Investor group to purchase Farmstead Village

By TOM KANE

DAMASCUS, PA — A group of investors from New York City have made a down payment of $225,000 at the Wayne County Deed Records Office in a move to purchase a 980-acre property in Damascus Township called Farmstead Village.

The down payment was made on Friday, March 11, 2005.

The property, which is located along Route 371 outside Tyler Hill, is owned by Fred Frankel of Boca Raton, FL and had received a preliminary subdivision permit from the Damascus Township in 1969. The subdivision has lain dormant since that time.

The investors group is called BSD Holding Company LLC.

Attorney Fred Howell of Honesdale is doing the title search for the seller. The property has three sections along the state road, according to Howell, and could have as many as 1,500 lots that could be developed.

Howell said there was a “cloud on the title” that had to be resolved.

“Another group is saying they have an agreement of sale and they have to appear before Judge Robert Conway in Honesdale next Wednesday to defend their claim,” Howell said. “If the claim is cleared by the court, the development of the property by the investor group could begin.”

Howell explained that the BSD Holding Company may not be the final purchaser of the property. A holding company often passes the project to another buyer, he said.

“I don’t know who BSD Holding Company is,” said Damascus zoning officer Ed Lagarenne. “There have been about five inquiries about the property recently.”

Davis R. Chant Real Estate is handling the sale.