40 Acres Former HQ Now For Sale

According to ACRIS this property has been owned by 40 Acres and a Mule Filmowrks, Inc., since 1998. I don't think Spike was forced to do anything here, and who is this guy who has the listing? Is he a personal friend or something -- according to his bio he's never done anything in Brooklyn, and he works out of Manhattan -- maybe that explains the crazy price: He didn't realize it was in Brooklyn...

Posted by: guest at March 17, 2008 10:30 AM

As per the listing: "It has been *LEASED* to a celebrated film maker for the past 22 years as a production studio."

So which was it? Leased or owned by Spike Lee?

Posted by: guest at March 17, 2008 10:33 AM

Rip-off. No way this building is worth $6 million, no matter who used it as a studio. What's the available FAR? Maybe that's the angle here.

Posted by: guest at March 17, 2008 10:34 AM

this is the dumbest thing i have ever seen. unless you love hearing ambulances all day and night i would think this is not even worth considering. 6 million. I think Manhattan has gone to spike's head.

Posted by: guest at March 17, 2008 10:35 AM

Property records show that 40 Acres SOLD it to a Coyote Nine Realty Inc (with an address in upstate NY) in 1998. So Spike Lee apparently did NOT own it as of 1998.

Posted by: guest at March 17, 2008 10:37 AM

the listing states a 100' deep basement which is difficult to imagine since the lot is 82' deep, leading to the next point. With a 2,050 sf lot, and a downzoned area (now R6B,FAR: 2.0)
you have gross buildable of approx. 4,100. The building is over built with no additional air rights. Cool building, decent location, probably worth (on the high end) 500 psf

$2.9M

Posted by: guest at March 17, 2008 10:43 AM

probably just trying to see what they can get for it. it's a unique building, but not for $6mil.

Posted by: guest at March 17, 2008 10:46 AM

Check out ACRIS -- the City of NY sold it in 1981 to Coyote Nine Realty, granting it a mortgage for $65,833 at 12%. Coyote Nine sold it to Forty Acres and a Mule in 1990 and made it a mortgage for $1.7 million (Jose Graniela was listed as presidentof Coyote Nine). In 1998 Forty Acres and a Mule re-transferred the property to Coyote Nine Realty, which at that time had an office address upstate although heretofore it had been domiciled at 124 Dekalb. The deed says that it was granted "in lieu of foreclosure" and it's signed by Shelton J. Spike Lee.

So what's up here -- Spike defaulted on his mortgage in 1998 and gave the thing back?

Posted by: guest at March 17, 2008 11:00 AM

what is up is you all in his business. stop digging

Posted by: guest at March 17, 2008 11:38 AM

HAHAHAHAHAHA!!

11:38! "...you all in his business. stop digging."

Lordy! His business is public business, sweetheart.

Posted by: guest at March 17, 2008 12:50 PM

If it's so public why are you begging for more info on blog? Get a life.

ps- dont call me sweet heart unless you're bending over tonight.

Posted by: guest at March 17, 2008 2:48 PM

You never know who yer talking to on a blog, now do you, 2:48. I might be into it for all you know.

Posted by: guest at March 17, 2008 2:51 PM

Have you been inside the building lately? Your quote ” for something that doesn't even have much interior charm going for it” I’d be more than happy to show you and talk. Call me!
Coyote

Posted by: guest at March 17, 2008 3:08 PM

Have you been inside the building lately? Your quote ” for something that doesn't even have much interior charm going for it” I’d be more than happy to show you and talk. Call me!

Posted by: guest at March 17, 2008 3:10 PM

Saw the pictures on Citi Habitats' web site -- not charming at all. And certainly not worth $6 million -- I don't care what Spike did there!

Posted by: guest at March 17, 2008 3:25 PM

2:48 see you tonight I'll bring the Spiked bat you bring the Lard!

Posted by: guest at March 17, 2008 4:02 PM

*2:51

Posted by: guest at March 17, 2008 4:03 PM

The 100' deep basement--that's straight down.

Posted by: guest at March 17, 2008 5:34 PM

Sounds like some shenanigans going on there.

It is not unusual for a someone to own a building and then lease it to a company owned by the same person. THere are advantages.

The foreclosure thing sounds fishy. Generate a loss for tax purposes?

Posted by: guest at March 17, 2008 8:24 PM

It is not uncommon to have a basement that is longer than the lot size. the extension is called a vault, and it is under the sidewalk. It is not deeded, but it is for the sole use of the property owner.

And secondly, the two entities that have been swapping the deed, are clearly the same people. When a deed is transferred in lieu of foreclosure, without an attempt to achieve highest and best value such as an auction, this is almost always an internal transaction.

And lastly, this is not digging. Property records are public information, and the chain of title is there for anyone to see.

Posted by: guest at March 18, 2008 10:50 AM

If real estate doubles every ten years or so. And sold for two million dollars in 1990. In 2000, its value should be estimated at four million dollars. Following the same line of thought in 2010 it should be eight million dollars. What’s it worth in 2008?

Posted by: guest at March 18, 2008 12:40 PM

I guess we're gonna find out, arn't we?

Posted by: guest at March 18, 2008 3:23 PM

The interior of the building is mint, many custom features. I'm amazed at all negative comments while it is obvious none of the comments come from people who have actually been inside the building. Wait for the professional photos and virtual tour next week.

Posted by: guest at March 30, 2008 11:35 PM

Having gone thru the firehouse I can tell you it’s a
turnkey situation, an architectural gem and one of Ft. Green’s crown
jewels.

Posted by: guest at April 5, 2008 1:04 PM