Foreclosure of the Week: 931 Fulton Street
For anyone who has a stake in the improvement of Fulton Street, today’s foreclosure sale of 931 Fulton should be of some interest. Located at Waverly across from the meth clinic, this corner could use some prettying up. The property that’s up for sale just goes as far as the Cardinal Realty sign and does…
For anyone who has a stake in the improvement of Fulton Street, today’s foreclosure sale of 931 Fulton should be of some interest. Located at Waverly across from the meth clinic, this corner could use some prettying up. The property that’s up for sale just goes as far as the Cardinal Realty sign and does not include the Nail salon building. The building, which has gorgeous architectural bones, has a number of long-time tenants paying below-market rents; given that fact, it’s hard to guess how much more than the outstanding lien amount of $244,022 it will fetch. While we have no wish to see the tenants displaced, the condition of the building is emblematic of what happens when a landlord can’t extract enough in rents to properly keep up a property…And speaking of the meth clinic, as we understand it, there has not been any meaningful progress on Tish James’ effort to consolidate the three clinics in the area. In our view, this is currently the biggest impediment to lifting the Fulton curse.
931 Fulton Street [Property Shark] GMAP
11:40pm,
You’re misinformed because you believe “landlords never open their books.” The information is available for public viewing on the DOF website for buildings that must file RPIE’s like I said earlier. I concede, I should have said “most rental buildings.” I forgot I was arguing with a high school debater.
You’re disgruntled because of your claim that Brownstoner should not be “forgiven” for posting his sources for below market rents. Enough said.
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” every NYC building ” jake?
i think not. from reading the requirements of RPIEs on DOF website, it’s doubtful that this building would’ve had to file. and, if you’re actually reading these completed forms, you must work for the DOF, cause they’re not public info.
but what do i know. i’m just misinformed and disgruntled, right?
9:38pm,
You’re totally, 100% wrong. Go to the D.O.F. website. You can see income and expenses for every NYC building from landlord submitted RPIE’s. These numbers are accurate. They’re the same numbers reported on tax returns.
It’s wack how many misinformed, disgruntled people post on this site. It seems that the Curbed crowd has decended on Brownstoner. Too bad.
About the methadone clinic, this appears to be an orderly operation and I have not seen drug dealing on this corner or hanging out on the street, aside from people entering or leaving–I don’t know about further east – I just haven’t seen it. I can also say that there are signs of new life around Fulton in this area. Several stores on Fulton between Vanderbilt and Clinton are now renovating (a very gungy bodega gave itself a renovation recently and the Country House diner is almost finished refurbishing its interior on Fulton near Vanderbilt.) A fish restaurant for take out has opened up on this block too — very nice proprietors and good food, Olivino is a wine shop on this block. Still no sign of retail life in the PACC owned building which housed Bodega. The street construction –replacement of the ancient water main) is very disruptive there. I have high hopes though for this stretch of Fulton. I think that there is a tremendous need for retail services on the south side of Eastern Fort Greene and Clinton Hill.
What a bunch of ass heads.
thanks, 8:03 and 8:19; i was the person who originally said i couldn’t find any phone listings for the building. i don’t believe that b’stoner should be forgiven for not posting his sources for the “below-market rent.” if he has those sources, and those numbers, and wants to make a case that the building is in bad shape because of those tenants paying below-market rent–and especially since he claims to have a source who knows this is trust–then he should post everything he knows.
of course, he doesn’t even claim to know the most useful info, and that would be what the loss/profit on this building is based on the rent. and why doesn’t he know this? BECAUSE LANDLORDS NEVER EVER OPEN THEIR BOOKS.
How would checking what’s on satellite tv tell who lives in the building?
Hmm…Grey’s Anatomy @ 9 – must be some doctors around.
sorry, i was busy with other things through most of the day…but i now understand that many other people posting to this site believe satellite tv listings are more reliable than phone listings in terms of residents of this building, and that b’stoner should be excused for not providing back-up for his contention that the tenants are paying below-market rents. but no one has posted anything definitive about these rents, or about the landlord collecting them, so i think it’s really unfair/incorrect to say that the reason the building is in bad shape is because the tenants weren’t paying enough rent.