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Carnegie Tower Sells 5 Condos Totaling $9.5 Million

The Carnegie Tower Development Company sold five of its tower units to a Rhode Island LLC earlier this week.

might not appear so empty in the coming months after the sale of five of its housing units this week. 

According to town records, the Carnegie Tower Development Co. Inc. sold five condominiums or units to Tower Drive Development LLC, a Rhode Island limited liability company, on March 22.  

The Tower Drive Development company is listed with the Secretary of State's Office, with a principal office address of 275 7th Ave., 14th floor, New York, New York. The name listed in the town records is James O'Reilly, but there is no mention of his relationship to the company. 

The Carnegie Tower Development Co. sold unit 2B for $2,625,000; unit 602, $905,000; unit 1005, $2,140,000; unit 1201, $2,185,000; and unit 1202 for $1,395,000. 

The sale of all five units totals $9,250,000. 

Town records also revealed Carnegie Tower Development Co.'s payment of taxes to the this week. The Carnegie Tower Development Co. has been criticized publicly by town officials for owing the town .

On Wednesday afternoon, Finance Director David Faucher said a payment of the late taxes was "expected imminently." 

Peter March 28, 2012 at 10:53 PM
I'm not sure why they built this eyesore in the first place. It ruins the entire landscape.
Jane Wolk Wheeler March 28, 2012 at 11:58 PM
They didn't build it...the eyesore on the landscape has been there for years! They just turned it into an eyesore full of high priced condos!
Peggy March 29, 2012 at 12:30 AM
You are incorrect. The original Kaiser building was razed to the ground after they decided it wouldn't suit their purpose. They built a Brand New building on the site.
Mark Wyman March 29, 2012 at 12:31 AM
Maybe now they can pay the taxes they owe the town.
Portsmouth runner March 29, 2012 at 12:36 AM
Class sizes at PHS next year are going to be 30-35 students and 30 teachers around the district have been pinkslipped. And these people are witholding $1.9 million from the town?! Umm... maybe occupy isn't such a bad idea after all.
Chris St Peter March 29, 2012 at 12:52 AM
Tower Drive Development LLC? I'm No Donald Trump, But I'm Guessing That Is The Same Company As Canegie Tower Development Co., Except Now They Are A Limited Liability Company. When Carnegie Tower Co. Pays The $1.9 Million In Back Taxes, I Would Be Willing To Bet Tower Drive Development LLC Will Be Short On Funds When Their Taxes Are Due. This Has Got To Be Some Sort Of Shinanigans. Those Units Sat Unsold For The LongestTime, And All Of A Sudden They Sold 5 Of Them For $10 Million?
Tom March 29, 2012 at 01:55 AM
They might need cash to feed the white elephant.
Happy March 29, 2012 at 11:43 AM
Well I heard they paid the town $2m bucks yesterday. I have heard the buyers were waiting for the tax dispute with the town to end. Don't you people understand, we want this project to succeed. It helps keep our taxes down. It is shameful that so many ignorant comments get posted here. I doubt any of you have the resources to make up for the tax revenue this project will hopefully continue to bring in. If it does not succeed it will come from your pockets. From my pocket to your ears, shut up!
outside look March 29, 2012 at 01:13 PM
That's all good and all but where do you think the taxes will go? I believe right into the hands of the town council to spend on things that are for a want and not a need. We need to make change people....
Mark Wyman March 29, 2012 at 02:13 PM
Then why is it that my taxes have not gone down. This tower has been there for a few years yet taxes continue to go up.
danny woods March 29, 2012 at 02:17 PM
It would be great to see all the units sold. The town can really use the taxes from this project.. It's never a good thing, to see any project, or company fail.some of our smaller buisness owners will also benefit from this. This can turn into something that can really help our town.we should be thankful, that some of these units sold ! And hope the rest will sell soon.
getreal March 29, 2012 at 02:37 PM
Why are the no trespassing signs still up down along the public way by the marina? Did the town forget about this?
Happy March 29, 2012 at 07:07 PM
They probably want to keep undesirable losers off the property. I fish down there and drop my small boat there. They are nice peole who help me unload sometimes. What does the town council appropriating funds have to do with the tower contributing to the tax base, get smart or better yet just shut up nobody wants to hear your poison and garbage
Happy March 29, 2012 at 07:15 PM
By the way I saw where our taxes go. They pay 100% retirements to people who work 20 years for the town. The Daiy news covered the story for the past two days. One of the elected guys in town was calling the union out on it and they all showed up and attacked the guy for trying to stop it. I forget which elected guy it is but he's got a set of big ones . We need more guys like him to straighten this town out. Why don't you complainers get behind that if you want your taxes to be controlled.
Mark Wyman March 29, 2012 at 08:25 PM
So you saw somebody say something to somebody else but you can't remember who where or when sounds very convincing.
Mark Wyman March 29, 2012 at 08:25 PM
So Happy how much did they soak you for your condo.
getreal March 29, 2012 at 09:41 PM
I would love to see this 20 year 100 % guy happy..... the only people getting 100 % after 20 are Judges and State Police and i think it is more than 20 for them.....I think Happy is flinging the bull...hey your a PCC propaganda spreader right?
Unbelievable March 30, 2012 at 12:04 AM
Are you saying that one of the unions get 100% of their pay for retirements after 20 years? Highly doubtful I know first hand they dont get 100% at 20 years or after any number of years. Its more like 50% of the average of the last 3 years of salary.
getreal March 30, 2012 at 10:26 AM
Happy...i will ask again since you deleted my comment....what gives you or the tower the right to deny a public right away to what you call losers?
outside look March 30, 2012 at 11:38 AM
Absolutely nothing but if it gets you to comment your true self and words, than I guess Happy isn't the name for you and you have major issues. Although I don't like what you said I will defend it to the death for you to say it.. Lighten up Happy and think about changing your name to can't handle a web page without acting like a child... Have a happy day!!!
Jane Wolk Wheeler March 30, 2012 at 03:57 PM
Yes Peggy, that's true, but I'm saying that there is still a big tall tower looming up from the lovely shore!
Mark Wyman March 30, 2012 at 04:18 PM
In reality they haven't sold anything they created a new LLC and then sold the property to themselves. This is probably just a ploy to keep their creditors form forclosing on these properties all they did is transfer them on paper.
NKGOP Watch March 30, 2012 at 07:01 PM
Doubt that, they could not sell just five "to themselves". As to the rest of the hateful comments let me address them one by one. EYESORE - A more hideous abandoned tower was already there. That grandfathered in a structure of that size. This is an improvement. TAX REVENUE - NO children from the tower are ever likely to attend the town schools, yet the per-unit property taxes paid to Portsmouth are HIGHER than the average, by far. This BENEFITS the taxpayers greatly. "SHENANIGANS" - I guess you plebes never heard of the economic crash, but these properties are usually investment, leisure properties, the hardest-hit of all real estate. This happened because the building opened after the crash, a crash that NOBODY, especially the jealous average worker-taxpayers could have predicted (they were the first to get "upside down" on their homes, by the way) COMMUNITY - This development added a NICE boat ramp with ample parking for the COMMUNITY / PUBLIC use. So, we went from an abandoned factory tower which paid less taxes, to a nicer luxury tower which pays MORE taxes and doesnt use the town's number one expense, the schools, and a sweet boat ramp. I'm happy. You should try it.
getreal March 31, 2012 at 02:35 AM
Nkgop...the boat ramp was put in on a public street and public right of way with the understanding it would remain open to the public....past several months they have put up no tresspassing private property signs at the entrance to parking lots and boat ramp......Public right of way and land a question now, they have hone against the original agreement.
NKGOP Watch March 31, 2012 at 05:30 AM
go to town hall and get a copy of the agreement. i think with that in hand you can remove the no trespassing stuff. also, one lot is for public, one is for members usage. both are large lots. in fact, if they ARE blocking the agreed-topublic access, call the patch reporter/editor, and local papers about it. do not let that stand. use your balls to protect what is yours and public.
NKGOP Watch March 31, 2012 at 05:38 AM
Wait, found an article about it here on Portsmouth Patch: http://portsmouth.patch.com/articles/tax-delinquent-posts-parking-signs-near-public-boat-ramp#photo-9129163
getreal March 31, 2012 at 08:50 AM
These signs are still up to this date. I wonder if they leave them up long enough if they could have a claim to this land down the road "no pun ".....

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