The future of many of Chan’s other properties is less clear. According to McCarthy, the property manager of the former American Express building at 39 JFK St. is currently in talks with potential tenants to determine who will occupy the space next. McCarthy also wrote that the future of the residences located at 382-392 Harvard St. is still undecided, since the building is outdated and “requires improvements.”
Martha Flynn, assistant commissioner at the Cambridge Inspectional Services Department, said that renovations are also planned for the property at 18 to 28 JFK St., which Chan also owns and includes establishments such as UNO Pizzeria and Grill and Papyrus. Requests for alterations by various contractors have been approved by the department.
MAKING CONNECTIONS
Despite the large network of properties, the link between Chan and his real estate holdings is not always clear. Chan’s name is not directly connected to most of his properties, but they are all owned by separate foreign limited liability companies, such as Tarragon LLC and Plumosa LLC, which are all connected to the Morningside Group, Chan’s investment company headquartered in nearby Newton. The LLCs are also headquartered at the same Newton property, 1188 Centre St., though most are incorporated in Delaware.
Though the multitude of corporate entities may seem unusual, John Hynes ’80, the CEO of Boston Global Investors, said that it is common for pieces of real estate to be held by separate entities so that “if one falls, it won’t take down another.”
Chan’s recent donation to Harvard raises the possibility of transferring some of his Harvard Square property to the University. Andrew Johnson, an assessor for the city of Cambridge, said that the city could not restrict such a transfer.
However, Johnson did note that if Harvard takes the buildings off of the city’s tax roll, Harvard would be subject to the PILOT agreement, or a “payment-in-lieu-of-taxes,” which would require a payment similar to property taxes currently paid on the buildings.
—Staff writer Ivan B. K. Levingston can be reached at Ivan.Levingston@thecrimson.com. Follow him on Twitter @IvanLevingston.
—Staff writer Celeste M. Mendoza can be reached at Celeste.Mendoza@thecrimson.com. Follow her on Twitter @CelesteMMendoza.
This article has been revised to reflect the following correction:
CORRECTION: October 13, 2014
An earlier version of a map accompanying this article incorrectly labeled two properties owned by Gerald L. Chan that require improvements, according to the city of Cambridge. In fact, the city said Chan's property at 382 to 392 Harvard St. requires improvements.