Chaptzem Blog!      

i.m at a loss as to why they would be looking at a financing method which generally carries a higher interest rate unless they're guessing the city is not very proficient in foreclosing.

 

it looks 48 is trying to secure that loan, look at the address, its the new building

 

Generally such similiar financing has a LOWER interest rate since it is guarnateed by th ecity and the inetrest income is tax exempt

 

The building you are referring to, is the Bnos Zion Building donated to Bobov 48,and a new extension under construction along side the original building on 50th street. The original property was donated by Reb Leibesh Katz Z"L of Mexico City. Long before the rift. seems like it's the 48ers are in financial trouble.
Maybe Reb Ben Zion wants to donate the property to his nephews. There will be a foreclosure on the building. Then Bobov 45 will but it for rock bottom prices.
Wow I love to see families make up, very nice of you Rabbi Halberstam an insane but very kind jesture.

 

As an attorney who has worked on many of these financings, I can tell you that the risk of foreclsure is the same as with any loan. While the closing costs on these loans can be greater than with an ordinary lender, the interest rates are considerably lower. When a "straight lease" transaction is done with a non-religous organization, often there is a real estate tax savings a s well. Religous organizations usually don't pay property taxes.

 

Is family of Reb Leibesh Katz Z"L of Mexico City still donors? Which side are they on?

 

Would Chaptzem PLEASE stop bringing up issues related to Bobov???? Maybe Chaptzem is a Bobover. And he can't decide whom to side with so he likes to hear comments from both sides.

 

There is currently a 10million dollar private mortgage on the building that was there from before the split, that is at a high rate. This is their way of reducing their rate. Its a good move on their part.

 

where was this published

 

Published in NYPost April 3rd.

 

Is Reb Leibesh Katz Z"L of Mexico City the man known as Marcos Katz (http://www.yutorah.org/katz.html) who donates to YU as well?

 

http://query.nytimes.com/gst/fullpage.html?res=980DEFDE1330F931A35754C0A961958260