Condos "would reinvent an obsolete commercial property and create an upscale neighbor that would generate taxes, protect the beachfront and enhance property values," said Mr. Lewi, speaking for the D'Amatos and other principals.
Preferred, which specializes in converting obsolete historic properties, agreed last year with the May Company to buy the 372,000 square feet on Floors 7 through 13.
But despite government efforts to sell obsolete or surplus properties quickly, the process has sometimes bogged down in political, technical and economic issues.
In 1968 Roger and his older brother Donald joined their father William in establishing Reckson Associates whose developments were bold and groundbreaking, changing the way commercial real estate was built and used on Long Island and throughout the region through innovations in upgrading industrial properties, reviving obsolete buildings, and setting new standards for office developments.
As a result of the continuous change in the design and function of consumer electrical and electronic products, the mechanical and material properties of the obsolete products, called waste electric and electronic equipment (WEEE), are highly variable.
Blocks of 1930s collective housing, 1960s council flats, interwar London Underground stations – exactly the sort of architectural projects now considered obsolete in favour of retail and property speculation.
Adds Agarwal in a statement: "Hubble is the driving force behind a trend that is seeing traditional commercial property agents quickly becoming obsolete.
These properties made all earlier submarines obsolete.
There was a huge run up in prices similar to oil last year, and then all of a sudden someone discovered petroleum had properties that made whale oil obsolete.
If you have a covenant on your property that you believe has become obsolete you can make an application to the Upper Tribunal (Lands Chamber) – formerly the Lands Tribunal – seeking an order to "discharge" or "modify" the restriction.
The stations were used to store munitions during World War II, when German submarine were frequently sighted offshore, but by 1950 the stations were considered obsolete and sold by the government as excess property.
