Thursday, June 21, 2012

Steal of an Island Deal in NYC

Who would have thought that you can still find waterfront property in New York City for less than a standard 50 x 100 foot lot in suburban NNJ?

Alex Schibli was thrilled to learn, last fall, that he made the winning bid of $176,000 for a 2.6 acre "fixer upper" island off the South Bronx. The 72 year old retired Port Authority worker who lives on nearby City Island is planning to build his dream home on the stone foundation of the previous house.

That structure was flattened by a hurricane in 1938. Schibli and his 61 year old girl friend are planning to build an eco-friendly solar powered home out of reclaimed wood, which would be off the grid.

 The last house on Rat Island, once used as an artists’ hangout, was destroyed by a hurricane in 1938, but the stone foundations remain.

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