There might finally be some movement to re-develop the long-vacant former NYNEX building in Syracuse across from city hall. Common councilors today approved a $700,000 settlement with the owner…even though Isaac Jacobowitz of Brooklyn owes about $2 million in overdue property taxes and penalties.
Deputy Commissioner of Neighborhood and Business Development Ben Walsh says now the clock is ticking…
"The owner has the next year, 12 months, to determine what is they want to do with the property, whether or not they want to re-develop it themselves, or sell it. But what the settlement does is it gives us some certainty over when we can expect something to happen with the property."
The building has been vacant since NYNEX left in 1995, and has been stuck in limbo and litigation for most of the past 20 years. So, that might have some wondering...what might happen if the owner doesn’t develop or sell the 10-story property within the next year. Councilor Jake Barrett says the legislation has that covered.
"If this developer drags his feet and doesn't do anything, there is a penalty clause in this that will accumulate up to $200,000. We hope it doesn't get to that point."
The city’s Ben Walsh agrees the settlement gives the city some leverage, which in turn gives the owner an incentive to re-develop the property.
"It's not lost on us that we at city hall look out the window every day and see it, and folks that we're doing business with that come in and out of city hall see it as well. So, getting it back into productive use, getting the lights on, getting it cleaned up we think is going to go a long way in our efforts to continue to redevelop downtown."
Common Council President Van Robinson hopes the settlement foretells a more complete agreement in the short term. He envisions a mixed-use development.
"Hopefully there'll be apartments to bring residents into this part of town. I hope we'll have retail stores, restaurants, laundromats, pizza houses, etcetera."
The building is seen as the last remaining major gap in downtown's re-development boom. Mayor Stephanie Miner in a statement says while there’s still much work to be done, today’s council vote puts the city on the right track to action.
