Monday, July 10, 2017

which is why historic buildings all need bailouts

Built by German immigrant Julius Ruppert in 1871,
614 Courtlandt looks like it belongs down on the Bowery.

Ruppert noticed a growing German community in the South Bronx about that time, and he created housing and a beer hall for the locals.

A renovation in 1882 added detail to the Courtlandt Avenue facade.

The heirs sold it in 1927. 
Then it began its sad decline into disrepair.

It was landmarked in 1987, taken for back taxes by New York City in 1997 and sold for one dollar to a new owner in 2006.

Because of historic significance the new owner was able to assemble 49 different renovation grants totaling $1.1 million dollars.


When cash ran low the new owner shopped small renovation contracts around and was able to do the new stoop and refurbish all the architectural detailing. 

The final grant came from the New York Conservancy in the form of $20,000 more, allowing one bedroom and two bedroom apartments to be rented.

So, more than $1.1 million invested in 10 different building permits over a dozen years has yielded a building presently worth about $546,000 dollars.

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