City Council to Pay $4.6M for Parking Authority Site
by Kelly Nicholaides
8 months ago | 1018 views | 0 0 comments | 5 5 recommendations | email to a friend | print
The city approved the purchase of a building it rents on Central Avenue in the Heights for the Parking Authority.

The City Council approved the $4.6 million Bond Ordinance 09-109 for the purchase, by a vote of 6-3, at a November 24 meeting.

The building is owned by Hudson Central Building, LLC, and managing members are Seung Kyom Kim and Matteo Padovano.

Councilman Fulop, Councilwoman at-Large Willie Flood and Ward F Councilwoman Viola Richardson voted against the purchase.

Fulop argued that the appraisal was outdated, and that one property owner contributed to Mayor Jerramiah Healy’s campaign this year.

“We’re basing the sale price on an April 2008 appraisal and benefiting a contributor. It’s an outrageous atrocity,” Fulop said.

“It won’t hurt to get another appraisal,” added Richardson.

Resident and real estate agent Phil Rivo, who spoke during the public portion of the meeting, urged the council to get a new appraisal.

“Before you spend $4.2 million, spend $500 on another appraisal,” Rivo said.

Councilman David Donnelly argued that another appraisal would be a waste of money. He noted that at the 40,000 square foot building has rental income. The United States Postal Service pays $177,000 annually in rent.

Additionally, he said, it would be more cost-efficient to buy instead of rent. The Parking Authority pays $225,000 in rent, as well as subleasing space for the city’s closed circuit surveillance television system for $50,000 annually. It would cost the city $400,000 to relocate fiber optic cables and equipment should the Parking Authority move, he said.

“We need this building where it is. We cannot risk losing this sale,” Donnelly said.

Council President Peter Brennan said the Parking Authority had been renting at the site since 1995.

“I always said we should buy but we didn’t,” he said.

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