Monday, November 16, 2015

The Bank Building

Yesterday on our way to mass at our Catholic parish, we took a slight detour to snap a photo of the bank building on parish property at the corner of Finley and Hillhurst.

The rear of the church building is visible past the left corner of the bank building. The bank building has had all the previous Citibank signs removed.

The photo reinforces several impressions I've had. First, there's landscaping on the property around the bank building that needs regular maintenance and hedge trimming. This costs money. There's a security light lit on the building side at lower right, which says that, even without a tenant, utilities must be paid, and this is a big building. I shudder to think about what might happen with no insurance. When I calculated gardening and utility expenses for the church building, I simply didn't factor in the additional costs for the bank building, which are clearly not trivial.

So minimal expenses for keeping the doors open are pretty clearly well above what the squatters now have coming in. In fact, given the version published in the Los Feliz Ledger, Mrs Bush wouldn't lease the space to Walgreen's because they wanted several months free rent to modify the space for their use. This suggests that the squatters were spending the rent money as fast as it was coming in and had no cushion.

So with BevMo! unexpectedly pulling out as a tenant and almost no money now coming in, how long can they keep the doors open? What on earth is the point of trying to gain a few days here and there by playing last-minute games? The building is not rentable with the property in litigation.

It's hard to avoid thinking Mrs Bush and those associated with her are delusional. Or something's hinky. I wouldn't rule out hinky.