So many interesting developments here. It appears Michael J. Rosenthal who purchased the property LESS THAN A YEAR AGO from John McCowan for $1.815 Million never really intended to keep the store open.
Although he claimed he was selling the property to "developers" he is still has full title to the property and is clearly trying to develop it himself. Not a very honest guy apparently.
Mr. Rosenthal has a very high percentage mortgage for the property, only putting $400,000 down for the purchase. Now I've dealt with some true business people in my career and most have a little more cash to put down, especially on something like a grocery store...that is if they are planning to actually make the business work.
Here's another interesting tidbit...Rosenthal purchased his primary residence just a few years ago at 12131 Ballantine in Los Alamitos, CA for just $622,000 (public record.) We're not dealing with a Bob Bisno here folks. I've got a client I am working with to purchase the neighboring property. His plan is to turn it into a recovery home for woman and children. Rosenthal and his family should be pleased.
Rosenthal is saying he will bring a lawyer into fight (His lawyer appears to be David Jimenez of Los Alamitos) if he is not allowed to build his condos...I say, bring it on. I would bet that lawyer will get mighty costly after a while and since Rosenthal has very low equity in both the McCowans site and his primary residence...It looks like it wouldn't make good fiscal sense to take on city hall.
Another thought, since commercial property taxes are kept low ($6422 per year for McCowans currently), since the building has been torn down...shouldn't the property value be reassessed? He wants residential...how about 1.25% of the current value? The tax assessor has a form to trigger reassessment.
One last thought. I know no thought was given to asbestos management when the store was torn down. I live upwind of the site and have had a cough ever since it was torn down. Anyone else?
Okay really...last thought..NYC has Gramercy park. The last privately owned park in the city that has equal ownership of the owners of the surrounding buildings. Couldn't the surrounding property owners get together and purchase the land for a private park? It would increase property values for those with ownership rights dramatically. 100 owners @ $18,000 each?
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