525 Clinton Avenue: The Song That Never Ends

Are people ever going to live inside 525 Clinton Avenue? The troubled Clinton Hill high-rise sat empty for years, and then a foreclosure auction was finally scheduled last September. At that point, the lien was $25 million. Then the auction was pushed back to December. Now, according to Property Shark, it’s scheduled again, for February 23rd. The lien has risen slightly, to $25,121,971. Assemblyman Hakeem Jeffries previously focused on 525 Clinton Avenue in an effort to turn the failed luxury developments into affordable housing, but what the future holds for this building is really anybody’s guess. Thoughts on why other developments have been snapped up recently and re-positioned as rentals, while this one sits on the sidelines?
Another Foreclosure Auction Set for 525 Clinton Avenue [Brownstoner]
525 Clinton Avenue [PropertyShark]
Foreclosure Auction Scheduled for 525 Clinton Avenue [Brownstoner]
Stop Work Order at 525 Clinton Avenue [Brownstoner]
525 Clinton Avenue: Something Happening Here? [Brownstoner]
Will 525 Clinton Avenue Really Go Affordable? [Brownstoner]
The Ghosts of 525 Clinton [Brownstoner] GMAP
Organizers Defend Occupation of ENY Foreclosure

Over the weekend the Post reported that the attention-grabbing Occupy Wall Street takeover of a vacant house in foreclosure in East New York was little more that a publicity stunt that hadn’t actually succeeded in providing housing to people in need of it, and yesterday the people behind the occupation issued a series of statements responding to the story’s claims in an effort to debunk some of them. OWS organizers say that Wise Ahadzi, the homeowner who abandoned the house a couple years ago after foreclosure proceedings began, hadn’t told them that he was intent on reclaiming his property, as the Post reported: “According to statements Mr. Ahadzi made to the New York Post yesterday, he is apparently now interested in reclaiming his home. Given that, Alfredo Carrasquillo and members of Occupy Wall Street will support Mr. Ahadzi’s efforts, so that neither his family or Alfredo’s is homeless, and so that the house at 702 Vermont does not sit vacant.” Meanwhile, Alfredo Carrasquillo, the community organizer who is supposed to be moving into the East New York house with his family, responded to the story’s allegations that it didn’t appear like he’d moved into the property and it was only being lived in by Occupy Wall Street protesters: “On December 6, I moved into a vacant, Bank of America-foreclosed property with the support of neighbors on Vermont St. because my family — victims of Michael Bloomberg’s housing policies and the big banks’ callous disregard for people — had been homeless for years. The support I received from the community was overwhelming, in part because they have also been victims of those same policies. …I invited members of Occupy Wall Street to inhabit the house with me, until it was safe for my family to move in, as a defense against the mayor’s policy of using the police department to defend property over people.”
Owner of OWS Foreclosure in ENY Wants His House Back [Brownstoner]
Photo by Brennan Cavanaugh
Owner of OWS Foreclosure in ENY Wants His House Back

Last month members of Occupy Wall Street took over a home in East New York, saying they were going to renovate the property, which was empty following a foreclosure, so a homeless family could live in it. According to the Post, though, the family that was supposed to move in has yet to fully do so—it’s unclear from the story if this is because the house has yet to be completely renovated or if there’s simply not enough space for the family—and the person who owns the house but moved out after foreclosure proceedings began in 2009 wants his property back from the occupiers. Wise Ahadzi, the homeowner, says he bought the property for $424,500 in 2007 and stopped being able to make mortgage payments a couple years later, after he’d lost his job and the house’s value had plummeted. Ahadzi claims the Occupy Wall Street organizers aren’t willing to entertain the notion of reinstating Ahadzi and his children in the house: “I’m trying to get my house back, and they’re trying to take it from me.” The article is hardly a nuanced portrait of whatever is actually going on at 702 Vermont Street, so it remains to be seen whether what it suggests is accurate: That occupying the East New York foreclosure was a PR stunt and it hasn’t resulted in anyone who actually needed housing getting a roof over their heads.
Single Dad Trying to Reclaim Home OWS Took Over [NY Post]
Occupiers Fixing Up a Foreclosure in East New York [Brownstoner]
Photo by Brennan Cavanaugh
Bank Must Pay for Repairs at Slope Building in Foreclosure

Back in May there was news about how a group of longtime tenants at 294 Fifth Avenue in Park Slope said they were living in “slum-like conditions” following a receiver being appointed to take care of the building. Now the Daily News reports that a judge has ordered the National Bank of New York City to pay the receiver to make repairs that aren’t covered by rent. The building went into foreclosure a couple years ago, after the landlord defaulted on a $1.85 million mortgage. Tenants say they’ve had to deal with things like the boiler not working for three weeks last winter and the front door lock being broken. Shira Galinsky, a senior Staff attorney at South Brooklyn Legal Services, said the ruling was important because it makes banks accountable “for bad lending.” The six tenants in the building who filed a motion against the lender are elderly and disabled.
Christine Quinn Touts Case Which Could Lead to Banks Being ‘Held Responsible for Bad Lending’ [NY Daily News]
‘Slumlike Conditions’ in Foreclosed Slope Building [Brownstoner]
Controversial Bay Ridge Homeowner Faces Foreclosure

A controversial developer who owns dozens of properties in Bay Ridge is facing foreclosure on several of the houses he owns in the neighborhood. In 2007, the Courier ran an article (reprinted in full on the Bay Ridge Journal) reporting on the numerous complaints in the neighborhood about Mousa Khalil’s pattern of buying up historic houses in the area and allegedly leaving them to rot; the Bar Ridge Journal speculated at the time the the developer’s goal was to be able to tear the houses down through demolition-by-neglect. Now seven properties that Khalil owns—7701 Ridge Blvd, 6815 Ridge Blvd, 166 82 Street, 225 77th Street, 7910 4th Avenue, 456 Ovington Ave and 464 Ovington—are scheduled for auction on January 19th with a $2,344,228 in total liens, according to PropertyShark. All the properties are one- or two-family houses, and many are Colonial-style. We imagine the interiors aren’t in great shape: there was a partial vacate order at 7701 Ridge Boulevard but no outstanding DOB violations on the other homes. The developer currently owns more than 30 houses in Bay Ridge, according to Property Shark. Will others be heading to the block soon?
Stalled Crown Heights Build Heading to Auction
Despite the fact that there appeared to be some progress on the development at 392 St Marks Avenue, between Grand and Classon, this summer, the half-finished building is now up for auction. The lien comes in at only $54,827. The Robert Scarano design has been hanging out on this block unfinished for at least seven years. Click through to see auction details…
Development Watch: 392 St. Marks Avenue [Brownstoner] GMAP
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Program Offers Aid to Buyers of Vacants, Foreclosures
Patch has a story about an initiative launched last month called Neighborhood Stabilization Program 2 that grants up to $80,000 in forgivable loans to first-time buyers of foreclosed or vacant homes in neighborhoods with high foreclosure rates. Here’s a bit on how it works: “if a program participant buys a house for $200,000 and gets the maximum $50,000 NSP2 principal equity loan and $30,000 for repairs, the loan will actually reduce the principal by 25 percent, resulting in lower mortgage and monthly interest rate payments.” Patch notes that Clinton Hill and Bed-Stuy are among the neighborhoods where buyers are eligible for the program (Pratt Area Community Council is one of the local nonprofits partnering with HUD and HPD on the program), while the HPD notice that went out announcing the loans also said that buyers in Bushwick, Crown Heights and East New York could apply for the loans. According to the story, “189 vacant houses will be resold in the first stages of the NSP2 program” in Clinton Hill, and it’s surprising to hear there are so many vacant houses in the neighborhood.
Loan Program Looks to Place Brooklyn Families In Vacant Homes [Patch]
Photo by mercurialn
Another Foreclosure Auction Set for 525 Clinton Avenue
The saga of 525 Clinton Avenue, the troubled Clinton Hill high-rise, continues, with a foreclosure auction once again scheduled for the property. Another auction was scheduled back in October, but it was evidently postponed to December 29th, according to PropertyShark records. The development carries a $25 million lien. The building, which is mostly complete, has sat empty for years. Its claims to fame, aside from financial insolvency, include a construction worker death in 2008 and being the focus of Assemblyman Hakeem Jeffries’ campaign to turn failed luxury developments into affordable housing.
525 Clinton Avenue [PropertyShark]
Foreclosure Auction Scheduled for 525 Clinton Avenue [Brownstoner]
Stop Work Order at 525 Clinton Avenue [Brownstoner]
525 Clinton Avenue: Something Happening Here? [Brownstoner]
Will 525 Clinton Avenue Really Go Affordable? [Brownstoner]
The Ghosts of 525 Clinton [Brownstoner] GMAP
Occupiers Fixing Up a Foreclosure in East New York
City Room has details about the group of Occupy Wall Street members who have taken over a house in East New York that was foreclosed in 2008. According to the story, the home is a wreck: It lacks running water and electricity, and there is mold covering the ceiling and old furnishings left to rot that need to be removed. The plan is to make the house habitable for a woman named Tasha Glasgow, her companion and her two children, who are currently squatting in an apartment in East Rockaway. A person who lives across the street from the East New York house said she saw the occupation as positive for the neighborhood, noting that the vacant building had attracted criminal activity and “we need the house to be occupied by somebody.”
Foreclosed in Brooklyn: House Repairs as Protest [City Room]
Photo by Brennan Cavanaugh
Closing Bell: OWS Protests Foreclosures in East New York
Salon’s Justin Elliott has been live tweeting today’s Occupy Wall Street gathering in East New York, a campaign that’s meant to protest shoddy lending practices in the neighborhood with the most foreclosures New York City. As of half an hour ago it sounded like the protestors had converged on a home in foreclosure that was being “reoccupied.”
Live from Occupy East New York [Salon]
Photo by @elliottjustin
New Foreclosures Practically Nonexistent in Brooklyn
PropertyShark’s latest report on foreclosures is showing the same trend the data company has been reporting for the past several months: The number of newly scheduled auctions in Brooklyn continues to drop. There were only eight first-time foreclosure auctions scheduled last month, which is down 85 percent from last year. There was also a citywide decrease of 6 percent year-over-year, and this is the fifth consecutive month in which foreclosures have dropped. The question continues to be whether these numbers represent a healthier local housing market or a lull before the other shoe drops. Last month Property Shark Founder Matthew Haines offered the opinion that the decline we’ve been seeing “is due to increased legal pressure” and that as “we enter a new recession, we expect homeowners to continue to have trouble making payments on mortgages that continue to far exceed the value of the underlying houses.”
Foreclosures Down Markedly Last Quarter [Brownstoner]
836 Prospect Place Just Sold at Auction!
Remember when we told you that 836 Prospect Place, the funky castle-like mansion in Crown Heights, was coming up for auction? Well, it happened this morning, and, according to one bystander, it ended up going for $810,000. That’s a whole lotta house for the money!
BREAKING VIDEO: Occupy Wall Street Protesters Arrested For Disturbing Foreclosure Auction at Downtown Brooklyn Court House
At around 4 p.m. today, several Occupy Wall Street protesters were arrested at 360 Adams Street in Downtown Brooklyn for disturbing the proceedings of the weekly foreclosure auction with a well-rehearsed group song. Before the auction’s 3 p.m. start time, protesters were assembled outside doing their human megaphone thing. Inside, when the auction was about to start, protesters errupted into song, the first lines of which were: “Mrs. Auctioneer, All the people here, Are asking you to hold all the sales right now…” After thirty minutes or so, officers of the court warned everyone left in room that they would be arrested if they didn’t leave. The second video shows the perp walk of one of the protesters who apparently didn’t listen.
Live Like a King in Crown Heights!
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Foreclosures Down Markedly Last Quarter
Property Shark‘s latest foreclosure report appears have a lot of good news, but the data company also cautions that the numbers don’t necessarily indicate a healthier real estate market. The report find that citywide, newly scheduled auctions were down 33 percent last quarter as compared to Q2. Staten Island was the only borough without a double-digit decline, with foreclosures there staying flat. Brooklyn tied Manhattan for the largest drop in first-time foreclosures among the boroughs, with both seeing a 45 percent decrease. The drop is even more pronounced when viewed in the context of the last couple years: There were 31 first-time foreclosures in Brooklyn last quarter, compared to 124 in the third quarter of ’09. (Click through for a graphic.) Sounds all good, right? Maybe not, according to statement from Property Shark Founder Matthew Haines that’s included in the report: “While foreclosure numbers are down, we do not think that this indicates an improving housing market. We believe the drop is due to increased legal pressure on the banks by the state and federal governments. As we enter a new recession, we expect homeowners to continue to have trouble making payments on mortgages that continue to far exceed the value of the underlying houses.” (more…)
Foreclosure Auction Scheduled for 55 Eckford
There hasn’t been news about 55 Eckford Street, the long-stalled Greenpoint development, for a long time. Back in 2009, it was scheduled to come up for auction, and now it’s once again slated to hit the block. Per Property Shark, a foreclosure auction is scheduled for later this month, and the lien amount is $6,766,950. According to a Greenpoint Gazette article from early last year, a new firm acquired the property in late ’09, planning to finish construction and turn it into a rental. It’s unclear what became of the firm’s plans. DOB records show a standing stop work order and an impressive number of unresolved violations.
55 Eckford St [PropertyShark]
Foreclosure Looming at 55 Eckford Street? [Brownstoner] GMAP
When Owners Walk Away
There are two accounts this morning of Brooklyn residents that have had to cope with banks being unsatisfactory stewards of properties after they’ve taken control of them. “Battle for Brooklyn” co-director Michael Galinsky pens a piece for The Local about living on the same block as an abandoned house on Hall Street. About three years ago, break-ins became commonplace at the home and thieves still target it despite the fact that it’s basically been stripped of anything valuable. Galinsky says calls to city agencies about the dilapidated state of the property and the criminal element it attracts have had little effect, and last week his wife “had to hustle our 5-year-old past a homeless person relieving her bowels in the front yard at 5 p.m.” Although he recently found out that a lender has taken control of the house, a phone call to the company accomplished little: “My sense is that they are waiting for the market to improve before selling it. In the meantime we have to endure rats, an unheated house next door which leads to frozen pipes, trash build up and a sense of disinvestment in the community.” Gotham Gazette, meanwhile, has an article about how tenants of apartment buildings that are being foreclosed upon sometimes have to deal with substandard living conditions, using a Park Slope building where residents have had issues with no heat and hot water as an example. The tenants are trying to get the bank that controls the building to put up the funds to maintain the property. According to the article, the City Council is currently considering three bills that would require to lenders that take control of properties to have more of an obligation to maintain them.
Opinion: Empty Home a Catalyst for Crime [The Local]
Foreclosures Leave Apartment Buildings in Need of Repair [Gotham Gazette]
Photo by -AX-
House Listed for $2.2M Goes for $700K at Auction
PropertyShark alerts to the curious case of 33 Vanderbilt Avenue, a Navy Yard-area house that sold for $700,000 at auction last week (click through to see a record of the auction result). Until recently, the house was on the market for $2.2 million, with the listing calling it “truly grandiose: 3 Family used as a huge 1 family” and saying it had been fully renovated. The lien going into the foreclosure auction was $536,492, and though there was a second mortgage of $425,000 taken in 2007 that a lis pendens was filed on the same year, it’s unclear whether that lis pendens is still active. Is it possible someone just got a really great deal on this one?
33 Vanderbilt Ave [PropertyShark] GMAP (more…)
Foreclosure Auction Scheduled for 525 Clinton Avenue
Only a month ago workers were spotted at the glassy, stalled development at 525 Clinton Avenue, and we wondered whether the project—which has sat vacant for three years—might be coming back from the dead. The latest bit of intel on the building doesn’t indicate that units are going to come to market in the near future, though: PropertyShark records show that a foreclosure auction on the property is scheduled for October 6th. The lien is a whopping $25 million. Back in 2009 some politicians were keen on turning the troubled development into affordable housing.
525 Clinton Avenue [PropertyShark]
Stop Work Order at 525 Clinton Avenue [Brownstoner]
525 Clinton Avenue: Something Happening Here? [Brownstoner]
Will 525 Clinton Avenue Really Go Affordable? [Brownstoner]
The Ghosts of 525 Clinton [Brownstoner] GMAP
525 Clinton Avenue One Step Closer To Sales [Brownstoner]
Development Watch: 525 Clinton Avenue [Brownstoner]
525 Clinton Avenue Looking Good [Brownstoner]
525 Clinton Gets Its Glass On [Brownstoner]
Tower Rising at 525 Clinton Avenue [Brownstoner]
Gathering at AG’s Office Over Bed-Stuy Foreclosure
Tomorrow there will be yet another show of support for Mary Ward, the 82-year-old Bed-Stuy resident fighting to keep from getting evicted from her house on the grounds that she was the victim of predatory lending. The organizations Organizing for Occupation and Common Law have organized a gathering at Attorney General Eric Schneiderman’s Brooklyn office at noon. Ward will make a speech and deliver a mural to the AG.
Ward to Deliver Special Message to AG [Patch]
Feb 09, 2012 | 11:02 AM