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Re: Developer wants to buy our building
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Home away from home
 
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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
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Quite a regular
 
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I don't think they can put windows on the West fa?ade 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
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Home away from home
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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
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Re: Developer wants to buy our building
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Home away from home
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   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
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Re: Developer wants to buy our building
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Home away from home
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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
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Home away from home
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Posted on: 2015/6/19 21:27
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Home away from home
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OK, my assumption was 135 ft and 2 or 3 times that many units.
Posted on: 2015/6/19 21:22
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Home away from home
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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
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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
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Home away from home
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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
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Quite a regular
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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
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Re: Developer wants to buy our building
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Home away from home
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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
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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:
Posted on: 2015/6/19 17:11
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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
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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:
Posted on: 2015/6/19 15:04
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Just for my future reference, are the following reasonable to ask for if a developer ever asks to buy my unit/building?
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Posted on: 2015/6/19 14:38
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Home away from home
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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
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Quite a regular
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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
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Home away from home
Joined:
2006/11/13 18:42 Last Login : 2022/2/28 7:31 From 280 Grove Street
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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
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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.
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Re: Developer wants to buy our building
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Home away from home
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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
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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
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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
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Not too shy to talk
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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
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Quite a regular
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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
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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
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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
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Get on your bikes and ride !
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Just can't stay away
 
Joined:
2004/10/17 17:20 Last Login : 2019/4/18 18:53 From Near the water, but on the land
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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
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Quite a regular
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[/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
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Just can't stay away
Joined:
2005/9/27 20:08 Last Login : 2022/9/6 11:43 From Historic Downtown
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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
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Quite a regular
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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
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