Stalled Site 400 15th Street Sold. Construction permits renewed.

400 15th Street.  There are currently 708 stalled sites in NYC, 326 in Brooklyn alone.  LINK 

Rendering: Corporate Design of America

Short Sale?
Good news for Fifteenth Street... It appears that the construction-troubled,  stalled out 2004 condominium  development located at 400 15th Street has been sold.  According to ACRIS, a deed in lieu of foreclosure was filed between the developer 400 15th Street LLC, their bank Capital One Bank N.A.,  and the new buyer, Fox Reality Properties LLC back in July.  The transfer documents indicates an amount of $3,831,159.61
(A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.)

The building was originally listed back in April 2009 by Maximillion Realty, Inc. for $5,599,000.

The new owner, Sarantos Plagianos,  has hired the architect Cherico King, AIA of the firm KCC Architects, PLLC to complete the mothballed job.  Applications have been filed and permits renewed.   They will be replacing the original architect of record Robert J. Palermo of the firm Corporate Design of America, P.C.  It will be interesting to see if there is any reworking of the original design.  As the building stands now, it is nothing more than a two story cinder block shell on a poured foundation.  No new DOB paperwork has been posted on the construction fence yet.

Grandfathered?
Existing approved plans call for  18 dwelling units within a 5 story, 53' tall structure.    Fifteen off street /basement parking spaces are planned (4,200sft).  There is no rear yard setback.

 VESTED by BSA

"Despite unyielding community and elected officials’ opposition through three months of Board of Standards and Appeals hearings, Tuesday June 20, 2006, the BSA voted unanimously to grant the financial hardship appeals of two South Slope/Greenwood Hts. properties, 400 15th St. and 639 Sixth Ave.
The Board also unanimously rejected both properties’ BZY (foundation substantially complete) applications.

The developer/owner of the property, Gennady Borokhovich, managing member of 400 15th St. LLC is now able to continue building under the properties’ previous R6 zoning, which was changed to R6B on November 16, 2005." -From the South Slope Comunity Web Page Archives.

                                                                    

This job is not subject to the Department's Development Challenge Process
It appears that the approved plans can be transferred, but does anyone know if there is a statute of limitations for their grandfathered R6 zoning variance issued by the BSA? 

400 15th St. Disaster Area:  One of my favorite photos from the IMBY Archives... Collateral damage to 396 15th St.

Hey Fox Realty,  Please be a good neighbor and introduce yourself to the many adjoining property owners on 16th Street who have been waiting patiently for the last 6 years for their rear yards to be repaired...