Dying Breed: One of the Last Boom-Era Scaranos Revealed
We had become used to the development site at 267 1st Street, between 4th and 5th avenues, being up to whole lot of nothing—when we last checked in on it two years ago, it had already been in suspended animation for a spell—but now the scaffolding has come down and Park Slope can welcome one…
We had become used to the development site at 267 1st Street, between 4th and 5th avenues, being up to whole lot of nothing—when we last checked in on it two years ago, it had already been in suspended animation for a spell—but now the scaffolding has come down and Park Slope can welcome one of the last Scarano-designed developments it’s likely to see for some time to come. According to a DOB filing in March, it will be a 10-unit condo. This building is next door to another site that’s seen no action in years, but construction workers say the two developments are unrelated. GMAP P*Shark DOB
Development Watch: Still No Action at 267 First Street [Brownstoner]
No, bxgrl. I was referring to the namesake legend.
“I also liked quite a few of Scarano’s designs”
See, he already has somewhat of a following.
***Bid half off peak comps***
I also liked quite a few of Scarano’s designs (agree he’s a schmuck but a talented one). I like this building too (I’m in shock- it’s modern).
BHO- surely you are not referring to our beloved and very much alive Ms. Montrose Morris ;-)?
I did a little research – there is NOTHING to indicate at the DOB or at the Registrar that the two buildings are separate. In fact it is pretty clear that they are not. Additionally it appears that Issac Fischman is the (dumb) developer who actually bought this land back in 2004 and is now on the hook to the Bank (Capital One) for what looks to be a bit over $3M –
It seems the Bank is not foreclosing but rather kicking-the-can down the road by giving Mortgage extensions. The most recent in June
However it seems like the Bank is getting a bit impatient since the most recent loan extensions set forth the following requirements (besides the Capital One Prime interest rate +3%),
Fishman has to 1. Complete a model apartment by June 12 ’09 – failed but probably unenforceable since the Xtension was signed June 23
2. Get c/o by Aug 31, 2009
3. COMPLETE TWO SALE contracts by Aug 31, 09
In the event of a breach of this clause Fishmans new rate goest to Prime +4%
BTW – this extension is only good till Nov 30, 2009. So a short leash for ol’ Issac.
Not that I am sure how anyone could finance a unit in this development with it only 1/2 complete and clearly a clust____ of biblical proportion but if you are holding cash it is clear Issac Fishman may be very willing to deal – I say bid 75% down.
> If I bought in the Elan I’d be SO PISSED
I think there are VERY few people with that problem.
“why do condos have to have names? especially ridiculous pretentious names? why cant it just have an address. so cheesy”
Just for marketing I believe – after they are all sold by the sponsor I believe all the name crap is dropped – unless it is a historically significant building (see the dakota)
fo sho m4l
i was also surprised to learn that a couple of really cool new buildings on The Bowery are Scarano designed. It’s too bad he is a shmuck of a person.
why do condos have to have names? especially ridiculous pretentious names? why cant it just have an address. so cheesy
*rob*
If I bought in the Elan I’d be SO PISSED that I could have owned a new condo on the same block, but with an abated burger smell.
DH, but do you like it enough to pay the premium price too? if prices weren’t ridiculous, only those fedder houses are truly ugly. Many new construction ppties are decent – if not for the hideous price.