quote:

brewster wrote:
Quote:

bodhipooh wrote:
Indeed, it seems like the stakes could be high. But, let's not get confused. Shuster already has a building in place (The Art House JC) and their second one (The Oakman) is nearing completion of the basic shell. They don't NEED to have the places along LMM Blvd to complete their current project. And, given the narrow strip that it is, I think that 8 units would be a fairly large chunk of what they could possibly build. Also, given what they are asking for condo units at The Oakman, I do think that giving away a unit in said building (and, free of maintenance, with a car spot on top of that, as FAB suggested) I do think that is UNREALISTIC.


How is 8 units a large chunk of a 135' tall building, even with the setbacks mentioned? Forget the parking etc and just do the numbers on the buyout. We're not talking about "giving away" anything. It would be in lieu of a buyout plus an above market premium. I have no idea about the actual numbers, but lets say that comes to 200k under what he could have sold it for, and the deal ultimately costs $1.6m extra on top of the (presumably) $4m or so a straight market rate buyout would cost. That get's spread as a cost among the dozens of other units in a structure that large.


Because the suggestion is to demand a unit from the building that would be constructed on that extra land. But that theoretical building would not rise up to 135 feet. That's the height of The Oakman, which is the building to which jklm was referring. The shell of that building is already up, so any potential addition to the block, on the land currently occupied by O'Haras and the building on the corner of LMM Blvd and 2nd St, would be a separate building, with setbacks as outlined (at 4 stories, and then again at 6 stories) and the land itself is SO narrow, that I envision a single row of apartments per floor, with maybe 4 to 6 (tops!) per floor. Since there wouldn't be any units on the first floor, you are talking about 20 to 25 units (assuming that the two two floors would likely have larger units/penthouses). So, 8 units out of that would be a HUGE chunk. Unless, of course, they can somehow squeeze in two rows of units along a hallway (they would be tiny, though) and increase the total amount.

Posted on: 2015/6/19 19:36
Top


Re: Developer wants to buy our building
#27
Home away from home
Home away from home


Hide User information
Joined :
2012/11/10 20:38
Last Login :
2018/2/1 3:02
From JC
Group:
Registered Users
Posts: 2910
Offline
Quote:

gtmarin wrote:
Quote:

JCMan8 wrote:
They seem absolutely absurd and there's a 0% chance you get anything close to that. You can demand an above market premium, maybe something as high as 100% what your property is appraised at. A one time big cash payment, and some time to look for a new place but that's it.

Yes it's a huge pain to move and find somewhere new but that's why you demand as high a cash premium as you can get. It is a very good problem to have.

The only way the lunacy in FABs post might even be considered (instead of getting you laughed out of the room) is if the developer's project truly cannot go up without your property, AND it's just you or your family. The OP stated he has 8 units in his building. Think there's a chance in the world that the developer gives away 8 of their largest new apartments for free? Never mind the other nonsense he posted such as exempting you from all maintenance fees for life.

So the short answer to your question is not in a million years.


Quote:

SRhia wrote:
Just for my future reference, are the following reasonable to ask for if a developer ever asks to buy my unit/building?

Quote:

fat-ass-bike wrote:
Tell the developer they can have your apartment for nothing with 3 conditions

1. You get one of the largest new apartments that includes a car park
2. They pay for rent elsewhere while it's being built
3. A clause that states your apartment is exempt from any complex maintenance fees / levy



You basically said what I was thinking when I read FAB's post, but I was just trying to be polite! 100% premium, however... hmm?


Shoot for the moon and settle for the stars, right? To be clear I think a 100% premium is not what you should expect (which is highly dependent on the facts and circumstances), but I think it is possible as an absolute max for a sufficiently motivated developer.

Far easier throwing money to be rid of you than having to deal with you in perpetuity, as FAB suggested.

Posted on: 2015/6/19 19:01
Top


Re: Developer wants to buy our building
#26
Home away from home
Home away from home


Hide User information
Joined :
2004/11/6 21:13
Last Login :
Today 3:12
From Hamilton Park
Group:
Registered Users
Posts: 5540
Offline
Quote:

bodhipooh wrote:
Indeed, it seems like the stakes could be high. But, let's not get confused. Shuster already has a building in place (The Art House JC) and their second one (The Oakman) is nearing completion of the basic shell. They don't NEED to have the places along LMM Blvd to complete their current project. And, given the narrow strip that it is, I think that 8 units would be a fairly large chunk of what they could possibly build. Also, given what they are asking for condo units at The Oakman, I do think that giving away a unit in said building (and, free of maintenance, with a car spot on top of that, as FAB suggested) I do think that is UNREALISTIC.


How is 8 units a large chunk of a 135' tall building, even with the setbacks mentioned? Forget the parking etc and just do the numbers on the buyout. We're not talking about "giving away" anything. It would be in lieu of a buyout plus an above market premium. I have no idea about the actual numbers, but lets say that comes to 200k under what he could have sold it for, and the deal ultimately costs $1.6m extra on top of the (presumably) $4m or so a straight market rate buyout would cost. That get's spread as a cost among the dozens of other units in a structure that large.

Posted on: 2015/6/19 18:56
Top


Re: Developer wants to buy our building
#25
Quite a regular
Quite a regular


Hide User information
Joined :
2010/4/15 12:30
Last Login :
2018/3/5 18:11
Group:
Registered Users
Posts: 54
Offline
Quote:

JCMan8 wrote:
They seem absolutely absurd and there's a 0% chance you get anything close to that. You can demand an above market premium, maybe something as high as 100% what your property is appraised at. A one time big cash payment, and some time to look for a new place but that's it.

Yes it's a huge pain to move and find somewhere new but that's why you demand as high a cash premium as you can get. It is a very good problem to have.

The only way the lunacy in FABs post might even be considered (instead of getting you laughed out of the room) is if the developer's project truly cannot go up without your property, AND it's just you or your family. The OP stated he has 8 units in his building. Think there's a chance in the world that the developer gives away 8 of their largest new apartments for free? Never mind the other nonsense he posted such as exempting you from all maintenance fees for life.

So the short answer to your question is not in a million years.


Quote:

SRhia wrote:
Just for my future reference, are the following reasonable to ask for if a developer ever asks to buy my unit/building?

Quote:

fat-ass-bike wrote:
Tell the developer they can have your apartment for nothing with 3 conditions

1. You get one of the largest new apartments that includes a car park
2. They pay for rent elsewhere while it's being built
3. A clause that states your apartment is exempt from any complex maintenance fees / levy



You basically said what I was thinking when I read FAB's post, but I was just trying to be polite! 100% premium, however... hmm?

Posted on: 2015/6/19 18:24
Top


Re: Developer wants to buy our building
#24
Home away from home
Home away from home


Hide User information
Joined :
2008/8/12 18:31
Last Login :
7/21 23:05
Group:
Registered Users
Posts: 3744
Offline
Quote:

brewster wrote:
Quote:

bodhipooh wrote:
Even a 100% premium on your existing property would be hard to fathom, but perhaps within the realm of possibility if the project is truly stuck without your property. In this case, it is a building of 8 units. Imagine the incredible (impossible) cost of giving away 8 units (which could be a large chunk of what they could build there, given that they only have three floors for apartments) or even paying a 100% premium on market value.


If the below is indeed true, then there's a WHOLE lot more at stake for the developer. It might even be worth giving them a unit instead of cash if that makes the deal happen. After all, would an equivalent new unit really be worth that much more than the existing one plus a premium?

Quote:
jklm wrote:
Shuster can't build higher than six stories on Marin between First and Second. according to the PAD RDP. If he can get the corner lot (your home) your building will become a 10 foot set back at 4 stories and another setback at six stories to his 135 ft tall building.


Indeed, it seems like the stakes could be high. But, let's not get confused. Shuster already has a building in place (The Art House JC) and their second one (The Oakman) is nearing completion of the basic shell. They don't NEED to have the places along LMM Blvd to complete their current project. And, given the narrow strip that it is, I think that 8 units would be a fairly large chunk of what they could possibly build. Also, given what they are asking for condo units at The Oakman, I do think that giving away a unit in said building (and, free of maintenance, with a car spot on top of that, as FAB suggested) I do think that is UNREALISTIC.

Posted on: 2015/6/19 18:14
Top


Re: Developer wants to buy our building
#23
Home away from home
Home away from home


Hide User information
Joined :
2004/11/6 21:13
Last Login :
Today 3:12
From Hamilton Park
Group:
Registered Users
Posts: 5540
Offline
Quote:

bodhipooh wrote:
Even a 100% premium on your existing property would be hard to fathom, but perhaps within the realm of possibility if the project is truly stuck without your property. In this case, it is a building of 8 units. Imagine the incredible (impossible) cost of giving away 8 units (which could be a large chunk of what they could build there, given that they only have three floors for apartments) or even paying a 100% premium on market value.


If the below is indeed true, then there's a WHOLE lot more at stake for the developer. It might even be worth giving them a unit instead of cash if that makes the deal happen. After all, would an equivalent new unit really be worth that much more than the existing one plus a premium?

Quote:
jklm wrote:
Shuster can't build higher than six stories on Marin between First and Second. according to the PAD RDP. If he can get the corner lot (your home) your building will become a 10 foot set back at 4 stories and another setback at six stories to his 135 ft tall building.

Posted on: 2015/6/19 17:11
Top


Re: Developer wants to buy our building
#22
Home away from home
Home away from home


Hide User information
Joined :
2008/8/12 18:31
Last Login :
7/21 23:05
Group:
Registered Users
Posts: 3744
Offline
Quote:

JCMan8 wrote:
They seem absolutely absurd and there's a 0% chance you get anything close to that. You can demand an above market premium, maybe something as high as 100% what your property is appraised at. A one time big cash payment, and some time to look for a new place but that's it.

Yes it's a huge pain to move and find somewhere new but that's why you demand as high a cash premium as you can get. It is a very good problem to have.

The only way the lunacy in FABs post might even be considered (instead of getting you laughed out of the room) is if the developer's project truly cannot go up without your property, AND it's just you or your family. The OP stated he has 8 units in his building. Think there's a chance in the world that the developer gives away 8 of their largest new apartments for free? Never mind the other nonsense he posted such as exempting you from all maintenance fees for life.

So the short answer to your question is not in a million years.


Quote:

SRhia wrote:
Just for my future reference, are the following reasonable to ask for if a developer ever asks to buy my unit/building?

Quote:

fat-ass-bike wrote:
Tell the developer they can have your apartment for nothing with 3 conditions

1. You get one of the largest new apartments that includes a car park
2. They pay for rent elsewhere while it's being built
3. A clause that states your apartment is exempt from any complex maintenance fees / levy



Seriously, SRhia. You have been around JCLIST long enough to know FAB spouts nonsense all the time. No developer is going to give you an apartment, with a deeded car spot, and absolve you of any and all maintenance and fees in perpetuity! That's crazy talk. Even a 100% premium on your existing property would be hard to fathom, but perhaps within the realm of possibility if the project is truly stuck without your property. In this case, it is a building of 8 units. Imagine the incredible (impossible) cost of giving away 8 units (which could be a large chunk of what they could build there, given that they only have three floors for apartments) or even paying a 100% premium on market value.

Posted on: 2015/6/19 15:18
Top


Re: Developer wants to buy our building
#21
Home away from home
Home away from home


Hide User information
Joined :
2012/11/10 20:38
Last Login :
2018/2/1 3:02
From JC
Group:
Registered Users
Posts: 2910
Offline
They seem absolutely absurd and there's a 0% chance you get anything close to that. You can demand an above market premium, maybe something as high as 100% what your property is appraised at. A one time big cash payment, and some time to look for a new place but that's it.

Yes it's a huge pain to move and find somewhere new but that's why you demand as high a cash premium as you can get. It is a very good problem to have.

The only way the lunacy in FABs post might even be considered (instead of getting you laughed out of the room) is if the developer's project truly cannot go up without your property, AND it's just you or your family. The OP stated he has 8 units in his building. Think there's a chance in the world that the developer gives away 8 of their largest new apartments for free? Never mind the other nonsense he posted such as exempting you from all maintenance fees for life.

So the short answer to your question is not in a million years.


Quote:

SRhia wrote:
Just for my future reference, are the following reasonable to ask for if a developer ever asks to buy my unit/building?

Quote:

fat-ass-bike wrote:
Tell the developer they can have your apartment for nothing with 3 conditions

1. You get one of the largest new apartments that includes a car park
2. They pay for rent elsewhere while it's being built
3. A clause that states your apartment is exempt from any complex maintenance fees / levy


Posted on: 2015/6/19 15:04
Top


Re: Developer wants to buy our building
#20
Home away from home
Home away from home


Hide User information
Joined :
2011/4/15 3:58
Last Login :
5/9 22:13
Group:
Registered Users
Posts: 814
Offline
Just for my future reference, are the following reasonable to ask for if a developer ever asks to buy my unit/building?

Quote:

fat-ass-bike wrote:
Tell the developer they can have your apartment for nothing with 3 conditions

1. You get one of the largest new apartments that includes a car park
2. They pay for rent elsewhere while it's being built
3. A clause that states your apartment is exempt from any complex maintenance fees / levy


Posted on: 2015/6/19 14:38
Top


Re: Developer wants to buy our building
#19
Home away from home
Home away from home


Hide User information
Joined :
2008/8/12 18:31
Last Login :
7/21 23:05
Group:
Registered Users
Posts: 3744
Offline
Quote:

jklm wrote:
Shuster can't build higher than six stories on Marin between First and Second. according to the PAD RDP. If he can get the corner lot (your home) your building will become a 10 foot set back at 4 stories and another setback at six stories to his 135 ft tall building.


If this is indeed about Shuster and the properties along LMM Blvd between 1st and 2nd, I have to say that I would be sad to see O'Hara's go. Unless, of course, they are somehow integrated into whatever new construction goes in there.


Posted on: 2015/6/19 12:33
Top


Re: Developer wants to buy our building
#18
Quite a regular
Quite a regular


Hide User information
Joined :
2010/4/15 12:30
Last Login :
2018/3/5 18:11
Group:
Registered Users
Posts: 54
Offline
Quote:

fat-ass-bike wrote:
Tell the developer they can have your apartment for nothing with 3 conditions

1. You get one of the largest new apartments that includes a car park
2. They pay for rent elsewhere while it's being built
3. A clause that states your apartment is exempt from any complex maintenance fees / levy



I get the impression this might be a little more than he's willing to give. What I really want to know is how much above market is realistic.

Posted on: 2015/6/19 12:00
Top


Re: Developer wants to buy our building
#17
Home away from home
Home away from home


Hide User information
Joined :
2006/11/13 18:42
Last Login :
2018/3/5 19:18
From 280 Grove Street
Group:
Registered Users
Posts: 4123
Offline
Tell the developer they can have your apartment for nothing with 3 conditions

1. You get one of the largest new apartments that includes a car park
2. They pay for rent elsewhere while it's being built
3. A clause that states your apartment is exempt from any complex maintenance fees / levy


Posted on: 2015/6/19 9:34
My humor is for the silent blue collar majority - If my posts offend, slander or you deem inappropriate and seek deletion, contact the webmaster for jurisdiction.
Top


Re: Developer wants to buy our building
#16
Home away from home
Home away from home


Hide User information
Joined :
2008/1/29 2:54
Last Login :
7/1 19:35
Group:
Registered Users
Posts: 279
Offline
Shuster can't build higher than six stories on Marin between First and Second. according to the PAD RDP. If he can get the corner lot (your home) your building will become a 10 foot set back at 4 stories and another setback at six stories to his 135 ft tall building.

Posted on: 2015/6/19 4:35
Top


Re: Developer wants to buy our building
#15
Home away from home
Home away from home


Hide User information
Joined :
2008/8/12 18:31
Last Login :
7/21 23:05
Group:
Registered Users
Posts: 3744
Offline
Quote:

Vigilante wrote:
Quote:

bodhipooh wrote:
Quote:

gtmarin wrote:
My condo assoc was recently approached by a developer to buy our building. He's constructing an apartment building adjacent to ours and if he had our property, he could make a much larger complex. We are 4 stories, eight units. He's building is 12 stories and ? units. I think it's a long shot deal, but has anyone had experience with this type of situation? Stories? Advice? None of us are sure what to expect.


If the developer is motivated enough, you might be in for a windfall from an "above market value" sale. If you DON'T sell, don't expect much love or flexibility from this developer going forward. Any issues you may have with his development or the tenants therein, will likely elicit a yawn and/or little urgency.


Wow. So it's "sell or face the consequences"? Maybe he'll drink their milkshake.


My point was that, in practical terms, a developer who makes a good faith offer and is rebuffed really has little reason to do anything but the bare minimum going forward. Their refusal to sell will prevent him from being able to capitalize on even greater profits. That's just plain common sense.

Posted on: 2015/6/19 3:38
Top


Re: Developer wants to buy our building
#14
Home away from home
Home away from home


Hide User information
Joined :
2009/5/12 2:57
Last Login :
2018/7/30 16:48
Group:
Registered Users
Posts: 445
Offline
Quote:

tbo wrote:
Quote:

gtmarin wrote:
Quote:

heights wrote:
Would all owners have to agree to the sale, or can the one holdout who refuses to sell be forced to sell even if they don't want to ?


That was my question; If the developer owns a voting majority of the condo association, can he basically OUTVOTE the remaining holdout to cooperate? Anyone?


um..I think NO...Condo owners own their unit and can't be 'forced' to sell - condo associations can only vote on the common elements....so theoretically I guess they may be able to sell off the lobby and the hallways...but there must be a legal argument or something in the bylaws against that as well.


You really can only be forced out by the government buying your property under eminent domain. This being done by a developer, and not for public use, basically could not force a condo owner out. Unless, ya know, Hudson county politics.

Posted on: 2015/6/19 3:21
Top


Re: Developer wants to buy our building
#13
Not too shy to talk
Not too shy to talk


Hide User information
Joined :
2010/8/19 23:23
Last Login :
5/6 23:03
Group:
Registered Users
Posts: 23
Offline
Quote:

gtmarin wrote:
Quote:

heights wrote:
Would all owners have to agree to the sale, or can the one holdout who refuses to sell be forced to sell even if they don't want to ?


That was my question; If the developer owns a voting majority of the condo association, can he basically OUTVOTE the remaining holdout to cooperate? Anyone?


um..I think NO...Condo owners own their unit and can't be 'forced' to sell - condo associations can only vote on the common elements....so theoretically I guess they may be able to sell off the lobby and the hallways...but there must be a legal argument or something in the bylaws against that as well.

Posted on: 2015/6/19 2:56
Top


Re: Developer wants to buy our building
#12
Quite a regular
Quite a regular


Hide User information
Joined :
2010/4/15 12:30
Last Login :
2018/3/5 18:11
Group:
Registered Users
Posts: 54
Offline
Quote:

heights wrote:
Would all owners have to agree to the sale, or can the one holdout who refuses to sell be forced to sell even if they don't want to ?


That was my question; If the developer owns a voting majority of the condo association, can he basically OUTVOTE the remaining holdout to cooperate? Anyone?

Posted on: 2015/6/19 1:04
Top


Re: Developer wants to buy our building
#11
Home away from home
Home away from home


Hide User information
Joined :
2009/10/7 15:46
Last Login :
Today 11:10
Group:
Registered Users
Posts: 2953
Offline
Someone once told me that if the opportunity arises where a developer wants to buy your property for a project… don’t pass it up. You may never get the opportunity again. Google: “Vera Coking”

Don’t know if this is true but I heard a rumor that the guy that owns the Golden Cicada Tavern is sorry he didn’t sell back when the city/Prep wanted to extend the football practice field.

I think someone here on JCList said the McLaughlin Funeral Home was offered a ton of money to sell to the KRE Group for the Journal Squared project but refused the offer. I wonder how that will work out for them.

Posted on: 2015/6/19 0:42
Top


Re: Developer wants to buy our building
#10
Home away from home
Home away from home


Hide User information
Joined :
2005/7/13 15:03
Last Login :
7/13 6:12
From Western Slope
Group:
Registered Users
Posts: 4417
Offline
Would all owners have to agree to the sale, or can the one holdout who refuses to sell be forced to sell even if they don't want to ?

Posted on: 2015/6/18 23:27
Get on your bikes and ride !
Top


Re: Developer wants to buy our building
#9
Just can't stay away
Just can't stay away


Hide User information
Joined :
2004/10/17 17:20
Last Login :
4/18 18:53
From Near the water, but on the land
Group:
Registered Users
Posts: 78
Offline
I wouldnt be surprised if everyone agrees to sell. This is happening a lot lately downtown. Make sure you hold out for a good deal and get a good lawyer.

Posted on: 2015/6/18 23:08
Top


Re: Developer wants to buy our building
#8
Quite a regular
Quite a regular


Hide User information
Joined :
2010/4/15 12:30
Last Login :
2018/3/5 18:11
Group:
Registered Users
Posts: 54
Offline
[/quote]
If he owns enough frontage on Marin Blvd, he is zoned for up to 40 floors, but he might have to buy O'hara's too, so your deal might be subject to them getting both properties. It might just be a payday for your group.[/quote]
From what I hear, Ohara's deal fell through.

Posted on: 2015/6/18 21:27
Top


Re: Developer wants to buy our building
#7
Just can't stay away
Just can't stay away


Hide User information
Joined :
2005/9/27 20:08
Last Login :
2018/4/30 13:37
From Historic Downtown
Group:
Registered Users
Posts: 94
Offline
Quote:

gtmarin wrote:
My condo assoc was recently approached by a developer to buy our building. He's constructing an apartment building adjacent to ours and if he had our property, he could make a much larger complex. We are 4 stories, eight units. He's building is 12 stories and ? units. I think it's a long shot deal, but has anyone had experience with this type of situation? Stories? Advice? None of us are sure what to expect.

If he owns enough frontage on Marin Blvd, he is zoned for up to 40 floors, but he might have to buy O'hara's too, so your deal might be subject to them getting both properties. It might just be a payday for your group.

Posted on: 2015/6/18 21:04
Top


Re: Developer wants to buy our building
#6
Quite a regular
Quite a regular


Hide User information
Joined :
2010/4/15 12:30
Last Login :
2018/3/5 18:11
Group:
Registered Users
Posts: 54
Offline
Quote:

iGreg wrote:
You'll need to negotiate as a whole group with an attorney if you'd like a simplified payday, good luck getting all to agree to sell.

Yeah, as I said I think it's a long shot. I'm sure there is going to be someone who will try to be the 'hold out' and want a million bucks. We'll see.

Posted on: 2015/6/18 20:37
Top




(1) 2 »




[Advanced Search]





Login
Username:

Password:

Remember me



Lost Password?

Register now!



LicenseInformation | AboutUs | PrivacyPolicy | Faq | Contact


JERSEY CITY LIST - News & Reviews - Jersey City, NJ - Copyright 2004 - 2017