Updates on Abundant Life Bldg (Tulsa Club moved to its own thread)

[rdj]

I can't answer why TTC is "obsessed" with assisted living downtown, but I can tell you it is quite the certainty it will happen.  The most likely "developer" is a religious organization.  Let's just hope they don't replicate everything about Montereau when they build the downtown version.

The Tulsa Club is in massive disrepair.  From what I've seen and been told it will take deep pockets with a very, very, very long investment horizon or deep pockets that have no intention of being refilled from the project to complete a full remodel.

[DTowner]

I can't answer why TTC is "obsessed" with assisted living downtown, but I can tell you it is quite the certainty it will happen.  The most likely "developer" is a religious organization.  Let's just hope they don't replicate everything about Montereau when they build the downtown version.

The Tulsa Club is in massive disrepair.  From what I've seen and been told it will take deep pockets with a very, very, very long investment horizon or deep pockets that have no intention of being refilled from the project to complete a full remodel.

The idea of large of amounts of senior living centers downtown makes no sense to me on any level, but I doubt the Tulsa Club building survives as a for-profit venture - it is simply too far gone.  This makes me so sad because my wedding reception (1992) and wife's class reunion (1993) were held there and it was still a great place - albeit, getting pretty worn.

[erfalf]

If a church or old folks home kept the building standing, I'm alright with it. At this point in the game, the flashiest uses for buildings just aren't feasible yet. If Tulsa keeps it up, they will be eventually. And when that day comes, I hope that the Tulsa Club get's converted to condos (or something that you all think is cooler than what was previously mentioned). But if they tear it down now, that option goes away at any point in time.

[Teatownclown]

This city needs to hire right to attract new users into these situations: http://www.businessinsider.com/there-are-real-estate-brokers-out-there-who-will-trade-sex-for-a-listing-2012-7

[Townsend]

Well ain't this a grumble:

TW FB post:

The Tulsa Club was not sold at auction as scheduled Tuesday after the company that owns the building declared bankruptcy.

[carltonplace]

That Maroney is a D_O_O_SH.

From the Beryl Ford Collection (And DECO District FB page)
Its a the Tulsa Club in cake form

[AquaMan]

Did anyone see that coming? Dang. Now everyone who ever did business with the guy can stake a claim on this asset.

The only thing that could complicate it more is if he dies and his heirs get involved.

How's his health?

[carltonplace]

Did anyone see that coming? Dang. Now everyone who ever did business with the guy can stake a claim on this asset.

The only thing that could complicate it more is if he dies and his heirs get involved.

How's his health?

He also owned the Sinclair building at 5th and Main. I want this building to be contributing to downtown again, but it looks like that just became very complicated.

[AquaMan]

One of the more literate TW commenters noted that this may be a fairly common stall tactic to remove the owner from any liability but that the foreclosure would continue once the value of the property is assessed as zero to negative. Transfer of properties before and during a bankruptcy are frowned on iirc. Any lawyers want to speculate?

[Conan71]

One of the more literate TW commenters noted that this may be a fairly common stall tactic to remove the owner from any liability but that the foreclosure would continue once the value of the property is assessed as zero to negative. Transfer of properties before and during a bankruptcy are frowned on iirc. Any lawyers want to speculate?

Frowned on?  It’s generally considered fraud if it happens within 90 days of a BK being filed.  That is if you are talking about a transfer of assets from one individual or entity to another to avoid it being declared an asset of the BK estate.  I also believe any outright sale of a property cannot happen w/o the approval of the trustee once a BK has been filed.

[carltonplace]

I think its getting more and more likely that this building will not be saved.

[Townsend]

another story:

Bankruptcy Filing Postpones Sale of Tulsa Club

http://kwgs.com/post/bankruptcy-filing-postpones-sale-tulsa-club

The vacant Tulsa Club building won’t be sold just yet—a scheduled sheriff’s sale auction of the property was canceled earlier today.

That’s because its owner, C.J. Morony, transferred the property’s title to his company, Shamrock Asset Holdings LLC in Nevada, which then declared bankruptcy yesterday.

David Dryer, Morony’s attorney, explained that his client is “attempting to preserve the equity in the building so that he can get time to communicate with some buyers that are looking at the building.”

With the sheriff’s sale scheduled for today, he said, “there just was not enough time.”

The City of Tulsa filed last month to sell the building due to code violations and unpaid assessments.

City Attorney Bob Edmiston has said that potential buyers of the Tulsa Club building had complained that talks with Morony had broken down.

But Dryer says Morony still hopes to sell the property privately.

“The City took the steps that they thought were necessary and really put the pressure on my client to do something,” Dryer said, “so unfortunately we had to take the action we had to take.”

Morony also owns the vacant Sinclair building. Dryer says a private sale of that property is still being negotiated.

“We’re currently putting together an offer to the city to catch up on the (overdue) assessments (on the Sinclair),” Dryer said.

[DTowner]

It is interesting that the article implies that Morony only recently transferred title to the Tulsa Club building to the entity that then filed bankruptcy. It will be interesting to see if that entity has any other assets or if it was created for this purpose.

[Teatownclown]

Call Rex Watkinson and tell him to find another buyer....the bankruptcy court needs to unload it. The building has negative value so the court needs to throw some cash in with the sale release.

Stupid old building. Carltonplace, you da man.

[Townsend]

Per Tulsa Deco FB - Tulsa Club rooftop dining c1929.