Foreclosure of the Week: 470 Lafayette Avenue

On Thursday, this two-story building, currently classified as a church, will be up for sale at the weekly foreclosure auction at 360 Adams Street. Though it most recently changed hands for $125,000 in 2004, the owner managed to rack up debt of $354,625 on the building. If you could pick it up for that price, it would probably be a good buy as the building is currently 3,750 square feet and has an extra 2,325 square feet of air rights attached to it.
470 Lafayette Avenue [PropertyShark] GMAP
Photo by Sarah Westcott

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This is a tear-down on the Fort Greene - Bed Stuy border. $350,000 is nuts, when fully-built brownstones are going for $800K. Won't sell for more than $200K.

Posted by: guest at June 4, 2008 11:34 AM

You sound like you know what you're talking about, but then again since you don't know the difference betwen FG and CH, one might wonder.

Posted by: guest at June 4, 2008 11:51 AM

Looks like the ruins of the Alamo.

Posted by: guest at June 4, 2008 11:53 AM

It's on Lafayette between Classon and Franklin. The surrounding buildings are not well-kept, or have had recent cheapo flipper makeovers. It's right by Lafayette Gardens, but also very close to Pratt.

Posted by: guest at June 4, 2008 12:50 PM

Foreclosure Of The Cycle:

McMahon fighting foreclosure on Beverly Hills home

http://tinyurl.com/6b87nd

"The former 'Star Search' host was $644,000 behind on payments on $4.8 million in mortgage loans when a unit of Countrywide Financial Corp. filed a default notice Feb. 28 with the Los Angeles County Recorder's Office, The Wall Street Journal first reported late Tuesday."

No one can foreclose on your home like Countryfried can.

Posted by: guest at June 4, 2008 2:26 PM

I'd love to buy this and live there!

Posted by: guest at June 4, 2008 2:32 PM

2:26...amazing!!!! What kind of habit did he have that drained him of all his money???

Posted by: daveinbedstuy at June 4, 2008 3:14 PM

Dave, I think he had the habit of getting married and divorced a couple of times! I would be that expedited the draining of a good chunk of his assets. Here's an entry from Wikipedia (which also includes the info from 2:26):

"In the 1990s, McMahon was reputed to be worth in excess of US$200 million in real estate holdings (particularly in Malibu) and real estate partnerships, although his net worth declined somewhat, due to several divorce settlements and a nationwide drop in real estate."

Posted by: Biff Champion at June 4, 2008 5:24 PM

how can i get a loan from 66 george street realty corp?

Posted by: BrooklynLove at June 4, 2008 9:01 PM

This is Bed-stuy, it's between Franklin and Bedford. 3 blocks from Home Depot, G train subway stop on the corner. On the Marathon path where closeby on Bedford is the coolest percussion ensemble to be found on the whole 24 miles (or however long the marathon is). Lafayette Gardens across the street, 1/2 block west. The backside of the lot butts up to Clifton Place where a "seriously" renovated apartment building and a new building under construction--albeit both of these buildings on Clifton face the beverage distributors across the street. That said, it's a large lot (25 x 100), wouldn't be a bad investment @ 360k. $360k would be peanuts for our friends building upmteen other 4-6-story buildings in the immediately adjoining blocks, including the 12 story on Greene (between Franklin/Classon.) If I had the cash, I'd think about it, if only to stop the insanity in the neighborhood (this is not sarcasm.)

Posted by: guest at June 4, 2008 9:07 PM

sounds like a classic case of mortgage fraud to me. not that you earthlings would pick up on that.

The Appraiser

Posted by: guest at June 5, 2008 12:54 AM

« Wednesday Food & Drink Round-Up New Entry in the 4th Avenue Development Game »

June 4, 2008

Foreclosure of the Week: 470 Lafayette Avenue

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