Thursday, December 4, 2008

Good news for Kreischer Mansion

The owner of the Kreischer Mansion has delayed plans to build an active-adult community on the site in Staten Island's Charleston neighborhood until the market stabilizes, but is accepting proposals to donate the 19th century brick magnate's home to a charitable organization.

Turning over the landmark hilltop mansion to charity has been part of Ohio-based developer Isaac Yomtovian's master plan since he purchased the five-acre estate in 1999 for $1.4 million.

He just expected to do it after breaking ground on Kreischerville, an upscale, maintenance-free condominium development for adults 55 and over.

"I am not waiting until the market is 100 percent recovered to begin construction, but I have to see some stabilizing factor," Yomtovian said. "Either way, I don't want to delay the donation process any longer."

The criteria for interested organizations is two-fold: They must be in good standing with the financial wherewithal to maintain the 10-room home, and their mission must be compatible with the Kreischerville project -- such as a museum, art gallery, religious organization or a college.

Developer puts Staten Island senior housing plan on hold

1 comment:

Snake Plissskin said...

You can see the Jersey influence there. This is an approach that the rest of the country would follow.

If it is Queens, his proposals would fall on deaf ears. Or a poltican would call suggesting a campaign donor/developer has a 'unqiue' idea (and dont think of any public funding until he gets his hands on the property).