Language in City approval binds future owners. After foreclosure, the City sold 330 West 86 Street for $340,000 to the tenants under UDAAP, to allow an expedited sale. The deed required the tenants to remove all code violations. Instead, the tenants sold the property for between $1 to $2.25 million. The new owner planned to demolish the building and construct a 15-story residential building. The adjacent co-op sued to stop demolition. A lower court enjoined … <Read More>
328 Owners Corp v. 330 W. 86 Oaks Corp.
City’s approval ruled not binding on future owners
- Five-story row house at 330 West 86th Street to be demolished. Photo: Kevin Schultz.
Restrictions in deed and Council’s approval do not restrict future owners. The City foreclosed on a deteriorated five-story row house at 330 West 86th Street between West End Avenue and Riverside Drive. The City, through HPD, sought to designate the lot as a UDAAP, an Urban Development Action Area Project, to allow for a quick sale without an auction or bidding … <Read More>