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Updated about 1 month ago on . Most recent reply

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Paul A Christy
2
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9
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Bought a mixed use union county that had dry cleaners decades ago.

Paul A Christy
Posted

Hi all, I bought a mixed use property and got approvals to build. The contamination discovered won't stop the building as the air quality is fine but I have to treat the water. Ive been working with an LSRP and an environmental attorney but I would honestly prefer to sell and focus my attention elsewhere. With out building, just rehab and raising rents about 400k of equity can be added; in building with approved plans its approx. 1.4M (less the cost of addition of three apartments and environmental) I owe 500k and the after addition value is between 2.1 and 2.5m. with another kid on the way and cash restrictions I would rather sell for 700k and leave 400-900k on the bone for someone else to buy this headache. Does anyone know a company or person that takes on these projects? this building is in union count NJ is current 2 residential apartments and 2 commercial on a corner with a parking lot.

  • Paul A Christy
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