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December 1, 2006

940 Fulton Auctioned Yesterday

fulton
We were perusing the foreclosure list on Property Shark when we noticed that 940 Fulton Street at St.James Place was up for auction yesterday. Why should anyone care? Well, the 9,100-square-foot building is on the crucial stretch of Fulton that many people are hoping will improve in terms of both retail and residential in the next few years. We hope the building fell into the hands of someone who will do something nice with it. LaSalle Bank had a lien of $673,890 on the property. Anyone know what it went for?
940 Fulton Street Foreclosure [Property Shark] GMAP




Posted by Brownstoner at 10:52 AM | Comments (17)
Categories: Properties

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Comments

Brownstoner

Just because a house is on the foreclosure auction list, doesn't mean that the property was auctioned. Most auctions never occur as there is a postponement, satisfaction of the mortgage etc.

This property was not auctioned. I do not know the reason why.

Posted by: Torch at December 1, 2006 11:26 AM

I have a friend that went to bid and was informed that the property sold in the AM, the auction was scheduled for 3pm.

So I don't know if something fishy happened or not.

Needless to say she was very confused and disappointed.


Anyone know exactly what transpired?

Posted by: Anonymous at December 1, 2006 11:27 AM

Prime properties NEVER EVER come up for auction. They get snapped up beforehand by insiders, or people more shrewd than the ones who show up on Adams.

Posted by: Anonymous at December 1, 2006 11:32 AM

someone probably met with the owner the night before or the morning of and offered a very sweet and irresistable all cash deal. Not necessarily a bad thing if they at least enhance the curb appeal.

Posted by: Anonymous at December 1, 2006 11:42 AM

It wouldn't be "fishy" if sold before the auction, happens all the time.

Which building(s) is it? The laundrymat and closed video store or the white, unused converted church?

Posted by: lp at December 1, 2006 11:49 AM

Obviously, it's the building w/ the laundromat and the video store. Otherwise, Brownstoner would have focused the camera at the whitewashed building -- duh!

Posted by: anon at December 1, 2006 11:58 AM

on GMAP, it looks to be pointing at the white church, that's why I asked you impolite turd.

Posted by: lp at December 1, 2006 12:04 PM

Sellers pay attention. What a wonderful way to attract buyers. Announce auction and postpone until an insider bites.

Posted by: Anonymous at December 1, 2006 12:24 PM

insider deals suck. wouldnt they make more money when they let everyone on into these deals. where they get the best offer.

Posted by: armchair_warrior at December 1, 2006 12:26 PM

It's not subterfuge. The owner gets approached by someone who tracks them down once they realize that the city or a lender is foreclosing on the owners property. Then the purchaser tries to make the owner a good offer in hopes that the owner will take the offer rather than take chances with the foreclosure sale.

Posted by: lp at December 1, 2006 12:29 PM

warrior, not necessarily. file under: bird in the hand, etc. sometimes the "better deals" drag on and on (and on...)

Posted by: Anonymous at December 1, 2006 12:29 PM

side story: when we moved in around the corner from there, bubblemania was the only laundromat around. then a big fancy spankin' new CleanRite appeared across the street with big "Coming Soon!" signs. apparently the owners of bubblemania weren't too pleased, and they hired a half-a-dozen derelicts to stage a "protest" against the CleanRite. for almost a week, every day, a handful of very sorry-looking protesters picketed the sidewalk and held up handmade signs that said things like "No to CleanRite in the community!", "CleanRite = communists" and (my favorite) "CleanRite open in HELL".

my husband and i kicked ourselves later that we hadn't had the presence of mind to take pictures.

Posted by: sylvia at December 1, 2006 12:49 PM

Bubblemania was a decent launderer. Especially for $.60/pound. But they've been closed for a few months now.

Posted by: Anonymous at December 1, 2006 1:10 PM

i'm pretty sure they're still open actually.

Posted by: lp at December 1, 2006 1:26 PM

Sylvia, thanks for the tip. Now at least I know that I won't have to wear dirty clothes in the afterlife.

Posted by: Anonymous at December 1, 2006 7:11 PM

I think the next door building (398) is working on Condo and retail. Any info anyone?

Posted by: Anonymous at December 3, 2006 9:04 PM

yes the building was sold i was told a comglomarate bought it.

Posted by: liv at December 4, 2006 7:38 AM

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