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April 23, 2008
Property Shark
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.
Comments
And what's "Mers"? Is that a mortgage bank? I see that listed all the time on propertyshark and ACRIS.
Posted by: guest at April 23, 2008 11:27 AM
MERS= Mortgage Electronic Registration System
Posted by: guest at April 23, 2008 12:19 PM
What is that?
Posted by: guest at April 23, 2008 12:24 PM
The two mortgages are likely a first and second mortgage. MERS is Citibank, I think (or an intermediary Citi uses when it sells off its mortgage portfolio).
The data oddly looks like a same day flip from Beryldine A Bovel to Brick & Stone Realty Corp. for $480K, and then from Brick & Stone to Mazin Saleh (the mortgagor) for $680K. If you look at ACRIS you will see that Mazin Saleh in turn conveyed the property to an LLC, which then mortgaged the property further. Bottom line: You can't tell how much the developer invested.
http://a836-acris.nyc.gov/Scripts/DocSearch.dll/BBLResult?max_rows=25
Posted by: guest at April 23, 2008 12:46 PM
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