Yassky: Townhouse Lottery a Taxpayer Ripoff
The government is about to give away some prime Brooklyn real estate and David Yassky ain’t happy about it. Here’s the story: 381 Baltic Street and 381-A Baltic Street in Boerum Hill were part a failed federal housing program in the 1990s. The federal Department of Housing and Urban Development (HUD) took ownership of the…
The government is about to give away some prime Brooklyn real estate and David Yassky ain’t happy about it. Here’s the story: 381 Baltic Street and 381-A Baltic Street in Boerum Hill were part a failed federal housing program in the 1990s. The federal Department of Housing and Urban Development (HUD) took ownership of the properties after a contractor defrauded the government. In December 2006, after sitting on the properties, HUD transferred them to a private developer with the proviso that he rehabilitate and sell them at a fixed price. The prices?They were set at $540,000 for 381 Baltic and $440,000 for 381-A Baltic, a fraction of their current market value.
According to Yassky, HUD is claiming that these properties are affordable housing. The problem? They will be sold by a lottery that any New York resident, regardless of financial status. If you’re already salivating, it gets better: Now the City Department of Housing Preservation and Development (HPD) wants to give both properties a 20-year exemption from property taxes, a move that the Councilman (who is gearing up to fight the lottery) estimates will cost taxpayers at least $500,000.
“This is almost better than playing the Mega Millions lotto,” said Julie Miles, executive director of Housing Here and Now!, an advocacy group. “There’s really no need for New York City taxpayers to be subsidizing any buildings in Boerum Hill.” So where do we sign up?
Deals of a Lifetime [NY Daily News] GMAP P*Shark
If I were interested — I’d go by the location and get familiar to where it is – then try calling Yassky’s office and try to get info.
Probably too soon for lottery at this point as work has not begun and will require substantial work.
I found out about this house from an article on NY Sun. I search the internet trying to find more info on the lottery, and found this blog. Any more info? The HPD site has nothing.
how do i sign up for the lotto (i mean, lottery).
They did the same thing when they gave away the mansion in Crown Heights on New York ave and a similar but smaller house on New York at Atlantic.The mansion is on 3 lots and was given away for under 500k.
PS…Mr. B —I took pics of 4 new construction sites on this block which will send to you next week.
PPS – Anyone have any comments on the building on left in pic above? New construction completed couple years ago – example of
‘in context’ repro of typical tenement bdlg?
gee – thanks for calling it a ‘crap block’. I’ve lived on block for 20 years.
Some misleading statements–>
re: 381 and 381A Baltic. It is one small house with a smaller one behind it. Next door to corner bodega that facing public housing projects. So although nice brownstones sell for $1m+ in area
a tiny house in backyard of another house in this spot will not.
And for Yassky to claim would pay at least $500k in taxes in 20 years means the 2 props together would pay $25k per year…..
$12,500 each….Anyone here pay that kind of tax?
Although maybe a bargain – not such huge bargain …but I bet developer gonna make some big bucks and will be cheapest blandest interiors possible.
Currently the front bldg has major structural problems.
As a long time resident of the block am happy to see this finally fixed up.
David Yassky? Who’s he?
It may be next door to the projects, but there has been a lot of new development on this block which can only enhance the value. Notwithstanding the fearmongering, the value of properties on blocks that flow into the Projects (Douglass, Butler, Baltic, Warren & Wyckoff) have been risen even if there is a slight discount off the Dean Street prices. This is a sweatheart of a deal.
Brownstoner, where do we sign up.
Can you post the contact info