Robert Ricciardelli, the principal of Darkhorse Development, has abandoned his plan to demolish the townhouse at 330 West 86th Street and replace it with a 17-story "sliver" apartment building, according to an article by Craig Karmin today at wsj.com
He had acquired the mid-block building in 2001 for $2.25 million and on April 20 the Board of Standards and Appeals ruled that the Department of Buildings could not restrict the proposed height of his planned new building. Barry Rice was the architect of the proposed 17-story building, which would be about one-story taller than its immediate neighbors and would contain only four apartments and replace a five-story building.
"But just five days earlier, Mr. Ricciardelli had called off the fight and turned the deed for the building to W Financial," the article said, which "listed the nine-unit townhouse for $6.35 million last month."
The article said that Mr. Ricciardelli claimed that he had spent $1.5 million in interest payments on the mortgage and legal fees and could not get additional financing.
"The story goes back to 1999," the article said, "when the city sold the townhouse, which had been divided up into apartments, to its rent-stabilized tenants for $340,000. The deal was part of a city program that required the new owners to rehabilitate buildings that had fallen into disrepair. But two years later, residents sold the building to Mr. Ricciardelli, who began plans for his 17-story tower. Then in 2000, before he had finalized the deal, owners of one of the neighboring co-op buildings sued Darkhorse to have the sale and proposed construction stopped."
"Over the next seven years," the article continued, "the case went twice to New York state Supreme Court and once to the state appellate court. In April 2007, Mr. Ricciardelli won a partial victory. The Court of Appeals ruled that he could demolish the townhouse and build his tower. But there was a catch: The court ruled he was limited to building no more than four units, citing a city program that applied to new construction for buildings that the city sold to tenants. Darkhorse decided it would build anyway, designing a five-story townhouse, two quadraplexes, and one triplex with a penthouse. The company filed for a new building permit with the Buildings Department in 2008. The department ruled the following year that since the building was sold through a city program, it couldn't be a high-rise, or taller than 75 feet."
In July, the Board of Standards and Appeals passed jurisdiction of the matter to the Department of Housing Preservation and Development. But by then, Mr. Ricciardelli had given up.
Gregg Winter, principal at W Financial, says the new owners have no plans to develop the site. The townhouse is a rental again, and W Financial says it will renovate any units that become vacant. It is also marketing the building for sale as a single or multiple-family property.
He had acquired the mid-block building in 2001 for $2.25 million and on April 20 the Board of Standards and Appeals ruled that the Department of Buildings could not restrict the proposed height of his planned new building. Barry Rice was the architect of the proposed 17-story building, which would be about one-story taller than its immediate neighbors and would contain only four apartments and replace a five-story building.
"But just five days earlier, Mr. Ricciardelli had called off the fight and turned the deed for the building to W Financial," the article said, which "listed the nine-unit townhouse for $6.35 million last month."
The article said that Mr. Ricciardelli claimed that he had spent $1.5 million in interest payments on the mortgage and legal fees and could not get additional financing.
"The story goes back to 1999," the article said, "when the city sold the townhouse, which had been divided up into apartments, to its rent-stabilized tenants for $340,000. The deal was part of a city program that required the new owners to rehabilitate buildings that had fallen into disrepair. But two years later, residents sold the building to Mr. Ricciardelli, who began plans for his 17-story tower. Then in 2000, before he had finalized the deal, owners of one of the neighboring co-op buildings sued Darkhorse to have the sale and proposed construction stopped."
"Over the next seven years," the article continued, "the case went twice to New York state Supreme Court and once to the state appellate court. In April 2007, Mr. Ricciardelli won a partial victory. The Court of Appeals ruled that he could demolish the townhouse and build his tower. But there was a catch: The court ruled he was limited to building no more than four units, citing a city program that applied to new construction for buildings that the city sold to tenants. Darkhorse decided it would build anyway, designing a five-story townhouse, two quadraplexes, and one triplex with a penthouse. The company filed for a new building permit with the Buildings Department in 2008. The department ruled the following year that since the building was sold through a city program, it couldn't be a high-rise, or taller than 75 feet."
In July, the Board of Standards and Appeals passed jurisdiction of the matter to the Department of Housing Preservation and Development. But by then, Mr. Ricciardelli had given up.
Gregg Winter, principal at W Financial, says the new owners have no plans to develop the site. The townhouse is a rental again, and W Financial says it will renovate any units that become vacant. It is also marketing the building for sale as a single or multiple-family property.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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