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April 23, 2009

Foreclosures of the Week

foreclosures-042209.jpg
For the first time in recent memory, there are a couple of nice-looking houses in high-rent parts of town up for foreclosure this week. Is it a sign of things to come? First up is 224 Bergen Street, a four-story brick house in Boerum Hill that's been in the same hands since at least 1999; the lien amount is unavailable. The second pick is 17 Old Fulton Street, a three-family brick building right next to Grimaldi's; the bounty on its head is a modest (for the area) $471,584. The auctions are being held at 3 p.m. tomorrow at 360 Adams Street, Rooms 274 and 261 respectively.
Foreclosure: 224 Bergen Street [Property Shark] GMAP
Foreclosure: 17 Old Fulton Street [Property Shark] GMAP




Posted by Brownstoner at 10:30 AM | Comments (15)
Categories: Boerum Hill, Downtown Brooklyn, Dumbo, Foreclosure

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Comments

Wasn't the 17 Old Fulton place talked about on here a few years ago with flooding problems???

Posted by: daveinbedstuy at April 23, 2009 10:34 AM

$471k would be great assuming you can rent those apartments for a reasonable amount but it'll never actually go for that.

Posted by: cwbuecheler at April 23, 2009 10:44 AM

The Old Fulton St place was a house of the day in December. It was listed with Century 21 was just under 3 million.
http://www.brownstoner.com/brownstoner/archives/2008/12/house_of_the_da_613.php

Back then, there was talk about how there is a serious water table problem in that area. No substantiation, though.

Seems like they should have been able to sell for a lot less to avoid foreclosure, though. I have doubts it will actually make it to auction.

I'd be really curious to see follow-up on this one.

Posted by: Kris at April 23, 2009 10:57 AM

Well, if the auction's being held tomorrow, it kind of sounds like they didn't manage to avoid foreclosure ...

Posted by: cwbuecheler at April 23, 2009 11:02 AM

A memory like an elephant!!!! Thank you Kris.

Posted by: daveinbedstuy at April 23, 2009 11:03 AM

>

I was just trying to say that it's weird that they did not avoid foreclosure. And I've heard here on brownstoner that often in these sorts of situations the owners do manage to come up with the $ at the eleventh hour and the property doesn't actually make it to auction.

Posted by: Kris at April 23, 2009 11:07 AM

Kris - fair enough. I just wasn't sure whether I understood the auction process correctly or not.

It does seem crazy to me that a building like that would ever go into foreclosure, but I guess sometimes that's preferable to having to sell it at a loss and then still have a huge debt on one's hands? Unsure.

Posted by: cwbuecheler at April 23, 2009 11:19 AM

If the property doesn't make it to auction, it will usually come off the"list" the evening before or even the day of. Only way to verify is to call plaintiff attorney the day of--which is today, actually. Mr. B, I think you may have the day wrong.

Posted by: housebywe at April 23, 2009 11:21 AM

"Is it a sign of things to come?"

No, it's a sign that "things" are already here. Comps are slowly but surely getting the memo.

"four-story brick house in Boerum Hill that's been in the same hands since at least 1999"

HELOC gone wild.

***Bid half off peak comps***

Posted by: Brownstones Half Off at April 23, 2009 11:50 AM

Bergen Street Place has lots of outstanding Violations.
http://167.153.4.71/Hpdonline/select_application.aspx

Looks like something weird is up. Any theories ?

Posted by: gavolivia at April 23, 2009 1:09 PM

Correct, BHO...HELOC gone wild.

Posted by: daveinbedstuy at April 23, 2009 1:15 PM

Just went to the auction and 17 Old Fulton went for $1.5M. I was fantasizing about opening a shop below and living above it, but not at that price at foreclosure. Seems like one could have picked it up for that price by giving a low ball offer pre-foreclosure. Do you all think this was a bargain?

Didn't stay for Bergen st b/c had to get back to the office, btw.

Posted by: stuckinmy1br at April 23, 2009 3:56 PM

I cannot believe anyone would want to be Grimaldi's neighbor.

Between the constant pizza smell, the coal dust and the crowds on the street 14+ hours per day 365 days per year, it would be one major, unending nuisance.

No wonder they couldn't find a buyer.

Posted by: Knickerbocker at April 23, 2009 6:02 PM

How much did the Bergen Street house sell for and how do you find out about these auctions ?

Posted by: oldtimer at April 24, 2009 11:38 AM

Ditto! Brownstoner, it's a nice blog here but how about going back and updating these posts the next day??

It's like once something is posted there's a three hour window for comments and then people forget it ever happened...

Posted by: sdrubbins at April 28, 2009 2:40 PM

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