Goldman Sachs Finds Opportunity in Bedford Stuyvesant
Over the last 10 years we’ve seen New York City politicians align their political futures with well financed real estate developers. However, none will come close to the reach and wealth that a recent entrant into the real estate landscape possess. Goldman Sachs comes to Bedford Stuyvesant with money and influence (and a real estate investment strategy that politicians favor). Here’s why.
Whose Responsible for the Blight at 1576 Fulton Street
Here, in the Bedford Stuyvesant neighborhood in Brooklyn, part of the 36th NYC Council District and the 56th Assembly District, sits another shuttered building on Fulton Street between Albany Avenue and Marcus Garvey Boulevard. 1576 Fulton Street has to its left a bicycle shop that’s been in business for at least 10 years to my knowledge (I purchased a BMX bike for my son from the shop that far back) and rows of shuttered properties to its right. What it doesn’t have are apartments with tenants. Ever wondered why?
Another Developer Bailed Out with Style in Bed Stuy
As reported in the New York Daily News [Bed Stuy Residents Furious over Condo Project once slated as Dorm], it appears another luxury condo has gone the way of becoming five star accommodations for the homeless. How is it that Real Estate Developers continue to be bailed out by New York City while countless families face the threat of becoming homeless due to foreclosure?
172 Brooklyn Avenue: Whose in Charge of this Eye Sore?
Since 1970, this property has changed hands 15 times and had Lis Pendens (law suits) filed with property liens to foreclose for non payment of property taxes 4 times.
It experienced a Lis Pendens filing for mortgage default only once. The city has defended its claim to unpaid property taxes more times than it engaged in enforcement action through the Department of Buildings for unsafe building conditions, which only occurred 2 times (2001 & 2006). So why does it still look this way?
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