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
Ummm…I don’t think all people who use meth clinics are poor. And how do you know whether the people that use the clinic live or vote in the area?
There are a LOT of so-called middle class and upper class people addicted to heroin. Watch the news, read the papers, better yet…go to a bar on the Upper East Side or the donut shop on 23rd Street near the C train.
What does this have to do with the foreclosure?…Again, this New York!
How did you find out about this?
These buildings, and those adjacent to it with similar iron facades, are great. It would be fantastic if they were cleaned up, made into higher end condos or rentals and the ground floors made into retail badly needed on this side of Clinton Hill (green grocer, bakery, butcher, fishmonger, flower shop, bookstore).
I also think the old coal and ice building, currently the methadone clinic, would be an excellent candidate for residential conversion. The large windows are a plus and the curved corner entrance could be attractive too. I say shut the methadone clinic down altogether. The drug dealer on the strip love the methadone addicts. They sell them their illegal wares when the clinic is shut. Close it, and the others, down. Methadone clinics do not belong in residential neighborhoods, period. I don’t feel sorry for people addicted to methadone if they have to travel far out of their way to some light manfacturing area to get their fix.
Let’s suppose the rents really are substantially below market, what does that have to do with the foreclosure? The price the owner paid obviously reflected and was discounted due to that fact. Over the last three decades I have witnessed many fools buying multi family rentals under the assumption they would just get the refulated tenants out. Sometimes they do and the landlord reaps a windfall & sometimes they don’t & they cry about govt. regulation destroying the free marker system. I have also witnessed many (up until roughly 1996) buy multi family buildings, never pay their mortgage or real estate taxes, make no or minimal repairs, collect rent through the lengthly foreclosure process and eventually by the building back after the tax foreclosure.
1:28, even the Property Shark report lists a few phone numbers, why didn’t your phone search come up with anything? And don’t you think the air conditioners and blinds in the windows suggest there are tenants in the building? Before you go around questioning other people who are doing you a service, maybe you should check your own methods.
Anyone know a good source for foreclosure listings in Kings County?
someone who knows the landlord…maybe you should do a search of satellite tv customers instead.
what’s your good authority, b’stoner? cause i did a phone search on this building and didn’t come up with any tenants at all.
We have it on good authority that the tenants are all long-term and paying significantly below-market rents. That’s not to say the landlord couldn’t also be bungling things.