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Grandpa Says No to $22 Million for SoHo Parking Lot, Gets Sued

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Max Isaacs, future hero to any gentrification opponent is in a, as the Post so eloquently stated, "whole lot of trouble." The 98 year old owns a 22.22% share of a 50-by-114 foot lot on the corner of Broome and Crosby streets in Soho. The other 77.78% of the lot is owned by a family that inherited the land and is looking to reap the rewards of the hefty payout they hope to accrue from the sale. How big of a payoff? Well, there was a mind blowing $22,000,000 offer made for the lot so you can understand why the family might be a little aggressive (like, lawsuit aggressive) in their desire to get Isaacs to cave. And what does Max Isaacs have to say about his refusal to sell? Well, the reasons are, oddly enough, financial. He says that four families he supports live off the $150,000 a year he earns from rental income. Money from the sale would do the same thing? He's also a veteran of the real estate game and warns any developers "That land is landmarked. You can't build on it...Caveat emptor." Meaning any potential developer would have to get permission from the Landmarks Commission and variances to move forward with construction.

The attorney for the other co-owners is trying to get the land partitioned, so the interests of the two parties are separated. He adds "It's unfortunate. I think my clients, in their senior years, want to enjoy the benefits of the property in their lifetimes." All we know for sure is that no matter how it ends, Isaacs looks pretty good for 98.

· Gramps holds out on $22 million parking lot offer [NYP]