If you visit Google maps and enter the addresses into the address field, you’ll notice that each view will show an empty lot. They’re at the east side of 1576 Fulton Street.

What has been true in the “migration to urban centers” trend is the age group more likely to locate to these communities are 24 to 40 (not the likely demographic that’s finished raising children).

The majority of folks in the category you’ve mentioned are retirees, looking for a slower pace, which I can assure you won’t be found there.

I’m not accustomed to pointing fingers and assigning blame. However, it would be difficult to refute the responsibility of the parties mentioned in the 1st installment, as the construct for local representation is prescribed in the city charter.

Now, if 10 years went by, then fine. Maybe even 20. But as I mentioned, for most of my life, this has appeared in the photos as you’ve seen to this very day.

And it would be naive to believe that Goldman Sachs Urban Investment Group would invest the firm’s capital in a real estate venture if they didn’t have some level of assurance by those who can directly (and indirectly) influence the process. (nothing is done by happenstance where $9,705,000 is made as a down payment on a long shot, would it?).

Final City Council approval for the rezoning of the now title Fulton Street Commercial Corridor just recently passed in 2009. Examining the last 20 years of the City Council’s land use committee activities and you’ll see that projects like Atlantic Yards have their start long before it reaches even the committee level

(as you’ll note, the city charter outlines the construct of how things gain momentum when they begin at the Community Board level)

Any idea how long they’ve been planning to make that stretch of abandoned train tracks Manhattan into a Park and the money influence that got the attention of local politicians to finally support the effort…learn more at this link http://www.nydailynews.com/ny_local/galleries/gre...

Revitalization is definitely the prescription needed for this location on Fulton Street. But it didn’t have to take 30 years to at least begin the process.

Ben, I hope you’re aware that even with Goldman Sachs $9,705,000 down payment on this opportunity, it shouldn’t be assumed that you’ll be watching a groundbreaking ceremony as early as 2010. These things usually take years to even get the initial construction phase going (It took the Downtown Metrotech project 10 years before they even put a shovel into the ground after winning approval by the land use committee in the City Council)

I believe readers like yourself are anxious for anything resembling progress in this community. But we should be forewarned that what is reported rarely ends up being as planned.

You’ll see in the next installment.

The reasons are not as obvious as most people think, but will be more clear in the next post, as I’ll examine the many tools available that the city has to warehouse properties from the market.

I do know that one of the lots was purchased from a person name Wentz.

I’ve taken your advice and I’m going to circulate it around to the media to see if anyone with better resources and press credentials can do a better job of reporting what is clearly a story that needs the full inspection of the community.

While I’m trying to get the attention of the “Obama Voter”, I’m attempting to desperately ask our seniors, who vote in great numbers (and who also understand the price that was paid for that right) to consider the incumbent and the candidates and to NOT make the subtle “retail” vote…using only name recognition as their criteria.

This and many other issues lag in advocacy by our locally elected officials due to their perception of the apathy of their constituents.

Maybe this will invigorate the incumbents, as we’re making our work available to the traditional press (both print and electronic) as well as the blogosphere.

I don’t think their goal is to relocated anyone, they are simply saying that there is a trend of people moving from the suburbs back to cities. This is something that has been written about many times recently. Many from the baby boomer generation moved out to the suburbs 20-30 years ago to raise families, they are now “empty nesters” and are looking to downsize and be closer to the services that a city offers. Goldman is aware of this trend and wants to take advantage of it as they see increased demand for housing in the city.

Buying vacant lots, presumably with the intent to build housing on them, is only going to increase the supply of housing in the area, not displace current residents.

I guess you can start making assumptions about what type of housing will be developed and what impact this will have on gentrifying the area, etc. etc. but you know what happens when you assume… Without any concrete plan that has been proposed it’s difficult to point fingers.

You also state that it appears that a deal has been in the works between Goldman and local politicians under the guise of community development but I don’t see anything supporting this. Perhaps they just decided to buy some land because it’s a good investment. Do you have any more info on this deal you mention? Maybe there’s something you’re leaving out that will appear in your next story.

Last point, the properties purchased were bought just after the city approved a rezoning of this area, these properties are all now zoned R7D which has an inclusionary housing program granting the developer additional development rights in exchange for developing affordable housing. So there is a strong chance that the goal of this purchase is to build affordable housing.

I think that stretch of Fulton can use some revitalization, the rezoning was meant to do just that and having some real funding coming in from a major corporation like Goldman is great for the community.

Out of curiosity – who did Goldman purchase the Bed Stuy properties from? I wonder why they did not try to purchase 1576.

It’s such a shame about the name recognition thing.

Where Vann’s name really counts and can really do the most good for BS/CH is in the halls of city government. I’m sure he has amassed a lot of political clout and respect over the years and would have a lot easier time than some of the new challengers, at advocating on our behalf.

In terms of reaching the seniors – I am with you, Michael! I really do hope that your series gets picked up by the traditional media. It is an awesome series. Maybe you can reach out to Errol Louis of the Daily News.

I couldn’t find the part about the relocating suburbanites and baby boomers in the UIG materials, but the point that you make is well taken. Relocation for some, will be displacement of others. Which undermines what Goldman, through the presentations on the UIG website, states are two of their goals – having urban entrepreneurs stay in their communities and community “revitalization.”

On the otherhand, who else can bring these types of resources to bear on our communities? As the presentation states, there are market inefficiencies and these communities are, as we know, underserved.

I’m curious what the role of local politicos is in arranging what, on the surface, just looks like a regular real estate portfolio transaction. I’m reserving judgment on the politicos until I see your final piece. CAN’T WAIT.