Forum Archive

I just noticed that 627 St. Mark’s has been reduced yet again – started at 1.6 million it’s now 1.3 I think judging from the pictures it’s a very nice gut renovation but I think the developer made some big mistakes. First, he did it as a four unit as opposed to single or two family and it’s very close to the Homeless Shelter on Bedford and Atlantic. I cannot see investing big bucks in that neighborhood. So I’m wondering, how much has the developer invested in this project and I went onto PropertyShark to see how much the developer paid but as usual I can’t figure it out – there are two mortgages and a deed listed to different parties on the same date. Here’s what – PropertyShark lists:

Date Type Amount Party1 name Party2 name
2/6/2007 Mortgage $68,000 Saleh, Mazin Mers
2/6/2007 Mortgage $544,000 Saleh, Mazin Mers
2/6/2007 Deed $680,000 Brick & Stone Realty Corp. Saleh, Mazin
2/6/2007 Deed $480,000 Bovell, Beryldine A Brick & Stone Realty Corp.

Can anyone explain what this means? Thx.