We missed this story when it broke last week–and suspect most people did as it only seems to have received limited attention in the Daily News–but were pleased to be emailed a set of exclusive photos this weekend. It appears that the brownstone at 600 St. Marks Avenue in Crown Heights was torched on January 7th by arsonists, the last step in an elaborate mortgage financing scam that saw the value of the property artificially pumped up over a series of transactions between colluding parties. According to the Daily News, Delbert Baptiste was already indicted last August for inflating the price of the property but the real mastermind is a Mercedes-driving womanizer named Owen Larman who is currently a fugitive in connection with similar scams involving 20 properties and over $12 million. Here’s how the Daily News laid out the course of events:

March 24, 2000 — Owen Larman buys 510 Lafayette St. in his own name for $30,000 from Lorenzo Distant, a legitimate owner. April 6, 2000 — Larman sells building to straw buyer Andrea Clark in a paper sale for $245,000. No money changes hands but Larman gets mortgage of $220,500, which he allegedly steals. Profit after costs and expenses is about $170,000.

May 29, 2001 — Straw buyer Clark sells building back to Larman for $363,000 in another paper sale. No money changes hands but Larman allegedly steals a new mortgage of $304,200. Profit after costs and expenses is about $250,000.

August 12, 2003 — Larman files a fake satisfaction of the $304,200 mortgage with the city of New York, so it looks like mortgage is paid off and he owns the property free and clear.

September 5, 2003 — Using a fake appraisal, Larman executes a paper sale of the building to another straw buyer, Sabrina Robinson, for $435,000. No money changes hands. Larman takes out a $391,500 mortgage in Robinson’s name, which he again allegedly steals. Profit after costs and expenses is $323,790.

Larman walks away from the building. Sabrina Robinson is stuck with the mortgage payments.

Total profit for Larman on 510 Lafayette St.: $743,790

Photo Credit: M. Fager GMAP P*Shark
Masters of the Unreal Deal [NY Daily News]
Gentrification Brings Arsonists [NY Daily News]
Playing with Fire [Daily Heights]