John Zaccaro and wife, Geraldine Ferraro
From the April issue: New York City real estate developer John Zaccaro, who was also the husband of vice presidential candidate Geraldine Ferraro, made an emotional appeal 27 years ago this month to keep his real estate broker’s license. The appeal came after Zaccaro admitted he attempted to defraud a mortgage broker two years earlier. Click here to read these stories and more.
Greenwich Village’s Sullivan Street will remain a residential zone after the landlord who owns a property on the east side of the street withdrew his application for a variance. Property owner John Zaccaro was seeking to include a commercial overlay
to the residential zone between Spring and Broome streets, which
neighbors had feared would result in the demolition of the buildings
and the entry of large-scale retailers. Zaccaro owns 73-75 Sullivan Street, a building with a few
small businesses on the ground floors, including a bakery and a Greek
specialty food shop. Those businesses were there before the current residential zoning took effect and were grandfathered in. The Department of City Planning had been scheduled to vote Wednesday on the proposal, but Zaccaro dropped out the day before, reportedly because he thought his plan would be rejected. [Downtown Express]
As pressure mounts on underperforming commercial real estate in New York City, partnerships are likely to rely more heavily on legal minutiae to battle amongst themselves, legal experts said.
An expected lawsuit by state Attorney General Andrew Cuomo against Vantage Properties could give ammunition to an equity partner of the major city landlord to restructure ownership or remove the landlord from its position in the partnership, legal experts speculated. [more]
