Odd
The idea has been rattling around the blog world for weeks now that Rezmar Corporation, one of Tony Rezko's little babies, is the owner of the Newcomb Hotel. However, the building's owner is identified in the media as a man named Victor Horowitz, who bought it from Rezmar in December 2003. Perhaps someone can enlighten me if there is any other connection between Rezko and Horowits.
Now, Horowitz (whose actual name is Avigdor, not Victor, although he goes by both) is plenty of trouble himself....one of the nursing homes he operated, North Plaza, has gone out of business, and two others, Heritage in Champaign and Jackson Heights in Farmer City, went into receivership in September after he defaulted on promissory notes from the JP Morgan Chase Bank. So there's no need to drag Rezmar into the picture to get a thoroughly unhappy prediction as to what might happen to the Newcomb Hotel property. The whole receivership saga can be found at
http://www.websupp.org/data/NDIL/1:06-cv-04803-64-NDIL.pdf
Still, it's odd to me that the whole background of the Newcomb's ownership has never surfaced in our local media.
Now, Horowitz (whose actual name is Avigdor, not Victor, although he goes by both) is plenty of trouble himself....one of the nursing homes he operated, North Plaza, has gone out of business, and two others, Heritage in Champaign and Jackson Heights in Farmer City, went into receivership in September after he defaulted on promissory notes from the JP Morgan Chase Bank. So there's no need to drag Rezmar into the picture to get a thoroughly unhappy prediction as to what might happen to the Newcomb Hotel property. The whole receivership saga can be found at
http://www.websupp.org/data/NDIL/1:06-cv-04803-64-NDIL.pdf
Still, it's odd to me that the whole background of the Newcomb's ownership has never surfaced in our local media.
posted by Allthenewsthatfits at 8:42 AM
8 Comments:
Maybe because it's utterly inconsequential and in no way newsworthy?
Quit looking for crap where there isn't any. 'Cause believe me there's plenty of places in town where there IS crap to be found.
Rezko owned the building once upon a time. I don't believe he is involved any longer.
The question remains - did the city give Rezko any financial incentives?
Answer, as reported in the H-W April 19, 2004:
"Quincy's proposed 2004-2005 budget just got an extra infusion of $250,000 in unexpected revenue, and Mayor Chuck Scholz wants to spend most of it on street repairs in Wards 2, 5 and 7.
The money is coming from a certificate of deposit the city set aside eight years ago as collateral to secure financing for the Rezmar Corporation's rehabilitation of the Maine Street Apartments in the former Carson Pirie Scott Building, Fifth and Maine.
Scholz said the city just received word that Rezmar has made its final loan payment, so the CD has been released back to the city."
So Rezko was involved with Carson building renovation too?
And actually, I should not have said that the whole background of the Newcomb's ownership has never surfaced in our local media. In March 2006, Doug Wilson gave this capsule history:
"The 77,500-square-foot, 120-room hotel was opened on March 6, 1888, under the ownership of Quincy Hotel Co. Local Realtor and developer Bob Mays bought the building in 1983 for $287,500 after national advertising produced no buyers.
In 1988, Mays sold the building to Rappaport Inc. of Minnesota, which planned to develop the property as a senior housing project. When Rappaport ran into financial trouble, the building was sold to Westin Financial Group.
Shortly after Westin bought the building, it transferred ownership to its construction division, American Reality Constructors, which was to complete the renovation work. American Reality later transferred ownership to another Westin affiliate, Historical Housing for Seniors II in California.
Creditors forced the property into bankruptcy in 1993, shortly after the firm halted work to convert the building into apartments for senior citizens. The project was about 70 percent complete at that time.
In 1996, Rezmar bought the Newcomb for $1.2 million. But work on the apartments stalled.
Horowitz bought the building for $550,000 in December 2003."
I like that company name, "Reality Constructors." And yes, Rezko was involved with the Carson building.
I'm glad this building never became low-rent senior housing - a terrible use for a prime piece of real estate with river views. But let's hope something happens soon, or else this building will rot into the ground! Take a peek inside sometime - wonderful marble floors and detailing on the first floors, not to mention the exterior detailing. If Quincy were a happening place, this building would be high-price condos or a boutique hotel with a fabulous restaurant or bar on the first floor.
Amen to that. It's such a prime location. But as that brief history indicates, it seems to have a curse -- at least an economic one, if not a literal one.
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