Town of Huntington Gets Scammed (Huntington Station, Jericho: apartment complex, condos, refinance)

[h-tonian]

The Town Board has unanimously approved the disastrous "Residences at Oheka Project." AS-IS!. 4 stories (plus a pitched roof 5th story). 190 units on 18 acres. 450 parking spaces. A town that will not allow a needed parking garage in Huntington Village now has permitted one in the heart of Cold Spring Hills on an historic site!

Amazingly, it was revealed today that Mr. Melius is about to default on a $28 million loan (http://newyorkrealestate.citybizlist.com/18/2012/3/13/Oheka-Castle-Owner-Melius-Says-Imminent-Default-Claim-by-Fitch-is-False.aspx - broken link)that is due in August that he can’t repay. The loan was restructured today – a day after the Town’s rezoning decision. Yesterday he owned a historic landmark (that can’t be torn down) and property where he can build about 36 houses. Today he owns a property where he can build 4-story apartment buildings with 190 units. I would imagine his leverage to refinance has increased dramatically.

So what happens when he can’t pay this one off?

Looks like the value of my house (which has views of Oheka - although not the side that will be destroyed) just took a hit. Terrible because we will probably be selling next year thanks in major part to this. Out of Huntington? Probably not. I love it here. But, between Oheka, The Paramount, and the decision to allow the raising of the historic Huntington Hotel to build a generic TD Bank, I'm ready to vote in a new Board. This is not the town it was just a couple years ago.

[pidge1114]

views of Oheka affect your property value? or changing parts of historic landmarks not associated with your property affect your value? I don't follow.

[lifetimeliguy]

Originally Posted by h-tonian

The Town Board has unanimously approved the disastrous "Residences at Oheka Project." AS-IS!. 4 stories (plus a pitched roof 5th story). 190 units on 18 acres. 450 parking spaces. A town that will not allow a needed parking garage in Huntington Village now has permitted one in the heart of Cold Spring Hills on an historic site!

Amazingly, it was revealed today that Mr. Melius is about to default on a $28 million loan (http://newyorkrealestate.citybizlist.com/18/2012/3/13/Oheka-Castle-Owner-Melius-Says-Imminent-Default-Claim-by-Fitch-is-False.aspx - broken link)that is due in August that he can’t repay. The loan was restructured today – a day after the Town’s rezoning decision. Yesterday he owned a historic landmark (that can’t be torn down) and property where he can build about 36 houses. Today he owns a property where he can build 4-story apartment buildings with 190 units. I would imagine his leverage to refinance has increased dramatically.

So what happens when he can’t pay this one off?

Looks like the value of my house (which has views of Oheka - although not the side that will be destroyed) just took a hit. Terrible because we will probably be selling next year thanks in major part to this. Out of Huntington? Probably not. I love it here. But, between Oheka, The Paramount, and the decision to allow the raising of the historic Huntington Hotel to build a generic TD Bank, I'm ready to vote in a new Board. This is not the town it was just a couple years ago.

I'm pretty shocked to hear this. Will they build more access roads to 25, West Hills or Avery Rd ? Did they consider the impact of the potential traffic?

[h-tonian]

Originally Posted by pidge1114

views of Oheka affect your property value? or changing parts of historic landmarks not associated with your property affect your value? I don't follow.

Yes this apartment building will alter the aesthetics of my community and will affect my home value, the same way living near water views or a protected nature preserve increases values. The neighborhood was designed in the 1930s to provide a parklike country club setting and has traditionally attracted homeowners who appreciate this. Case in point: http://www.city-data.com/forum/23335614-post66.html

Would you want to buy a house near Huntington's first and only 4-story apartment complex? Want to live nearby while it's being constructed? Want to live near the increased traffic?

Originally Posted by lifetimeliguy

I'm pretty shocked to hear this. Will they build more access roads to 25, West Hills or Avery Rd ? Did they consider the impact of the potential traffic?

No, the Town did not take the time to study the traffic impact on Jericho. Did they really need to? Everyone who lives here knows it will increase already intolerable congestion. Other impacts, including environmental, school district, noise, and light pollution, etc. were not really considered. Access will be off Jericho via a local road (East Gate Drive). A traffic light will be installed on Jericho.

Edit: I should add, in the proposal the developer hilariously stated that "close proximity to bus routes on Jericho and the CSH LIRR station" were likely to ease traffic impact

[Crookhaven]

Roll out the Bronx Carpet!!!!!!!

Huntington has been urbanizing for years. Not at all surprised on the unanimous vote.
25A will be a ClusterF.
Thats a shame.

[lifetimeliguy]

Originally Posted by h-tonian

Yes this apartment building will alter the aesthetics of my community and will affect my home value, the same way living near water views or a protected nature preserve increases values. The neighborhood was designed in the 1930s to provide a parklike country club setting and has traditionally attracted homeowners who appreciate this. Case in point: http://www.city-data.com/forum/23335614-post66.html

Would you want to buy a house near Huntington's first and only 4-story apartment complex? Want to live nearby while it's being constructed? Want to live near the increased traffic?



No, the Town did not take the time to study the traffic impact on Jericho. Did they really need to? Everyone who lives here knows it will increase already intolerable congestion. Other impacts, including environmental, school district, noise, and light pollution, etc. were not really considered. Access will be off Jericho via a local road (East Gate Drive). A traffic light will be installed on Jericho.

Edit: I should add, in the proposal the developer hilariously stated that "close proximity to bus routes on Jericho and the CSH LIRR station" were likely to ease traffic impact

that's a really dangerous part of Jericho Turnpike (between Avery and Cold Spring Hills Road) with that nasty curve , especially in the rain.
Imagine how much worse with additional 450 cars , plus school buses in the during the AM rush hour. Great urban planning.

[h-tonian]

Originally Posted by Crookhaven

Roll out the Bronx Carpet!!!!!!!

Huntington has been urbanizing for years. Not at all surprised on the unanimous vote.
25A will be a ClusterF.
Thats a shame.

Comparing this to the Bronx and urbanization is a bit of an exaggeration.

Why aren't you surprised by the unanimous vote? Its rather shocking to those that know local politics! Especially considering the proposal was approved as-is. Pressure from residents has always kept high density developments out of inappropriate areas of Huntington - even Huntington Station, where the Avalon Bay development has continually been denied. Not all board members are in favor of density. 2006, the Town purchased the Mulenhoff Farm/nursery and developed it into a park to preserve open space. This is unprecedented.

The scam I refer to is the fact that the only reason this was allowed to happen was the creation of a special zoning variance, "open space cluster housing." Rather than allow the Cold Spring Country Club to build 200 or so 5-bedroom homes on .5+ acres, the open space of the golf course gets preserved in perpetuity. In exchange, Melius (the country club's partner in crime) gets to develop the equivalent housing in a dense cluster - thus the 4-story condo buildings.

Of course, the golf course does not become a public park or preserve. It remains private. The cc members and Melius (who already purchased the land from the cc and is a member) get to cash out the value of their land, while getting to keep it and play golf! IMO opinion they never intended to develop the land, especially in this economy. It was a big well executed scam that preyed upon the political pressure and noble desire to preserve open space.

While a 4-story apartment might bring urban landscapes to mind, this development looks more like something that belongs to a planned golf community in Hilton Head or Florida. Still ugly and out of place on a historic landmark and neighborhood, hardly the Bronx. It's still horrible planning (something the Board has been exceptionally good at lately), and, yes, a shame.

25A is also 3.5 miles from Oheka and not a convenient or direct route to or from Oheka except to Cold Spring Harbor. Unlike Jericho, Avery, Oakwood, Round Swamp, Woodbury, NSP, etc., I doubt this will affect 25A much.

[h-tonian]

Originally Posted by lifetimeliguy

that's a really dangerous part of Jericho Turnpike (between Avery and Cold Spring Hills Road) with that nasty curve , especially in the rain.
Imagine how much worse with additional 450 cars , plus school buses in the during the AM rush hour. Great urban planning.

Yup. There are regular accidents at that curve where cars sometimes end up in people's backyards! This isn't going to help. When the high school and/or summer camp are in session, the traffic is unbearable!

[twingles]

I'd put my house on the market NOW if I were you. That's such a beautiful area, what a shame.

[eraserhead79]

How horrible! I'm very saddened for the loss of this beautiful estate's grounds and for the residents in the immediate vicinity. Melius said in the Newsday article that the condos won't be built for years. I assume this is because of his financial trouble. That Newsday article also makes it sound like everyone in the area was 100% behind this! Is that really accurate? I also agree that if the idea is to preserve open space, that space should become public.