Larry V. Silverstein has said he wants $335,000
for four properties he owns on Emerson Place and State Street, but an
independent appraisal values the property at $195,000.
A city-hired appraiser, David Peatfield, Syracuse, told City Manager
Jerry C. Hiller on Monday the results of his valuation. The city has not
yet received a copy of the report, so details regarding the properties at
109 and 110 Emerson Place and 707 and 711 State St., and their appraisal,
are unavailable.
The total assessment on the four buildings is $335,000.
"Mr. Silverstein cooperated and allowed the city appraiser to
look inside the buildings, as well as review the income and expense
statements," Mr. Hiller said.
Neighbors of Watertown had made a purchase offer of $188,000 to buy
Mr. Silverstein's properties to begin a revitalization effort on the east
side of Watertown, including the renovation of the Emerson apartment
building.
Mr. Silverstein, who rejected that offer, has been accused of
obstructing efforts to improve Watertown and some city residents have even
asked that eminent domain proceedings be used to take over the properties.
The Neighbors' purchase offer was based on an appraisal done by
Coon, Varley & Associates, 200 Washington St., which said the
buildings at 109-110 Emerson Place and 707 and 711 State St. are worth
$188,000. The company was not given income and expense statements to
review, nor an opportunity to inspect the interior.
The city then hired Mr. Peatfield to inspect the four buildings and
he arrived at the $195,000 value.
Mr. Silverstein, a chiropractor, initially said he wanted $450,000
for his properties, but subsequently lowered his price to the assessed
value.
He has said he never wanted to sell the properties and, if a person
or agency wanted to buy them, they should have to pay his asking price. He
later said he has "surrendered" and will accept a payment equal
to his 2001 assessment.
Mayor Joseph M. Butler, who is vacationing in Florida, advised Mr.
Silverstein, who is in California, of the new value, Mr. Hiller said. The
two will meet next week with other city officials to review the report.
Neighbors of Watertown lost a $250,000 federal grant it would have
used to buy the properties to be demolished and make way for renovation.
Gary C. Beasley, the agency's executive director, said last month he
has removed acquisition and demolition of Mr. Silverstein's properties
from the overall Emerson Place project, which calls for rehabilitation of
the century-old apartment building and renovation of a dozen other houses
near the apartments.
