A Big F-in Mess on Spencer Street
For those of us who’ve been following this story for the last year or so, there wasn’t much new info in yesterday’s article on the scandalous Spencer Street condo situation. Just that the process has inched along to the point where the developers, a group that includes such beacons of the community as Mendel Brach,…
For those of us who’ve been following this story for the last year or so, there wasn’t much new info in yesterday’s article on the scandalous Spencer Street condo situation. Just that the process has inched along to the point where the developers, a group that includes such beacons of the community as Mendel Brach, Moshe Okin and Moses Roth, have agreed to transfer 26,025 square feet of air rights from other properties on the block to help make up for their deceit in filing the Spencer building as a educational housing while simultaneously filing with the Attorney General to convert it to condos. Unfortunately for the owners of the condos who are now stuck in limbo with no final C of O, there are still fire code issues that the developer needs to remedy and it sounds like it won’t be done anytime soon. We share the condo owners shock that the Attorney General isn’t coming down hard on these developers. How about some jail time, Eliot? The DOB, as usual, ain’t looking too good through all of this either.
At Spencer Street, Solution Meets Skepticism [NY Times]
Lock Him Up and Throw Away the Key [Brownstoner]
I’m not a lawyer, either, but why isn’t fraud a crime? These developers made over $18 million profit–maybe more. Through a criminal enterprise. Like I said earlier, bank robbers aren’t allowed to keep the cash until the bank sues for it back. Oh, but bank robbers don’t bribe the DOB and contribute mega bucks to pols. These animals are human garbage. And excellent advice to find out who they are and avoid them!
For all the people calling for the jailing of the developers, remember that there is a limit to what the penal code can do – and it can’t do anything to really help the injured parties here. It sure sounds like fraud to me, but I’m not a lawyer. For better or worse, the main recourse for the owners is to sue, sue, sue.
Sue the developers.
Sue the architect.
Sue the marketing company.
And for everyone else, remember who the developer/architect/marketing co. were, and stay the hell away from them.
Over two years ago, I went to take a look at this place when it was still in its offering stage. Only one unit was built and being shown at the time. On the surface, all seemed to be on the straight and narrow. The place was being shown by the Developer’s Group. The plan for completion seemed to make sense. The only thing that was a bit unusual was a 10% discount that was offered because I work in education. That makes sense now though. So, my wife and I, after much discussion and anxiety that comes along with the purchase of the first home, decided to secure one of their duplex units, requiring a $100 fee. The day we went back to write the check for the Developer’s Group, there was another couple who were interested in the same unit. But, while we did not get there first that day, we were the first to write the check. I remember the husband/boyfriend whined to another sales rep in the apartment, “But we got here first.” At the time, fortunately for us in the 2004 real estate market, it was about who wrote the check first. Two days later, an offer was accepted on a house that we really wanted – and the one in which we currently live happily with our C of O. We immediately withdrew our offer for the Spencer Street apartment. At the time, we weren’t sure it was the right move. We had chosen a house that needed much work over a condo where we would be the first inhabitants. Quite honestly, for the first year, my wife and I questioned our decision, especially when we were living amongst renovation hell. But, then the nightmare stories of tenants not having access to their C of O and their inability to sell or refinance started to surface, and suddenly living in dust and debris seemed like paradise. I remember feeling really bad about that couple who we beat to the check book by a matter of minutes. But, as I hear more about the nightmares of Spencer Street, I imagine they are probably as relieved as we are that they escaped Spencer hell. Or, who knows, maybe they are living there now and whining about something else….
Anon 3:01. Please don’t think that the person quoted in the last paragraph of this article speaks for anyone but himself. That quote offended me and probably many of our neighbors on the block who have been very understanding of our position and situation. The truth is that we have been victims of fraud, and are now being penalized financially and emotionally in order to correct it. Do not wish our situation on anyone.
After reading the last paragraph of the NY Times article, all sympathy for the residents dissipated. Upset about “sinking all their cash to move to the ‘hood”? Fuck you, go back to Jersey, I’m glad you lost all your money. Welcome to New York.
The only affect it might have is everywhere discouraging people from buying apartments in buildings without a final c of o. This seems like a pretty egregious case of outright fraud. And yes, why aren’t people going to jail? These are the same people who built the (still vacant) monstrosity and Fulton and Classon, no?
I bought an apartment close by. I hope bad news like this doesn’t affect sales in the area.
Bestino, not useful. People were ripped off with the complicity of the city–the DOB approved plans that were in violation of code. People who bought units in good faith have been totally ripped off–the developers made many millions of dollars on this criminal enterprise, and I can’t believe they are allowed to keep those ill-gotten gains. White collar crime is the bomb–how many bank robbers are allowed to keep the bags of money? Thieves, nothing but verminous thieves.
Who wants to live in this area anyway? It is dangerous, ugly and full of empty lots that attracts crime.