One Womanizer, Four Sales and a Fire
We missed this story when it broke last week–and suspect most people did as it only seems to have received limited attention in the Daily News–but were pleased to be emailed a set of exclusive photos this weekend. It appears that the brownstone at 600 St. Marks Avenue in Crown Heights was torched on January…
We missed this story when it broke last week–and suspect most people did as it only seems to have received limited attention in the Daily News–but were pleased to be emailed a set of exclusive photos this weekend. It appears that the brownstone at 600 St. Marks Avenue in Crown Heights was torched on January 7th by arsonists, the last step in an elaborate mortgage financing scam that saw the value of the property artificially pumped up over a series of transactions between colluding parties. According to the Daily News, Delbert Baptiste was already indicted last August for inflating the price of the property but the real mastermind is a Mercedes-driving womanizer named Owen Larman who is currently a fugitive in connection with similar scams involving 20 properties and over $12 million. Here’s how the Daily News laid out the course of events:
March 24, 2000 — Owen Larman buys 510 Lafayette St. in his own name for $30,000 from Lorenzo Distant, a legitimate owner. April 6, 2000 — Larman sells building to straw buyer Andrea Clark in a paper sale for $245,000. No money changes hands but Larman gets mortgage of $220,500, which he allegedly steals. Profit after costs and expenses is about $170,000.
May 29, 2001 — Straw buyer Clark sells building back to Larman for $363,000 in another paper sale. No money changes hands but Larman allegedly steals a new mortgage of $304,200. Profit after costs and expenses is about $250,000.
August 12, 2003 — Larman files a fake satisfaction of the $304,200 mortgage with the city of New York, so it looks like mortgage is paid off and he owns the property free and clear.
September 5, 2003 — Using a fake appraisal, Larman executes a paper sale of the building to another straw buyer, Sabrina Robinson, for $435,000. No money changes hands. Larman takes out a $391,500 mortgage in Robinson’s name, which he again allegedly steals. Profit after costs and expenses is $323,790.
Larman walks away from the building. Sabrina Robinson is stuck with the mortgage payments.
Total profit for Larman on 510 Lafayette St.: $743,790
Photo Credit: M. Fager GMAP P*Shark
Masters of the Unreal Deal [NY Daily News]
Gentrification Brings Arsonists [NY Daily News]
Playing with Fire [Daily Heights]
Delbert Baptiste financed Grenada’s opposition party the National Democratic Congress [NDC] in 2003 elections, this leaves one to wonder if they would return the money to the many persons defrauded by Delbert Baptiste. I heard the NDC is coming to New York soon, I think I will come over the New York and ask them about Delbert Baptiste financing them.
The NDC http://www.youtube.com/watch?v=rb2erAfkyp8
Sorry, don’t know anything about that fire, Ameraleed. I do know that Guttman is quite ready and able, I mean corrupt, to weasle his way out of anything. He owns quite a few buildings in DUMBO, and one by one, they are all being renovated into ugly condos. Next week there is a hearing RE: one of his buildings being re-zoned from commercial to residential, and a few of my friends are going to protest its going forward. However, I’m certain he’ll do what he wants with it…he always does. There’s one building here in DUMBO which he is renovating into ‘office condos’, complete with bathrooms, kitchens, etc. Sounds like a great office to me!
Back to the fire- does anyone have any idea what happens to these buildings after the fire? The owner is now someone who can not be found and if found is in serious legal troubles. How long does it take the bank to foreclose and auction?
The voice article is surely just the tip of the iceberg. What about the 50 Bridge renovation? And its duplexes (not shacks) built on top of the roof without permits. Or the weird catwalk astroturf “terraces” built out the back of the 3rd floor. Talk about ugly unaffordable shoddy work!
re:Guttman
http://www.villagevoice.com/news/0411,schuerman,51863,5.html
Who is Guttman?
There was a big fire this weekend over by the Brooklyn Jewish Hospital — any idea what it was?
Calling Guttman an arsonist is about the nicest thing you can say about him.
test