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
According to the article GS has been buying (or at least acquiring) properties along this corridor of Fulton since 1977. What have they been doing with these properties? Why are these purchases more nefarious? Just asking?
Miss Muffett: Just wondering how long will you continue to rant about prices going down?
I think everyone is getting a little tired of it.
“They will most likley renovate the buildings and sell it at a loss to “minorities” who are middle or low income. It like habitat for humanity.”
Brickoven, would you like to elaborate on that sentence? What
does “‘minorities'” mean, and what does that have to do with one’s income?
Yes, DIBS, I realize a few tens of thousands may need to be negotiated. With our last property, we paid a bit more than we wanted to (since it was in the boom years), but figured that, amortized over time, that extra was not such a big deal. But we were talking in the 5s and 10s thousands. So maybe we agree in principal but not in degree – that is, we are flexible, but not to the tune of 100K. Maybe in a sellers market, we would be, but in a buyers market, we will only be flexible to a point.
Well, MM. When you are talking about a property that is going to sell for $1.0 – 2.0MM, which I assume is within your range since you’re not looking in bed Stuy, $50-100,000 is sorta nit picking. If you, as a buyer are going to haggle with the seller over the last few tens of thousands of dollars in a sale then if I were the seller I’d walk away from you as the buyer because it’ll likely mean more crap at the inspection & closing.
Adam – I’m not nervous, just find DIBS (and other bulls) market cheerleading pretty ridiculous and am calling them on it. I am sitting pretty, thank you very much.
DIBS, you’re lucky that 100K doesn’t “really matter” to you. For me, that translates into a lot of hours I can spend with my kids instead of working my tail off. Price matters a lot to me, since it translates into what is most precious for me – time with my family. So I’m not buying something overpriced when prices have further to go – period. I know I can’t time the bottom exactly but in this climate, I can sure as hell get close.
Is Bill Cunningham running against Al Vann????
MissMuffet- You sound a little nervous. Relax- It’s not going to shoot up overnight but I thnk you and that crazy brownstones half off guy need to get real with your predictions.