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| Once upon a time: the charming old red building at 85 Third Street (photo courtesy of Property Shark)  In 2008, during demo (photo courtesy of Lisa De Brooklyn on Flickr) |
After the building was totally demolished
Stop work order served in October 2008
The site with the new steel frame, the way it has been left since 2009
Recent For Sale sign
In 2006, it was sold for $875,000 to a Mr. A. Weiss, who promptly turned around and secured a loan from Wachovia Mortgage Co. for $ 1,750.000. By 2008, permits were filed with the NYC's Department Of Buildings for "two additional floors to existing building." However, instead of adding a vertical extension the entire building was demolished.
DOB caught on and issued a Stop Work Order in October of that year. After refiling and amending the plans, work resumed in March of 2009. A brand new steel frame went up quickly and it seemed as though issued had been resolved. And then...work stopped again. Since then, little has happened at the site.
By early 2011, the owner had defaulted on his loan and the deed for the property was transferred to Wachovia, which is now part of Wells Fargo.
A quick online search revealed that the property was briefly on the market in April 2010 for $1,190,000. Just recently, a "For Sale" sign was posted on the plywood fence by Tom Marco Real Estate and the price has been dropped to $750,000. The listing reads:
"Vacant Land, 1,800 SQ FT, being sold in as is condition, close to all. No representation. Cash offer only."
The 'vacant land' comes with quite a few DOB violations and monetary fines, which have amassed at the site. Will clearing and paying for them be the responsibility of Mr. Weiss, Wachovia/Wells Fargo or the new owner?
How terribly ironic that the empty lot is now selling for less than the original house sold for in 2007. Had the owner just left it standing, it would have been worth a lot more. And a cute historical house would have been preserved in the neighborhood.
