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16

Another Fulton Street Prop Up for Grabs

Categories: Brooklyn, Clinton Hill, Properties

884 Fulton
When you're at the cross-roads of a rapidly gentrifying neighborhood, a 120 percent price increase in less than two years may be perfectly reasonable. That's what the group that paid $850,000 for this mixed use property at Fulton and Waverly in August 2005 is hoping as they slap a $1.9 million price tag on the property. Given the upzoning of Fulton and the fact the the property is only currently built to a 0.89 FAR, don't be surprised to a significant addition to this place within the next couple of years, something to match the Scarano sliver that's going up next door. Since we bet that the four one-bedroom apartments have some entrenched tenants, we're hopeful that the old building won't be torn down. Any thoughts on whether this asking price is achievable?
884 Fulton Street [Ronda Savoy] GMAP P*Shark



By Brownstoner at April 27, 2007 12:43 PM | Comments (16)

16 Comments

By Anonymous on April 27, 2007 1:22 PM

this has been on the market forever. There were renovations done with HPD financing and so the units are regulated by HPD for another 16 years.

The owners of this property - G-way management - own a bunch of properties that are always for sale. However, as the income on a unit goes up or they do some work, they up the price. I think they take the approach that if someone is willing to pay them more than market value for the property they will sell but they are not willing to take what it is actually worth.

They have many properties that have been on the market for years and every few months the prices rises but none of them ever get sold.

Here's their website if you're interested: http://www.g123.com/indexSellList.aspx

By anon on April 27, 2007 1:29 PM

Someday, somehow, somebody is going to put something other than a hair salon or a nail place on this stretch of Fulton. I'm waiting.

By Fez on April 27, 2007 2:54 PM

If the building's units are locked up in some type of HPD regulatory agreement from a rehab loan- it's a major headache to ever redevelop. That's probably the reason it has been on the market forever. I'd rather invest my money into something with a higher return than to become a landlord for a rent-stabilized bldg with a lame reno job.

By Anonymous on April 27, 2007 2:58 PM

What? Sympathy for some long-entrenched rent-regulated tenants? This is a first for you, Brownstoner.

By Anonymous on April 27, 2007 3:27 PM

Mr. B, another piece of great news for us in Clinton Hill. Did you know that the building on the corner of Fulton and Classon is on the market? Yes, the building with the crappy bodega that invited every criminal element on Fulton to congregate infront of it all day and all night! Thank God it's shut down. I only hope that the new owner will put something nice in the retail spot.

By hello!! on April 27, 2007 4:17 PM

Just an FYI, from someone in the know....
This company has increased the value of this property in past years and other properties they own. They perform upgrades on the buildings and fix all of the old open violations that the buildings have had from previous owners. and bring them up to code. The apartments are upgraded as well, when tenants move out and they get market rent where possible. They are trying to get better store tenants as well. And if someone is willing to pay a price for a building so be it. I don't believe they can demolish this building anyway because of the HPD lien from previous owners.

By anon on April 27, 2007 4:56 PM

i believe it's directly across the street from a methadone clinic.

not saying good nor bad, but seems like a lot o money for a pretty edgy hood.

By Anonymous on April 27, 2007 5:50 PM

So why is it on Urban Underground's website if it's GWays listing?

By Spotting Self Interest on April 28, 2007 8:05 AM

Why is it that the only double digit prices you deem reasonable occur IN YOUR BACKYARD?

In many other rapidly gentrifying areas, you lambaste a seller who seeks this kind of mark-up over the a relatively short amount of time. What gives?

Maybe you could solve the discrepency by changing the name of your blog to "Clinton Hill Stoner". It's certainly more honest (on oh so many levels).

By Anonymous on April 28, 2007 11:38 AM

My god, that building on the left is one of the most hideous things I have ever seen in Brooklyn. Is it 8 feet wide?

By John on May 13, 2007 11:25 AM

The developer of next door 888 Fulton, is cutting corners and not paying his sub-contractors.

By Jennifer on May 13, 2007 11:29 AM

I owned a 3-fmaily around the block, I will be happy to see G-Way making money, they did a great job cleaning up this corner as well as many other properties in the area.

By Aldo on July 8, 2007 7:41 PM

Hi
As a broker that is working close with G-way I will have to say that they are doing a great job. The clean up some buildings from drugs, they upgrade the building and give good maintenance to the tennants.
I wish more building owners will do the same

By Aldo on July 8, 2007 7:41 PM

Hi
As a broker that works close with G-way I will have to say that they are doing a great job. The clean up some buildings from drugs, they upgrade the building and give good maintenance to the tennants.
I wish more building owners will do the same

By Aldo on July 8, 2007 7:44 PM

Hi
As a broker that works close with G-way I will have to say that they are doing a great job. The clean up some buildings from drugs, they upgrade the building and give good maintenance to the tennants.
I wish more building owners will do the same!!!

By crimeasart on July 9, 2007 10:20 PM

i have unfortunatly rented from g-way. they are the worst landlords (scum) ive ever encoutnered: here is their claim to fame:


Renting from the worst, nabe groups tap scammers & rogues as New York's 11 lousiest landlords
By Peter Kadushin, Rich Schapiro, and William Sherman of The Daily News

"The city's worst landlords got their own awards ceremony yesterday - and a Brooklyn condo developer took the dubious top prize.

Adam Mermelstein, principal partner of 188 S. Third St. Investors and TreeTop Development, Brooklyn, was unofficially named the city's worst landlord by a consortium of neighborhood groups. Residents of 188 S. Third St. said he has been trying to empty the 41-unit building and that only 18 apartments are now occupied.

Jacquelyn Hernandez, a tenant for 15 years, said, "I was verbally and physically harassed by a phony inspector with a fake ID who said I hadn't paid the rent and gave me fake eviction papers." Hernandez said her small, two-bedroom apartment is "without hot water and is badly in need of repairs."

Neither Mermelstein nor any of the other landlords was present. When reached by phone later, Mermelstein denied trying to force tenants out.

"That's all false. Our practice is specifically not to do that. We have no interest in buyouts or harassment ... Tenants can stay for as long as they like for whatever rent they're paying. That's not our game. "The building is in very good shape. But any repairs or problems that do come up we do try to take care of them as long as tenants give us access," he said.

In all, 11 landlords were considered in a rowdy 11 a.m. ceremony sponsored by a neighborhood associations and community activists at Judson Memorial Church on Washington Square.

The main criteria were art and variety in harassing and intimidating rent-regulated tenants to get them to move out so the landlords could jack up rents, according to the Association for Neighborhood and Housing Development.

Fake eviction papers, turning off gas, heat and hot water, changing locks, threatening naive immigrants, filing frivolous lawsuits, illegally raising rents and failing to make repairs were among the tactics used by the landlords, according to the event organizers.

More than 250 people attended the ceremony - none of them laughing - and they voted by shouting and using noisemakers as the landlords' names and properties were announced. The "winners" were selected based on crowd noise.

Other landlords cited were: Jacob Finkelstein, owner of 1356 Walton Ave., the Bronx; John Tsevelos, president of G-way Management and owner of 851 Franklin Ave., Brooklyn; Jay Podolsky, owner of 330 W. 95th St., 315 W. 94th St., and 316 W. 95th St., Manhattan; Nathan Schuchat, who owns properties on the lower East Side, including 141 Ridge St.; George Subraj, who owns homes divided into apartments in Jamaica, Queens; David Melendez, who owns buildings in Bushwick, Brooklyn, including 198 Knickerbocker Ave.; Doug Peterson, who owns 974 Sheridan Ave., the Bronx; Benjamin Shaoul, who owns 332 Mott St. and 166 Elizabeth St. in Chinatown, and Julia and Carlos Guzman, who own 268 Dean St. in Brooklyn.

Another recipient was Joel Weiner, head of the Pinnacle Group, which issued thousands of eviction notices to tenants in their many buildings as disclosed by a Daily News investigation."

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