Rome, NY Sucks

But At Least We're Not Utica

Tuesday, March 15, 2005

Maybe Syracuse Can Say No

The Syracuse Post-Standard revisited land 'developer' Eli Hadad in last Sunday's edition. Hadad has been buying property in Syracuse, most notably a group along Warren Street. While he says in the interview that he has big plans, his current operations have been less than acceptable. Business tenants in buildings that he bought from the owners complain of failing water and sewage service along with a lack of heat at times.

Despite Hadad's claim that he loves old things, he is determined to build a parking garage and a pedestrian walkway. Of course, this would be a good idea because of the lack of such structures. The only problem is that he seems to have a problem with city codes and taxes.

In Syracuse and in his previous land grab in Philadephia, Hadad has had a problem with paying taxes and compliance with building codes. Of course, we all hate property taxes, but if it's an investment property he should keep up with the taxes. He was blocked from the cornerstone of his plan by the city's insistence that the $700,000 owed in back taxes on the Wilson building (by the previous owner) was too much to be settled by a $200,000 offer.

Last week, CNBC pointed out that Syracuse is one of the most undervalued land areas in the country. I'm sure that Hadad wants to be in on the ground floor. If he owns these buildings, he should be allowed to fix them, sell them, knock them down turn it into a giant mall complex. Whatever he does, he should do it by obeying the financial obligations of a property owner in the area.


Post a Comment

Links to this post:

Create a Link

<< Home