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April 5, 2007
Foreclosure of the Week: 931 Fulton Street
For anyone who has a stake in the improvement of Fulton Street, today's foreclosure sale of 931 Fulton should be of some interest. Located at Waverly across from the meth clinic, this corner could use some prettying up. The property that's up for sale just goes as far as the Cardinal Realty sign and does not include the Nail salon building. The building, which has gorgeous architectural bones, has a number of long-time tenants paying below-market rents; given that fact, it's hard to guess how much more than the outstanding lien amount of $244,022 it will fetch. While we have no wish to see the tenants displaced, the condition of the building is emblematic of what happens when a landlord can't extract enough in rents to properly keep up a property...And speaking of the meth clinic, as we understand it, there has not been any meaningful progress on Tish James' effort to consolidate the three clinics in the area. In our view, this is currently the biggest impediment to lifting the Fulton curse.
931 Fulton Street [Property Shark] GMAP
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Comments
Meth heads? That is a term normally used to describe methamphetamine users. Surely the treatment centers Tish wants to combine are for Methadone treatment which is used for heroin addiction?
I am way more scared of Methamphetamine manufacturing and associated crime moving into the city than I am of Methadone clinics.
Which is it?
Posted by: Anonymous at April 5, 2007 11:48 AM
Methadone clinics, of course.
Don't count on Ms. James doing anything. If the issue does not relate to overdevelopment, she won't be interested. Plus, she loves poor people and a methadone clinic is a surefire to keep such a presence in the neighborhood.
Posted by: Anonymous at April 5, 2007 11:54 AM
I would love to get rid of the meth clinic and so should Ms James. What is she pandering to the meth user vote?
Yes- yes.. I want to force all the poor meth users to go all the way to east new york to get a fix because I am a horrible person who doesn’t care about poor people and their meth needs.
Posted by: brktwo at April 5, 2007 12:29 PM
Bstoner, where and when is the sale?
Posted by: Anonymous at April 5, 2007 12:35 PM
Sale is at 3 pm today at 360 Adams...The people who visit the meth clinics daily by and large do not live or vote in the distict.
Posted by: brownstoner at April 5, 2007 12:43 PM
The prospect of Fulton getting cleaned up is a great one. Too dark and too many broken & dingy sidewalks and useless retailers (how do they afford those rents anyway)line it. Can't believe that its the same street that runs through Fort Greene. And God, yes, after the methadone patients let out, it looks like Night of the Living Dead on Fulton (someone should start dispensing methadone outside of James' house). Fulton has so much potential, and its status is pivotal to the surrounding areas. All the long talk about grants and development money for Fulton is not panning out...on to some development!
Posted by: Brooklyn Boy at April 5, 2007 12:46 PM
Does anyone know where the 3 meth clinics are located? (I can tell that there's 1 near the corner of Classon & Franklin)...and why would all 3 be concentrated in 1 area anyway?
Posted by: Anonymous at April 5, 2007 12:51 PM
uhh...perhaps this particular stretch of town had or has a large concentration of heroin addicts
Posted by: Anonymous at April 5, 2007 1:00 PM
Brownstoner - what is your basis for presuming the rent roll was not sufficient to pay expenses? Until recently (last few years) building such as this did not sell for a prioe above what the owner could not pay his debt service, taxes and maintenance expenses based upon the actual rent roll. If the current owner paid more then that the he or she is a poor business person & deserves to fail. Surely a libertarian such as yourself can understand that. Instead you adopt the r.e. industry mantra that the fault is rent regulation.
Posted by: Anonymous at April 5, 2007 1:05 PM
hey 1:05, if you wanna be a pompous jackass, then why don't YOU post the actual rent roll so we can all determine if the owner lost it because of poor judgment or maybe escalating energy costs, mandated repairs, etc.?
How bout it wiseguy?
Posted by: Anonymous at April 5, 2007 1:11 PM
We have it on good authority that the tenants are all long-term and paying significantly below-market rents. That's not to say the landlord couldn't also be bungling things.
Posted by: brownstoner at April 5, 2007 1:25 PM
what's your good authority, b'stoner? cause i did a phone search on this building and didn't come up with any tenants at all.
Posted by: Anonymous at April 5, 2007 1:28 PM
someone who knows the landlord...maybe you should do a search of satellite tv customers instead.
Posted by: brownstoner at April 5, 2007 2:14 PM
Anyone know a good source for foreclosure listings in Kings County?
Posted by: redeye at April 5, 2007 2:15 PM
1:28, even the Property Shark report lists a few phone numbers, why didn't your phone search come up with anything? And don't you think the air conditioners and blinds in the windows suggest there are tenants in the building? Before you go around questioning other people who are doing you a service, maybe you should check your own methods.
Posted by: Anonymous at April 5, 2007 2:16 PM
Let's suppose the rents really are substantially below market, what does that have to do with the foreclosure? The price the owner paid obviously reflected and was discounted due to that fact. Over the last three decades I have witnessed many fools buying multi family rentals under the assumption they would just get the refulated tenants out. Sometimes they do and the landlord reaps a windfall & sometimes they don't & they cry about govt. regulation destroying the free marker system. I have also witnessed many (up until roughly 1996) buy multi family buildings, never pay their mortgage or real estate taxes, make no or minimal repairs, collect rent through the lengthly foreclosure process and eventually by the building back after the tax foreclosure.
Posted by: Anonymous at April 5, 2007 2:34 PM
These buildings, and those adjacent to it with similar iron facades, are great. It would be fantastic if they were cleaned up, made into higher end condos or rentals and the ground floors made into retail badly needed on this side of Clinton Hill (green grocer, bakery, butcher, fishmonger, flower shop, bookstore).
I also think the old coal and ice building, currently the methadone clinic, would be an excellent candidate for residential conversion. The large windows are a plus and the curved corner entrance could be attractive too. I say shut the methadone clinic down altogether. The drug dealer on the strip love the methadone addicts. They sell them their illegal wares when the clinic is shut. Close it, and the others, down. Methadone clinics do not belong in residential neighborhoods, period. I don't feel sorry for people addicted to methadone if they have to travel far out of their way to some light manfacturing area to get their fix.
Posted by: lp at April 5, 2007 2:49 PM
How did you find out about this?
Posted by: Curious at April 5, 2007 3:14 PM
Ummm...I don't think all people who use meth clinics are poor. And how do you know whether the people that use the clinic live or vote in the area?
There are a LOT of so-called middle class and upper class people addicted to heroin. Watch the news, read the papers, better yet...go to a bar on the Upper East Side or the donut shop on 23rd Street near the C train.
What does this have to do with the foreclosure?...Again, this New York!
Posted by: cillmylandlord at April 5, 2007 3:18 PM
I'd kinda like to live there; and I'm not even a methadone addict. doesn anywone know if there are any available apartments?
Posted by: pfa at April 5, 2007 3:26 PM
I don't care if the methadone addicts live in the neighborhood or if they don't, close it, it doesn't belong in a residential area, rich or poor, period.
Posted by: lp at April 5, 2007 3:28 PM
So do we know what it sold for yet?
Posted by: Anon at April 5, 2007 3:30 PM
How did you find out about this?
Posted by: Curious at April 5, 2007 3:37 PM
Pandering to the methadone user vote isn't what's happening - the longtime Brooklyn political "machine" hands out political favors thru the administration of programs like this one. It's not about the junkies, it's about the group running the clinic.
Tish is a marvelous representative, and she'll do her best. But sometimes a city politician will be pitted against a state or federal representative regarding a pet project/ pork barrel project. And just like in Ratner's view our area was termed "blighted", census maps, federal funding allocations and many other kinds of state or national projects can be out of phase with the current state of the area.
Don't fault Tish. She'll get it worked out.
Posted by: Anonymous at April 5, 2007 3:43 PM
I live near here and it is true. those exiting the clinic go straight to the dealers at the corners of grand and putnam and franklin and putnam and score. they are very prone to physical fights that can erupt over nothing or at most, imagined slights (i've witnessed it several times walking back from the c). they curse like crazy, regardless of who's walking by - i.e. small kids who look terrified. (most recently overheard was "suck my asshole...") it's a great, diverse neighborhood full of decent people, some of whom have been here for 40 years, others for two and neither group should have to live with that.
Posted by: miss priss at April 5, 2007 3:55 PM
here's the info on the meth clinic - looks like state and city govt are all up in this...
About A.R.T.C.
Executive Director's Message:
Welcome to the web site of the Addiction Research and Treatment Corporation. We hope you will find helpful information, and get to know us better
The Addiction Research and Treatment Corporation was organized in 1969 to address the unique problems of hard-core inner city substance users (minority addicts) and has provided prevention and interventions to every person that has crossed a clinical threshold. ARTC is a not-for-profit organization which is certified by the New York State Office of Alcoholism and Substance Abuses (OASAS) and an Article 28 Diagnostic and Treatment Center licensed by the NTSO of Health Systems Management. ARTC's comprehensive approach is designed to service the heroin addicts in the inner-city communities of New York. It's objective is to help its patients lead healthy, independent and productive lives allowing them to become responsible citizens who engage in a variety of meaningful activities.
Since it was founded, ARTC has grown into one of the nations's largest non-hospital based methadone treatment organization in New York State. Its seven community-based methadone maintenance treatment programs and two outpatient drug-free chemical dependency programs have provided a wide range of comprehensive health care and substance abuse treatment services to over 30,000 patients throughout Brooklyn and Manhattan. In the last decade, ARTC has added primary care and HIV/AIDS care services to offer patients the convenience of one-stop-shopping. In addition, it has contributed significantly to the management of HIV/AIDS care through its participation in various clinical trials. With its research on HIV and its treatments, ARTC is helping to improve medicine every day.
When the Addiction Research and Treatment Corporation was started from a single building at 937 Fulton Street in Fort Greene, it was never dreamed that it would become one of the largest and most successful providers of human services and health care in New York. Patient care is at the heart of our mission. An expert staff provides care that is compassionate, personal, and respectful of patients and their families. For more than 30 years, ARTC have provided addiction treatment and support services to persons struggling to achieve recovery. Patients benefit from the most up-to-date treatments medicine has to offer.
Posted by: Anonymous at April 5, 2007 4:10 PM
Amen to your last statement 3:55.
I implore you guys who live in that area to call the damn 88th precinct or 74th or whatever is your designated one.
You guys have to understand, as a longtime NYer, I've seen that drug dealers go where the addicts are... and until or unless the clinic(s) are relocated, the best thing you can do, which is what you SHOULD do if its your nabe, is just place an anonymous call to your respective precinct when you see drug/violence/criminal activity or when the clinic is gonna let out and you KNOW THEY WILL BUY ON GRAND,FRANKLIN,PUTNAM,etc.
If its was my nabe, you better believe I'd be on the line with the cops and 311 daily!!
All the politicians, gentrification, and real estate appreciation won't clean up the crime on its own... remember that.
Posted by: me at April 5, 2007 4:10 PM
referre didn't show up. . .
Posted by: local at April 5, 2007 4:19 PM
This is the type of thing that should be posted a week prior to the date - not the morning of. The short notice doesn't help anybody who might have been interested.
Local - what does that mean?
Posted by: Anon at April 5, 2007 4:21 PM
Tish is NOT marvelous. Again, all the cares about is trying to stop development. Bread and butter issues like this one are not her concern.
Posted by: Anonymous at April 5, 2007 4:22 PM
Hey 4:21, maybe you can pay your subscription fees to property shark or foreclosure.com so you can enlighten us "a week prior to the date"?
I love how people "demand" services from a website blog they don't pay monthly fees to
Posted by: Anonymous at April 5, 2007 4:28 PM
Thanks for the info, Anon 4:10. That led me to check their most recent 990. ARTC is a big operation--over $20MM/year. Virtually all their income is from Medicaid/Medicare reimbursements, so I don't think it's your affluent or middle class meth users queuing up on Fulton Street...
Posted by: tinarina at April 5, 2007 4:38 PM
Well these blogs are the first to bitch and moan when properties fall into the wrong hands and then turned into "bland" new developments.
Posted by: Anon at April 5, 2007 4:49 PM
Cillmylandlord- pleaaazze.
Duhh?! There are no affluent people going to meth clinics in NY (if you make $200K+/ year.. face it you would prefer coke). There are no middle class people using the “services” of that clinic (people that make $100K/ year smoke pot). There are no working class people who go to that clinic (that’s an alcohol and tobacco using group). Frankly- the patrons there are not even what would qualify as poor (who don’t do any drugs because they are poor).. they are below poor. They are people who have dropped out of society period.
Posted by: brktwo at April 5, 2007 5:18 PM
Oh I wasn't aware that affluent people prefer coke and middle class prefer pot. Those good ole working class folk (because people that make over 100K are not working class)...simply drink and smoke. Thanks for clearing that up, you're super smart.
Which category to you fit into? Coke or pot? Or are you a poor working class stiff with your Thunderbird and Newports in hand?
What does this have to do with the foreclosure?
Posted by: cillmylandlord at April 5, 2007 5:55 PM
this property was posted MONTHS ago on select sites (one you gotta pay for) an recently in the city notices. I scoped it out, but passed.
Posted by: anon at April 5, 2007 5:56 PM
Would anyone be so kind to type down some webpages where foreclosures are listed (anon 5:56). - or where are the city notices posted?
Posted by: redeye at April 5, 2007 6:30 PM
sorry, i was busy with other things through most of the day...but i now understand that many other people posting to this site believe satellite tv listings are more reliable than phone listings in terms of residents of this building, and that b'stoner should be excused for not providing back-up for his contention that the tenants are paying below-market rents. but no one has posted anything definitive about these rents, or about the landlord collecting them, so i think it's really unfair/incorrect to say that the reason the building is in bad shape is because the tenants weren't paying enough rent.
Posted by: Anonymous at April 5, 2007 8:03 PM
How would checking what's on satellite tv tell who lives in the building?
Hmm...Grey's Anatomy @ 9 - must be some doctors around.
Posted by: Anon at April 5, 2007 8:19 PM
thanks, 8:03 and 8:19; i was the person who originally said i couldn't find any phone listings for the building. i don't believe that b'stoner should be forgiven for not posting his sources for the "below-market rent." if he has those sources, and those numbers, and wants to make a case that the building is in bad shape because of those tenants paying below-market rent--and especially since he claims to have a source who knows this is trust--then he should post everything he knows.
of course, he doesn't even claim to know the most useful info, and that would be what the loss/profit on this building is based on the rent. and why doesn't he know this? BECAUSE LANDLORDS NEVER EVER OPEN THEIR BOOKS.
Posted by: Anonymous at April 5, 2007 9:38 PM
What a bunch of ass heads.
Posted by: Anonymous at April 5, 2007 10:12 PM
About the methadone clinic, this appears to be an orderly operation and I have not seen drug dealing on this corner or hanging out on the street, aside from people entering or leaving--I don't know about further east - I just haven't seen it. I can also say that there are signs of new life around Fulton in this area. Several stores on Fulton between Vanderbilt and Clinton are now renovating (a very gungy bodega gave itself a renovation recently and the Country House diner is almost finished refurbishing its interior on Fulton near Vanderbilt.) A fish restaurant for take out has opened up on this block too -- very nice proprietors and good food, Olivino is a wine shop on this block. Still no sign of retail life in the PACC owned building which housed Bodega. The street construction --replacement of the ancient water main) is very disruptive there. I have high hopes though for this stretch of Fulton. I think that there is a tremendous need for retail services on the south side of Eastern Fort Greene and Clinton Hill.
Posted by: donatella at April 5, 2007 10:53 PM
9:38pm,
You're totally, 100% wrong. Go to the D.O.F. website. You can see income and expenses for every NYC building from landlord submitted RPIE's. These numbers are accurate. They're the same numbers reported on tax returns.
It's wack how many misinformed, disgruntled people post on this site. It seems that the Curbed crowd has decended on Brownstoner. Too bad.
Posted by: Jake the Snake at April 5, 2007 11:04 PM
" every NYC building " jake?
i think not. from reading the requirements of RPIEs on DOF website, it's doubtful that this building would've had to file. and, if you're actually reading these completed forms, you must work for the DOF, cause they're not public info.
but what do i know. i'm just misinformed and disgruntled, right?
Posted by: Anonymous at April 5, 2007 11:40 PM
If you are planning to buy a home. Visit http://www.housemath.us for a thorough financial analysis of your investment. It helps you calculate the taxes, rent costs, buying and selling costs, to calculate the future value of a series of payments and lots of other things related to buying a home.
Its worth a try. http://www.housemath.us
Posted by: HouseMath at April 6, 2007 4:19 AM
11:40pm,
You're misinformed because you believe "landlords never open their books." The information is available for public viewing on the DOF website for buildings that must file RPIE's like I said earlier. I concede, I should have said "most rental buildings." I forgot I was arguing with a high school debater.
You're disgruntled because of your claim that Brownstoner should not be "forgiven" for posting his sources for below market rents. Enough said.
Posted by: Jake the Snake at April 6, 2007 8:29 AM
donatella,
have you been on fulton, ever? the methadone clinic people are in and out of there and buying drugs all day. Olivino is about the only good spot on that drag.
i encourage you (if you dare) to follow a few of those people out noe day as they amble over to grand and putnam and score and then go and hang out around the c train and talk trash at one another ad nauseum.
until we get more spots like olivino, we are doomed to be hanging out with these guys and an over abundance of nail salons and laundromats.
Posted by: uhuh at April 6, 2007 9:26 AM
Uhuh,
I'll take your word for it and I am on your side. I want good retail on Fulton and while these appear to be unsavory and unattractive characters, I myself just never witnessed the drug dealing. And let me tell you, I am not following any druggies to witness drug deals either, I believe you. I am also interested in doing whatever possible to encourage an environment which supports the development of a thriving retail district there. For God's sake, we need it. In fact in our area, that is the thing that we need most. I want a green grocer, some useful stores like a good pharmacy, more restaurants. There is very little useful retail in my little trip home from the subway. If I need shampoo or some other thing forget it-- I spend most of my money by getting into my car. I shop for food at Fairway, I get my shoes fixed near work, I can't even get a pair of emergency stockings near my house. So, bottom line I am on your side and if you can think of some practical action to help develop the area, let me know and where to sign up. I just had a glimmer of hope when I saw Country House Diner renovating and the grungy Yemeni bodega on Fulton and Clinton (if you can call it that) cleaning up its act ... I am grasping at glimmers of hope.
Posted by: donatella at April 6, 2007 10:57 AM
^above^ is this guy kidding me
Posted by: local at April 6, 2007 2:09 PM
yea, he clearly doesn't realize that okra was a bad choice for sarcasm as the locals eat it regularly
Posted by: Anonymous at April 6, 2007 2:31 PM
I would never eat the quality of okra that the locals eat...
Posted by: Anon at April 6, 2007 5:27 PM
"Gentrifying" at 1:01 PM is one of our posters who is most definately got nothing else to do all day and is definately not a serious poster. Serious people in the area though are fed up with the bombed out strip on Fulton, despite glimmerings of new activity. The street needs a major overhaul from Clinton on East.
Posted by: anon at April 6, 2007 5:49 PM
i walk my son every day to school and unfortunately have to pass by by this fuc.ing faces all the time , is it legal that such of a clininc should be two blocks away from a public school???? why don't we sign petitions to get them out of here, go somewere industrial to get your shit!
Posted by: Anonymous at April 7, 2007 2:13 AM
These meth heads are lost souls. We should drive them into the ocean!!!
Posted by: Anonymous at April 7, 2007 5:26 AM
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