Appraisal Pegs Silverstein Property at $195K
by Drew Mangione, Times Staff Writer
First published: Wednesday, April 10, 2002

 

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.