Goldman Sachs Buying Up Fulton Street
In My Brooklyn Report’s series on urban blight along Fulton Street, Michael Corley notices that Goldman Sachs’ real estate investment arm has taken keen interest in a certain stretch of Fulton Street in Bedford Stuyvesant, buying up at least six neighboring properties in the vicinity of Marcus Garvey Boulevard, including at least one vacant lot….
In My Brooklyn Report‘s series on urban blight along Fulton Street, Michael Corley notices that Goldman Sachs’ real estate investment arm has taken keen interest in a certain stretch of Fulton Street in Bedford Stuyvesant, buying up at least six neighboring properties in the vicinity of Marcus Garvey Boulevard, including at least one vacant lot. In his piece, he raises questions about the possible motives of Goldman Sachs, namely whether the financial behemoth plans to oust locals in favor for higher-paying suburbanite baby-boomers moving back to the city. Mr. Corley’s piece is the second in a three-part series, so we are curious to see if he finds evidence of sketchy political dealings or whether this is, simply, a savvy investment maneuver by Sachs. Update: Looks like this really isn’t such big news. As a commenter points out, we wrote about this a year and a half ago! See the post here. GMAP
Goldman Sachs Finds Opportunity in Bedford Stuyvesant [My Brooklyn Report]
Whose [sic] Responsible for the Urban Blight at 1576 Fulton Street [My Brooklyn Report]
Photo by Jonathan Scheff/Brownstoner
I don’t think this will be the once in a lifetime opportunity. We are well past that. I do believe that prices will be higher in 3-5 years though.
Antidope: why are buyers who can pay closer to 1.5 not “real buyers”?
Oh, and I should add: despite my bets, our bottom line is a house we like at a price we can afford – so the price levels I’m betting on are not dogma for me. But I absolutely do not believe we are at bottom yet.
I think I get it now. The bears are convinced we are approaching a once in a lifetime buying opportunity. As such they will wait and attempt to find their dream home (good layout and renovation) in a prime neighborhood (BH, CH, CG, PS) for a reasonable price. For the less connected, they believe that price will trough under $1. For the more realistic, it seems they would pay closer to 1.5, though I’m not convinced they are real buyers.
Really, they seem to be looking for a great investment (at those prices it would likely be better than most alternatives) that would incidentally allow them to live for free. Who wouldn’t want that deal?
The self-serving / self-affirmation routines are getting stale, though.
Sebb – well I guess we sort of have a point of agreement: “at some point” it will make sense for us to buy again, but we have not reached that point yet, since prices IMO are still too high. I am betting upon a return to at least 2004 levels, if not earlier. This does not mean that I expect to buy a place “for nothing” as some accuse. Prices in 2003-04 were still plenty high (and even 2001-02), since yes, NYC is not a cheap place to live. But the current prices make no economic sense when you look at various established metrics. Until prices DO make sense, I will remain bearish.
think hard to buy something when prices go up cause it’s probable that we just passed the “BOTTOM”. buying close to the bottom is good enough.
Miss Muffett: I will not argue, I am simply asking how long will you continue to be bearish on NYC real estate ?
We all know you are renting and at some point it would have to make sense that buying and paying down a mortgage becomes the right move.
Sebb: I am not ranting. I am pointing out that DIBS suggestion of “buy now or be bitter forever” is silly in this climate. If you disagree, please present your argument to the contrary. And watch out for those typos.
Montrose this is a diversity program. A “minority” can fall under many diff categ. but the most common is African American. That alone has nothing to do with income but through these programs typically they are looking for minorities who fall into certain income brackets. It is GS way of keeping Al Sharpton from rioting outside 85 Broad. Get it?