East End Ventures has renewed its building permit for a long dormant condominium project on West Water Street through the Village of Sag Harbor, and according to one of the principals is getting ready to pay off millions of dollars in liens on the property filed by subcontractors over a year ago.
For Sag Harbor Village Mayor Brian Gilbride, no greater gift could be given than avoiding the questions from village residents about the defunct project when he goes to Schiavoni’s Market on Main Street for his coffee each morning.
However, Gilbride said on Monday night that while he hopes East End Ventures is ultimately successful in its bid to finish the luxury condominium project, until he sees actual work being completed on site, after two-and-a-half years of stasis he remains a skeptic.
Over a week ago, East End Ventures re-purchased its building permit for the 21 West Water Street condominium project, a 19-unit development with rooftop pool that already has secured approvals from the Village of Sag Harbor as well as the Suffolk County Health Department.
On Monday evening, East End Ventures principal Emil Talel said that his firm was still in negotiations with Amalgamated Bank — its long-term financer — to reopen its loan and get construction crews back on the property. Talel said he was meeting with Amalgamated Bank next week and hopes that construction would begin before the end of December.
In order to get construction started on the property, one of the first things the newest financing deal will have to contend with is the millions of dollars in liens that have been filed against the project by contractors and subcontractors who have already performed work on the property.
As of July 2010, over $3 million in liens were recorded with the Suffolk County Clerk’s office on the 21 West Water Street property by as many as 30 individuals. At the time, East End Ventures was still in negotiations to renew financing with Amalgamated Bank.
Included in those liens was a claim for $843,072 for materials and labor related to carpentry from the Mount Sinai-based JPR2 Inc. Inter-County Mechanical Corp. also has a $510,241 lien against the property, All Systems Maintenance Inc. has filed a $247,794 lien for plumbing related materials, Southampton Brick & Tile has a $94,340 lien and B&G Electrical Contractors of NY Inc. has filed a $630,274 lien against the property.
On Monday, Talel said the liens would be the first thing paid off once a deal is reached with Amalgamated Bank, or another lender. While the firm is in “good faith negotiations” with Amalgamated Bank, Talel said he has discussed with his partners the possibility of including a new lender.
Rumors have swirled throughout the Village of Sag Harbor that a new partner is getting ready to join the project, although Talel offered no specifics on any individual about to join the development team.
He did add that “the fastest way to finish this development is to do so with the existing lender.”