So… this is weird: City moves to foreclose on the Atlantic Ocean

Underwater parcel allegedly behind on taxes

TRD New York /
Feb.February 14, 2018 09:40 AM

New Dorp Beach

The city filed to foreclose on a 275,000-square foot site near Staten Island. The owner is allegedly behind on taxes, and here’s a possible reason why: the plot, off the island’s coast at New Dorp Beach, is completely under water. Not to mention no one seems to know who the owner is.

Not to be deterred by these complications, the city tentatively assessed the site’s value at $14.01 million, up $2.9 million from a year ago, the New York Post reported.

The Post speculates that the site was probably once home to a pier, which later made way for Robert Moses’ Shore Front Drive.

In 1957 a group of investors bought the site, which at the time included two acres of above-water land. In 1998 the city filed a tax lien to an entity called Cedar Associates, hence the foreclosure.

“There is not much you can do,” Cushman & Wakefield’s Bob Knakal told the Post. “The City won’t let you build on it, and you can’t get flood insurance because it’s already flooded.” [NYP]Konrad Putzier


Related Articles

arrow_forward_ios
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
Mayor Bill de Blasio and Dr. Oxiris Barbot (Getty, iStock)

Day care — and its landlords — get a lifeline

Day care — and its landlords — get a lifeline
From left: Gaw Capital Partners’ Goodwin Gaw, Howard Lorber of New Valley Group, Oyo CEO Ritesh Agarwal, Soho House's Ron Burkle, and Steven Witkoff of Witkoff Group (Getty)

TRD Insights: These hotel businesses got big PPP funding

TRD Insights: These hotel businesses got big PPP funding
The threat of eviction hangs heavily above immigrant families who have lost work as a result of the coronavirus pandemic. (Getty)

Eviction bans don’t always protect the most vulnerable

Eviction bans don’t always protect the most vulnerable
City Council members Debi (Deborah) Rose (right) and Brad Lander (Getty, iStock)

Council bill to reopen day care centers would be boost for landlords

Council bill to reopen day care centers would be boost for landlords
City Council member Vanessa Gibson, Speaker Corey Johnson and City Council member Brad Lander (Getty)

Why the City Council abandoned affordable housing

Why the City Council abandoned affordable housing
Gov. Andrew Cuomo (Getty)

Cuomo signs bill to extend eviction protections

Cuomo signs bill to extend eviction protections
New York City Council Speaker Corey Johnson and Mayor Bill de Blasio (Getty)

City’s housing plan suffers major blow in “painful” budget

City’s housing plan suffers major blow in “painful” budget
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...