Eminent domain the last, best hope for freeing the Hotel Syracuse
“The absentee owner of the Hotel Syracuse should either redevelop the landmark building or sell it to someone who will. Merely keeping it padlocked is a disservice to residents of Syracuse and Onondaga County who want to see that part of downtown thrive again.
Financitech Ltd., an Israeli lender, holds $5 million in mortgages on the hotel. It recently sued to foreclose on the hotel’s owner, GML Syracuse LLC. GML contends the mortgages are bogus and is countersuing.
As the convoluted dispute drags on, the hotel remains vacant and unpaid property tax bills pile up. When foreclosure is imminent, Financitech pays just enough back taxes to reset the clock.
That scenario played out in 2011 and again last week. Financitech paid $361,855 in delinquent taxes on Thursday – a day before City Hall planned to foreclose. On Monday, the sale of the hotel to a promising Boston developer with strong ties to Central New York was pulled from the Syracuse Common Council agenda.”
Editorial Board. Syracuse Blog. 16 May 2013.