Lafalum
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College acquires gas station near the WAWA for $742,000Are they nuts!! College admits in the Lafayette article they will still have to clean up the environmental waste before it is useable. There was oil left in the ground on the property. Not a cheap process. The size of the lot is about 1/4 acre.
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carney2
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Re: College acquires gas station near the WAWA for $742,000 | Lafalum wrote: | | Are they nuts!! College admits in the Lafayette article they will still have to clean up the environmental waste before it is useable. There was oil left in the ground on the property. Not a cheap process. The size of the lot is about 1/4 acre. |
They are nuts! A going concern price for what the College plans to treat as a piece of land for some future use (?????). Less than an acre of OK, but not Park Ave., Manhattan real estate that they should have paid maybe $25,000 for as raw land. Academicians have never been noted for their common sense, but I thought that the College hired people to take care of that part of the equation. If this were a business,...
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TheRock90
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They are going to remodel it and reopen it as a gas station for college employees. Gas will $1.00 per gallon. Those BMW's don't get good mileage.
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Andy
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We sure are doing our share for town-gown relations. Man does the College overpay for these crappy lots! Was there a throng of suitors we had to outbid?
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Lafalum
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By all rights as a closed gas station with environmental waste it should have been condemed by Easton and then given to the College for nothing.
It will cost the college another 250,000 to tear down the structures and remove the contanements. I hope there is some sort of legal arrangement to protect the college against lawsuits because of the environmental hazards now that they own the property,leeching oil, pcb's and all.
A million dollars at a time when we are asking the athletic dept to cut 10-15 pct of their budget This is Weis' folly and joins the 3rd street 10 mio dollar Hall of Fame that Rothkopf started only in worse economic times!!
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A post script
I was speaking to a friend that buys and sells environmentally distressed properties for a living. He's done things as small as a gas stations and as large as a oil storage facility. He buys gas stations from oil companies rehabilitates the property and resells or develops it. I asked him what the price might be for the Lafayette deal. He said it most case he would be paid to acquire that property because gasoline is extremely difficult to clean up and can leach to ajoining properties. When I told him the college paid over 700,000, his reaction was "somebody is being paid off" "This is not a legitmate transaction.....no way"
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Pard4Life
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Not a real-estate expert, but it does seem steep for a blighted property the size of a postage stamp. Maybe the sellers knew the College was likely the only prospective buyer and jacked up the asking price?
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Pards Rule
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But I dont understand?!? Even if LC was the only bidder - why the top dollar AND obligation? WTF?! The onus was on the owner - he had to clean it up - LC could have walked away in the negotiations. Someone put an experienced RE person on the BOT! PLEASE!! Not people who think they are! A mean a million (with clean up fees) for that postage stamp?!?!
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