My Brooklyn Report

Desperate times call for desperate measures. With 25% of American homeowners with mortgages underwater, many are considering an option that in the past would have been financial suicide. But as home values continue their decline in New York City, families are seriously thinking about implementing a strategy thought exclusive to the rich and powerful.

On October 14th 2005, Lucylla Baynes purchased 2415 Dean Street in Ocean Hill Brooklyn for $505,000. She purchased the property from Anita Sussman, who purchased the home on June 20th 2005 for $340,000 from Richard Cabello (neither Anita Sussman nor Richard Cabello ever lived at the property).