Rental of the Day: 197 Spencer Street 2BR
Yikes. This two-bedroom rental comes from 197 Spencer Street, part of the development where tenants were royally screwed after the developer cut corners and left them living in a building without a C of O. Residents cannot sell or even refinance their homes, but are stuck paying a mortgage. That leaves renting as the only…
Yikes. This two-bedroom rental comes from 197 Spencer Street, part of the development where tenants were royally screwed after the developer cut corners and left them living in a building without a C of O. Residents cannot sell or even refinance their homes, but are stuck paying a mortgage. That leaves renting as the only plausible option for a resident who needs to move out. The two-bed, two-bath is going for $2,900 a month. The apartment was previously listed by Corcoran and the Real Estate Group to no avail, now the owner is giving it a shot.
197 Spencer Street [By Owner] GMAP P*Shark
Upon further reflection, dear owner at 197 spencer street, I would like to suggest you consult a bankruptcy lawyer. Depending on your situation, what kind of job you have, how much you put down, what your monthly nut adds up to, it is very possible than trying to do the right thing (by the bank, your fellow condo owners and the credit agencies) is just victimizing yourself further. You owe it to yourself to find out if a strategic default wouldn’t work out better.
Johnny,
It was perfectly acceptable, and also quite common, for buyers 5 years ago to close on new construction purchases with only a TCO. It happened all over NYC in most new construction buildings.
Seriously, Maly, I think you’re right on that one, except that the people who live there would have a hard time finding a new place to live after foreclosure as their credit ratings would be all messed up and many had, quite literally, sunk their life savings into buying these pieces of crap. Over the years I have met several of the owners personally, and feel really bad for them – their lives have been, if not ruined, certainly sidetracked by this nonsense. But this is why I am so hard on new construction, especially bought without your own broker. These buyers were taken for a ride not only by the developer, but the brokers, The Developers Group, and they should face charges as well.
I’m just wondering if all the “owners” wouldn’t be better off defaulting on their loans. Let the banks figure out the CoO.
Sorry, no sympathy in this corner. They’re trying to rent out an illegal apartment in Bed Stuy for 3 grand.
I thought all the buildings that look like this were hasidic only.
Yikes. These poor people. What gets me is their lawyer in the transaction not alerting them to the risk.
Or maybe they did?
babs that is awesome information to know!
*rob*
BTW, there’s another unit for sale in this building, listed by PDE: http://www.prudentialelliman.com/listings.aspx?listingid=1262162&utm_source=Streeteasy&utm_campaign=corporate&utm_medium=listings Do these people not do their homework? This would have to be an all-cash sale, as no bank is going to make a loan on it, nor do I know how you could get any kind of insurance when legally you can’t even live there. Nice that property taxes are abated until 2017 – hate to be paying taxes on something I couldn’t legally use!