[UC] 40th Street Hotel and hardship
One aspect of this project that has only been alluded a couple of times is hardship. Some commenters to the list have suggested that, since de-listing of the historic property was denied, whatever else happens, the property will be restored. This is not necessarily the case. According to the historical commission ordinance, an owner may claim a financial hardship exemption. An evaluation of such an exemption, if I understand the ordinance correctly, would not have to take into account the depth of the owner's pockets. And if Penn didn't know that the property was historically designated, that fact might work in their favor if they sought a hardship exemption. I have not heard anyone suggest that the developers might seek to prove hardship, but they *could* go down that road, in which case all bets are off, and the entire building could be demolished. Andrew www.malcolmxpark.org --- Here's the relevant text (and it's source: http://www.phila.gov/historical/pdf/ordinance/ordinance.pdf) (f) In any instance where there is a claim that a building, structure, site or object cannot be used for any purpose for which it is or may be reasonably adapted, or where a permit application for alteration, or demolition is based, in whole or in part, on financial hardship, the owner shall submit, by affidavit, the following information to the Commission: (.1) amount paid for the property, date of purchase, and party from whom purchased, including a description of the relationship, whether business or familial, if any, between the owner and the person from whom the property was purchased; (.2) assessed value of the land and improvements thereon according to the most recent assessment; (.3) financial information for the previous two (2) years which shall include, as a minimum, annual gross income from the property, itemized operating and maintenance expenses, real estate taxes, annual debt service, annual cash flow, the amount of depreciation taken for federal income tax purposes, and other federal income tax deductions produced; (.4) all appraisals obtained by the owner in connection with his purchase or financing of the property, or during his ownership of the property; (.5) all listings of the property for sale or rent, price asked, and offers received, if any; (.6) any consideration by the owner as to profitable, adaptive uses for the property; (.7) the Commission may further require the owner to conduct, at the owner's expense, evaluations or studies, as are reasonably necessary in the opinion of the Commission, to determine whether the building, structure, site or object has or may have alternate uses consistent with preservation. --- You are receiving this because you are subscribed to the list named UnivCity. To unsubscribe or for archive information, see http://www.purple.com/list.html.
Re: [UC] 40th Street Hotel and hardship
Hi, Liz, your points are interesting, but I'm not sure they relate to this transaction - though we're all just speculating. 1. Zoning information is different from inclusion on the local historic register. The City's zoning maps don't show historic register information. And I've never seen it come up on the LI Cert required for settlements, which comes from the city's Dept. of Licenses Inspections - the department responsible for zoning information. 2. And as title clerk Suzanne Brady of SearchTec Abstract confirmed last week, local historic designation doesn't come up on title searches, either. 3. As for the Seller Disclosure required by PA law, it is NOT required on commercial properties. This building, with its last use as a personal care home, was most likely sold as a commercial property - so the safeguard of information from a Seller Disclosure would have been lacking here. 4. Also, my impression is that the current owners don't think the folks who sold to them realized that the building was on the local historic register, so the failure to disclose may not have been intentional. Clearly, we have all just learned that we should check the local register for EVERY real estate transaction we handle in the future, but I'm not sure that the buyers of 400 S. 40th St. missed something that would have been obvious to any of us before we learned this lesson! - Melani Lamond In a message dated 11/2/07 2:00:06 PM, [EMAIL PROTECTED] writes: As points of information: Real Estate Sale contracts for Pennsylvania properties must contain ZONING information. (The only exception is a Single Family Residence.) Zoning codes are public records, and while the Codes may seem complicated or obscure, it remains the Buyer's obligation of Due Diligence to be fully aware of Height, Setback, Use and other restrictions under each Zoning definition. Most Real Estate transactions are subject to delivery of a written Seller Disclosure form to Buyer.. Seller Disclosures must reveal the presence of any Historic Designation and location within any Historic District. In instances (Foreclosures, Estate Sales, etc.) where SD is not required, the Buyer should be notified, in a writing, signed by Buyer and Seller. And in those cases, the Buyer and Buyer Agent should be professional enough to do proper Due Diligence. Best! Melani Lamond, Associate Broker Urban Bye, Realtor 3529 Lancaster Ave. Philadelphia, PA 19104 cell phone 215-356-7266 office phone 215-222-4800, ext. 113 office fax 215-222-1101 ** See what's new at http://www.aol.com
Re: [UC] 40th Street Hotel and hardship
As points of information: Real Estate Sale contracts for Pennsylvania properties must contain ZONING information. (The only exception is a Single Family Residence.) Zoning codes are public records, and while the Codes may seem complicated or obscure, it remains the Buyer's obligation of Due Diligence to be fully aware of Height, Setback, Use and other restrictions under each Zoning definition. Most Real Estate transactions are subject to delivery of a written Seller Disclosure form to Buyer.. Seller Disclosures must reveal the presence of any Historic Designation and location within any Historic District. In instances (Foreclosures, Estate Sales, etc.) where SD is not required, the Buyer should be notified, in a writing, signed by Buyer and Seller. And in those cases, the Buyer and Buyer Agent should be professional enough to do proper Due Diligence. Best! Liz On Fri, 02 Nov 2007 13:14:51 -0400 [EMAIL PROTECTED] writes: One aspect of this project that has only been alluded a couple of times is hardship. Some commenters to the list have suggested that, since de-listing of the historic property was denied, whatever else happens, the property will be restored. This is not necessarily the case. According to the historical commission ordinance, an owner may claim a financial hardship exemption. An evaluation of such an exemption, if I understand the ordinance correctly, would not have to take into account the depth of the owner's pockets. And if Penn didn't know that the property was historically designated, that fact might work in their favor if they sought a hardship exemption. I have not heard anyone suggest that the developers might seek to prove hardship, but they *could* go down that road, in which case all bets are off, and the entire building could be demolished. Andrew www.malcolmxpark.org --- Here's the relevant text (and it's source: http://www.phila.gov/historical/pdf/ordinance/ordinance.pdf) (f) In any instance where there is a claim that a building, structure, site or object cannot be used for any purpose for which it is or may be reasonably adapted, or where a permit application for alteration, or demolition is based, in whole or in part, on financial hardship, the owner shall submit, by affidavit, the following information to the Commission: (.1) amount paid for the property, date of purchase, and party from whom purchased, including a description of the relationship, whether business or familial, if any, between the owner and the person from whom the property was purchased; (.2) assessed value of the land and improvements thereon according to the most recent assessment; (.3) financial information for the previous two (2) years which shall include, as a minimum, annual gross income from the property, itemized operating and maintenance expenses, real estate taxes, annual debt service, annual cash flow, the amount of depreciation taken for federal income tax purposes, and other federal income tax deductions produced; (.4) all appraisals obtained by the owner in connection with his purchase or financing of the property, or during his ownership of the property; (.5) all listings of the property for sale or rent, price asked, and offers received, if any; (.6) any consideration by the owner as to profitable, adaptive uses for the property; (.7) the Commission may further require the owner to conduct, at the owner's expense, evaluations or studies, as are reasonably necessary in the opinion of the Commission, to determine whether the building, structure, site or object has or may have alternate uses consistent with preservation. You are receiving this because you are subscribed to the list named UnivCity. To unsubscribe or for archive information, see http://www.purple.com/list.html.
