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PROPERTY TRANSFERS
Feb. 4, 2008 ~ Feb. 8, 2008
3. A house on 5.6 acres at 1 Pochick Ave. sold to Mark A. Lombardi and Maureen Lombardi, Trustees of the Lombardi Realty Trust of Nantucket, Mass. from Mark Lombardi of Nantucket, Mass. for less than $100. The property is assessed at $5,114,700. The land bank fee exemption is D.
 | | 1. An apartment and a business on .13 of an acre at 1 North Beach St. sold to One North Beach, LLC, of Nantucket, Mass. from George N. Nyren, Trustee of Nylee Trust of Nantucket, Mass. for $3,750,000. The property is assessed at $1,642,800. The land bank fee is $75,000. |
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4. A house on 2.5 acres on a portion of 20 Boulevarde sold to Malcolm Maccoll of Needham, Mass. from Malcom Maccoll and Dorothy M. Maccoll of Needham, Mass. for $1. The property is assessed at $1,074,000. The land bank exemption is C.
5. A house on 2.5 acres on a portion of 20 Boulevarde sold to Dorothy M. Maccoll of Needham, Mass. from Malcom Maccoll and Dorothy M. Maccoll of Needham, Mass. for $1. The property is assessed at $1,074,000. The land bank exemption is C.
6. A house on .09 of an acre at 40 West Chester St. sold to John M. Ukraine and Kevin W. Quinn of Aspen, Colo. from John M. Ukraine and Kevin W. Quinn, Trustees of 40 West Chester Street Realty Trust of Aspen, Colo. for $1. The property is assessed at $1,113,200. The land bank exemption is D.
 | | 2. A house on .27 of an acre at 22 Appleton Road sold to Steven L. Cohen, Trustee of Glenview Realty Trust, of Nantucket, Mass. from Francis Papps of Naples, Fla. for $850,000. The property is assessed at $906,100. The land bank fee is $9,000 and the exemption is M. |
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7. A house on 2.8 acres at 9 Longwood Drive sold to Moscarillo of Potomac, Md. from Moscarillo Family Limited Partnership of Potomac, Md. for $1. The property is assessed at $1,301,100. The land bank exemption is J.
8. A house on .37 of an acre at 237 Exeter St. sold to Jean C. Printer and Steven Printer of Nantucket, Mass. from Jean C. Printer, formerly known as Jean M. Critchley of Nantucket, Mass. for $1. The property is assessed at $917,700. The land bank exemption is C.
9. A house on 1.7 acres at 12 Cathcart Road sold to Alison S. Monaghan, as Trustee of the Thekia R. Shackelford Grantor Retained Annuity Trust dated 1-22-93 of Sarasota, Fla. from Thekia R. Shackelford and Donald B. Shackelford of Sarasota, Fla. for $0. The property is assessed at $5,305,300. The land bank exemption is D.
10. A house on .24 of an acre at 9 Yompasham Lane sold to Alice M. Gianakos of Lynchburg, Va. From George C. Gianakos and Alice M. Gianakos of Lynchburg, Va. for $0. The property is assessed at $809,000. The land bank exemption is C.
11. A house on .08 of an acre at 14 Pleasant St. sold to George F. Korn, Trustee of the George F. Korn Living Trust of Nantucket, Mass. from George F. Korn, Successor Trustee of the Richard Kemble Living Trust of Nantucket, Mass. for $0. The property is assessed at $1,852,800. The land bank exemption is D.
12. A house on .13 of an acre at 5 Thurston's Court sold to Justin Tausig of Forest Hills, N.Y. from Hans Eric Tausig, as trustee of the Eva- Maria Tausig Nantucket Personal Residence Trust of Forest Hill, N.Y. for $0. The property is assessed at $1,938,600. The land bank exemption is C.
13. A business on 3.2 acres, .10 of an acre, .37 of an acre and .49 of an acre at 19 North Water St., 25R North Water St., 29 North Water St. and 72 Easton St., respectively, sold to White Elephant Hotel Residences, LLC, of Newton, Mass. from HHV, LLC, of Newton, Mass. for $0. The properties are assessed at $15,298,700, $676,400, $2,850,600 and $1,706,500, respectively. The land bank exemptions are J, I and D.
14. A business on 3.2 acres, .10 of an acre, .37 of an acre and .49 of an acre at 19 North Water St., 25R North Water St., 29 North Water St. and 72 Easton St., respectively, sold to Nantucket Island Resorts, LLC, of Newton, Mass. from White Elephant Hotel Residences, LLC, of Newton, Mass. for $0. The properties are assessed at $15,298,700, $676,400, $2,850,600 and $1,706,500, respectively. The land bank exemption is B.
The Nantucket Islands Land Bank gained $84,000 in transfer tax fees for the week ending Feb. 9. For 2008, the Land Bank gained an estimated total of $1,562,310.61 in transfer fees. Land bank income is derived mostly from the collection of a two-percent transfer tax on real estate transactions, subject to certain exemptions. The land bank acquires, holds, and manages land for open space and recreation on Nantucket. Other revenue sources include investments, private contributions, leasing of the Lily Pond Cottage at 15 North Liberty St., and properties at 2 Massasoit Bridge Road, 159 Hummock Pond Road, and 22 Broad St.
NOTES ON EXEMPTIONS Many of the property transfers recorded with the Land Bank are exempt from the two percent transfer fee using one of 13 exemptions allowed by the Land Bank Act as follows: A: transfer to government entity. B: transfer which, without additional consideration, confirms, corrects, modifies, or supplements a previously made transfer. C: transfer made as a gift without consideration. D: certain transfers to and from a trust. E: transfer via death or bankruptcy. F: transfer made in partition of land and improvements. G: transfer to charitable organizations. H: transfer to a mortgagee in foreclosure of the mortgage. I: certain transfers made to or within a corporation or partnership. J: certain transfers out of a corporation or partnership. K: transfer due to divorce. L: transfer of property that is partially personal property and partially real property. M: certain first-time property buyers (applies to the first $400,000). The above explanations are abbreviated because the language explaining these exemptions is too lengthy to print in this section every week. If you're curious about a certain exemption, go to the Nantucket Islands Land Bank Web site for complete information on the exemptions and the land bank's governing bylaws: http://www.nantucketlandbank.org. Or visit
the office at 22 Broad St. I
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