The Real Deal New York

98-year-old former broker blocking $22M Soho parking lot sale

May 09, 2011 10:18AM

A 98-year-old owner of one of Soho’s last undeveloped parcels is refusing to sell, even after being offered $22 million to give it up. According to the Post, Max Isaacs, who retired as a real estate broker in 2003 after 60 years in the industry, owns 22.22 percent of the 50-by-114-foot parking lot on the corner of Broome and Crosby streets. The majority owners are itching to cash in on the property, but Isaacs, who bought it for $600,000 in 1995, said he uses the $150,000 per year in income he currently gets from renting it out to support several generations of his family. “I don’t care if they get a $100 million offer!” he declared. His resistance has prompted his majority partners to file a lawsuit in Manhattan Supreme Court, where they’ve asked a judge to approve the $22 million sale against Isaacs’ wishes. The parcel, which is rented to L-Park, is located in the Soho Cast Iron Historic District, where any developer would need permission from the city’s Landmarks Preservation Commission to build. [Post]

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