Gossips has written often about the cluster of buildings on the northeast corner of Warren and Fourth streets and the unrealized plan to turn them into a boutique hotel, the most recent post being two years ago, in the series Nine Not to Ignore.
A month or so ago, the rumor started circulating that Richard Cohen, who acquired the buildings in 2002 and owned them as Harlem Hudson Organization, was selling them. That rumor was confirmed today, when a reader provided this evidence of a deed transfer that took place yesterday.
The buildings are now part of the Galvan Foundation's inventory of vacant buildings in Hudson. COPYRIGHT 2021 CAROLE OSTERINK
They will probaly sit there for another 20 yrs. Last yr galavan bought 352 & 354 warren st.vacated an apt that had a family in it.now the 2 buildings are empty and an eye sore on the best Warren st block
ReplyDeletethe Galvan EMPIRE grows, like a nuclear monster.
ReplyDeleteProgress. The bad jokes just keep coming.
ReplyDeleteI can see it now... “Portside: Single Room Occupancy, er, I mean Supportive Housing, brought to you by Galvan/Lantern.”
ReplyDeleteOr, it will remain a blighted corner of an otherwise thriving intersection.
Ha! I’ve always assumed that Galvan already owned them because they have been sitting vacant for ages.
ReplyDeletePet peave, can someone PLEASE take down that ugly ass green fence seen on the right hand side of this photo?
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ReplyDeleteLooks like Mr. Cohen sold for less than the $2M he turned down several years ago !
ReplyDeleteMark my words, Galvan will soon be proposing some “affordable housing “ scheme at this location involving a PILOT.
ReplyDeleteI wonder if these schemes are NEW construction only due to better bank loan terms for new construction and also to advantageous amortization schedules for deducting capital expenses. If rehabbing and renovating were supported by tax policies businesses would not always prefer to build new.
DeleteCan someone please tell me how Galvan makes money? It sounds like all they do is buy up properties that remain empty. Sounds like a really bad business plan to me, but I'm sure I'm missing something here...
ReplyDeleteYou are probably not aware of exactly how many rent paying inhabited housing units Galvan collects rent on every money. I do not know that number, maybe Carole does. THAT information would be really powerful to know! Galvan makes money on the industry of poverty collecting rents from state and other government entities which guarantee a fabulous/reliable income stream. This company has SO much profitability and stability that they can easily purchase buildings for cash and just hold them. They can easily borrow money too--rates are still low. The unused buildings contribute to a shortage of housing in general. Galvan can also choose to sell any of their properties at market rates while having some control over the market. When you own 10 per cent (I am guessing here) of the inventory, that is some control. Galvan offers to "rescue" the City by providing affordable housing in exchange for outrageous tax advantages like a PILOT which proposes to pay 25 per cent of market tax rates for 30 years while ordinary people pay 100 per cent every darn year. If this company only gets a few of their proposals approved, it is still a win. In order to ensure acceptance, Galvan also tries to be very nice to key people in city government. In the meantime the cost of annual taxes and insurance on the unimproved properties is relatively low. (Taxes only increase when the property is improved. Basic insurance coverage is quite cheap. All these expenses reduce the company's income on their balance sheet.) Tax laws favor real estate business investment and always have. Grants and loans often favor new construction over renovation so there is less motivation to rehab properties.
Deleteoops I meant "every month" not "money" Sorry.
DeleteWhy am I surprised? And disappointed! Sorry there ws no one else out there who has the enterprise (and funds) to buy and restore that building on a key corner block in Hudson. Sad.
ReplyDeleteWhatever Galvan does will be an improvement over Cohens cruel and unusual behavior towards a building.
ReplyDeletethis is very sad but also very true
Delete* buildings. He removed two without approval.
DeletePS: Other than that ugly ass old green fence, please god let someone remove those pointless flashing lights that have been in the windows of that building for some reason. WHY?! Who put those ugly lights there? What were they supposed to mean? Sorry, I’m just venting now.
ReplyDeleteDidn't the City pass a "derelict buildings" law in recent years? Seems like it could be applied in this case.
ReplyDeleteDamn.
ReplyDeleteThe Galvan organization is like a vampire sucking the life out of this town. The bad things that come out of his holdings, in terms of lost housing and lost historic buildings, far outweighs any positive outcomes. Eric Galloway is the Mr. Potter to our Bedford Falls; only there is no George Bailey to keep it from becoming Pottertown. Hudson is becoming Galvantown at an alarming rate. It saddens me to know that so many in the government of our fair city have been bought, lock, stock and barrel, by Eric Galloway. We know who you are.
ReplyDeleteGalvanton.
DeleteEye-opening discourse and sadly, true. And such a shame about what would otherwise be a very handsome, useful addition to Warren St. if this building had its due. Is there any legal way to put the brakes on Galvan and it's deceptive mission statement? Limiting their holdings and political influence in town? Examples in other cities with similar issues? I would think this is commonplace. Aside from a rare denial of a PILOT, what else? A moratorium pending comprehensive zoning updates? Adding or tightening tear down laws and punitive measures? Is the so-called Depot District originally a historical residential district? It appears to me that it was a by observation of what's left and the adjoining blocks. Can that be honored and limit its growth into an over developed Galvanization? Similarly other parts of town like lower Warren which is clearly in an historically designated district? In light of their latest aggressive projectory, throwing the occasional bone, is especially disturbing. City entities must shore up their legal potential and mission to protect the city against the aggressive malicious nature of Galvanization, not be beholden to it.
ReplyDeleteVote.
DeleteMight you be referring to providing the $650K shortfall towards the Promenade Park? Can you imagine how profitable Galvan is if that 650K is just chump change?
ReplyDeleteYep, petty cash!
DeleteVote early and Vote often. But J K no longer lives in Gallowayville ,AKA ,Hudson.
ReplyDeleteHudson tolerated Cohen's messy property for 20+ years, virtually said nothing. Enter Galloway, let the hysterics begin. I guess he'll screw this one up like he did the library armory property...not! Get out the Galloway pinata again for this project will entertain us all for quite a while. Who else but Galloway would take on this derelict architectural Hudson mess.
ReplyDeleteIf only it were that simple.
DeleteBTW a non-Galloway person offered Cohen $2m for that derelict architectural Hudson mess.
How do you know that?
DeleteIt's common knowledge for those following the history of Cohen and his property.
Delete