Monday, September 27, 2010

Falling Landmarks & Rising Taxes - A Connection?

Demolition was not the plan for the Baronet. Here is a letter from Asbury Partners COO, Larry Fishman, to Council member John Loffredo, written in 2006. Did the council make an effort to have Asbury Partners honor this commitment by maintaining the building or letting it rot for four years? See more on this at

The following is excerpted from a post I made at
The Obits for the 97-year old Baronet (Theater) have so far completely disregarded the fact that in 2002 the
theater was reopened while Walter Burns and partner Maurice still owned it. NBC-TV was broadcasting the Today Show, live from the boardwalk. Remember? I know, because I was there, as a few may still recall in my Egyptian disguise, as Mistress of Ceremonies to introduce the independent films brought to town by Doug LeClare and Susan Pellegrini, then of Keyport, representing Asbury Shorts of New York. Remember?

Yes, the mold was there; hell, the stage manager put her foot through the
floor boards an hour before we opened. But the new Egyptian mural was already up on the facade and we filled the house with cheering people. That, ladies and gentlemen, was the night the Baronet sprung back to life! Eight years ago! We couldn't restore a theater in 8 years?

Point Two - the timing of the demolition also coincides with the recent reports of the dire financial straits of our latest 'benefactor', iStar Financial, which is probably responsible for paying the taxes on the property the Baronet sits on or sat on. You will note that the huge apartment building that occupied most of the block across Kinsley from the sewer plant also came down this month. Just watch those property tax revenues crumble to the ground and blow away... Makes you wonder who's approving all these demo permits? BTW, there is a list of buildings approved as "imminent" (not eminent- maybe he was thinking of eminent domain) "hazards" a couple of years ago, to clear the way for downing the buildings at the first sign of a fault - or was that a default?
{A special meeting was held 9/27 adopted the city's budget with an 8% increase in the municipal portion.}
This is even more poignant when you think of Marty Sass this morning bragging on nationwide cable TV, over "Strategy Session", about his successful investments. Remember MD Sass, the investors with Larry and Glen Fishman behind Asbury Partners, and the article in which Marty bragged to a real estate writer about the killing he made on distressed property in Asbury Park?

Yes, we should all move ahead, look toward the future -- after we take note of the pattern we can't afford to repeat.

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