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January 10, 2007
Yassky: Townhouse Lottery a Taxpayer Ripoff
The government is about to give away some prime Brooklyn real estate and David Yassky ain't happy about it. Here's the story: 381 Baltic Street and 381-A Baltic Street in Boerum Hill were part a failed federal housing program in the 1990s. The federal Department of Housing and Urban Development (HUD) took ownership of the properties after a contractor defrauded the government. In December 2006, after sitting on the properties, HUD transferred them to a private developer with the proviso that he rehabilitate and sell them at a fixed price. The prices?They were set at $540,000 for 381 Baltic and $440,000 for 381-A Baltic, a fraction of their current market value.
According to Yassky, HUD is claiming that these properties are “affordable housing.” The problem? They will be sold by a lottery that any New York resident, regardless of financial status. If you're already salivating, it gets better: Now the City Department of Housing Preservation and Development (HPD) wants to give both properties a 20-year exemption from property taxes, a move that the Councilman (who is gearing up to fight the lottery) estimates will cost taxpayers at least $500,000.
"This is almost better than playing the Mega Millions lotto," said Julie Miles, executive director of Housing Here and Now!, an advocacy group. "There's really no need for New York City taxpayers to be subsidizing any buildings in Boerum Hill." So where do we sign up?
Deals of a Lifetime [NY Daily News] GMAP P*Shark
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Comments
I know this building! I've wondered about it for years. It's on a crap block. Buts right up against the project. Yuck! The price is a appropriate. Dean Street this ain't
Posted by: Anonymous at January 10, 2007 9:51 AM
Brownstoner, where do we sign up.
Can you post the contact info
Posted by: Anonymous at January 10, 2007 9:55 AM
It may be next door to the projects, but there has been a lot of new development on this block which can only enhance the value. Notwithstanding the fearmongering, the value of properties on blocks that flow into the Projects (Douglass, Butler, Baltic, Warren & Wyckoff) have been risen even if there is a slight discount off the Dean Street prices. This is a sweatheart of a deal.
Posted by: crouchback at January 10, 2007 10:25 AM
David Yassky? Who's he?
Posted by: Anonymous at January 10, 2007 10:41 AM
gee - thanks for calling it a 'crap block'. I've lived on block for 20 years.
Some misleading statements-->
re: 381 and 381A Baltic. It is one small house with a smaller one behind it. Next door to corner bodega that facing public housing projects. So although nice brownstones sell for $1m+ in area
a tiny house in backyard of another house in this spot will not.
And for Yassky to claim would pay at least $500k in taxes in 20 years means the 2 props together would pay $25k per year.....
$12,500 each....Anyone here pay that kind of tax?
Although maybe a bargain - not such huge bargain ...but I bet developer gonna make some big bucks and will be cheapest blandest interiors possible.
Currently the front bldg has major structural problems.
As a long time resident of the block am happy to see this finally fixed up.
Posted by: Anonymous at January 10, 2007 10:46 AM
heh. A couple years ago a guy I know bought a 3 bedroom penthouse with a huge terrace in Harlem at 117th & Lenox (1 short block to the 2/3) in a brand-new building from HPD for $300k. Cheap even for Harlem...
Posted by: Scott T. at January 10, 2007 11:01 AM
PS...Mr. B ---I took pics of 4 new construction sites on this block which will send to you next week.
PPS - Anyone have any comments on the building on left in pic above? New construction completed couple years ago - example of
'in context' repro of typical tenement bdlg?
Posted by: Anonymous at January 10, 2007 11:10 AM
heh. A couple years ago a guy I know bought a 3 bedroom penthouse with a huge terrace in Harlem at 117th & Lenox (1 short block to the 2/3) in a brand-new building from HPD for $300k. Cheap even for Harlem...
Posted by: Scott T. at January 10, 2007 11:54 AM
They did the same thing when they gave away the mansion in Crown Heights on New York ave and a similar but smaller house on New York at Atlantic.The mansion is on 3 lots and was given away for under 500k.
Posted by: mimi at January 10, 2007 12:31 PM
how do i sign up for the lotto (i mean, lottery).
Posted by: Anonymous at January 10, 2007 1:25 PM
I found out about this house from an article on NY Sun. I search the internet trying to find more info on the lottery, and found this blog. Any more info? The HPD site has nothing.
Posted by: Anonymous at January 10, 2007 6:48 PM
If I were interested -- I'd go by the location and get familiar to where it is - then try calling Yassky's office and try to get info.
Probably too soon for lottery at this point as work has not begun and will require substantial work.
Posted by: Anonymous at January 11, 2007 9:46 AM
the mansion in crown heights is my house. while we paid over 500,000 for the home and put in another 100,000 for extras the neighborhood still has a ways to go. we have endured much since living here. trust me, the house was far from given away.
Posted by: Anonymous at January 12, 2007 5:43 AM
i called yasskys office the other day. they said they had no further information regarding the house or the lottery. i also called hpd and they said if its not publicized yet then maybe they are not ready for the lottery.
Posted by: Anonymous at January 12, 2007 5:45 AM
HUD and HPD are scams!!! Trust me, the people winning the lottery,if there ever is one, are all working at 100 Gold street (HPD Headquarters)!!
Posted by: Anonymous at January 12, 2007 7:00 PM
sounds like sour grapes to me.I would like to know how many people have stolen property anywhere. So when you talk about givaways, talk what you know
Posted by: grewupinchn at January 12, 2007 11:14 PM
wow, i know folks who have won the lottery and i know for sure they dont work at HUD nor HPD. Not everything and everyone is a scam.
Posted by: Anonymous at January 13, 2007 6:31 AM
Okay, Here's a little inside info about this place. I can give you the inside scoop because I live right next to it and have been able to look right inside of this mess for the past couple of months. It's a dump, it will always be a dump. Its not worth a cent, and the idea that they are auctioning it off is a crime, they should just knock it down and try staring over again.
The construction work on this building and all of the buildings on this block for that matter are the most bottom of the barrel, piss poor, uninspired disasters I have ever witnessed. At 381, it is one band-aid after another, from the structure to the brick that was recently covered up with vinyl siding (lovely!)The whole block practically looks like public housing! I have seen these guys put frame work up, and days later, tear it back down again. They don't have a clue as to what they are doing on these sites, windows put in crooked only to be taken out 1, 2, 3 times over, shoddy brick and mortar work...I swear they are making it up as they go along. FYI, the goal for our place was to overlook every detail right down to the most basic of elements.
I thought a big selling point for real estate was location...location...location? Yes, Smith street is wonderful. However, if living directly across the street from the Hoyt Street projects, trudging through garbage and dog poo on your daily walk and residing right next to a bodega that blasts Puerto Rican dance music and apparently gives 40's out to all of the local homeless guys is your idea of a great location, then welcome home! And all for the low, low price of $540K - I can think of many more places that you would better off spending your hard earned half million.
The only benefit of the construction has been the removal of the 4 squatters that were previously living there. If you are thinking of putting in a bid, I hope that your intent is to rent it out. You do not want to live here! If you insist, then I hope you enjoy your brand new fixer-upper!
Posted by: Anonymous at July 23, 2007 8:40 PM
The building(s) look smallish, don't they?
Posted by: guest at October 22, 2007 2:20 PM
There is a house for sale in FORT GREENE that was part of the same housing development program. The family received the brownstone at a reduced rate with taxpayer dollars and now corcoran is selling the building for a lotto prize. It gets better...corcoran is advertising the tax abatements that will be transferred to the new owner. Do the public, who financed this scheme have any say-so?
Posted by: guest at January 10, 2008 3:52 PM
Anonymous-8:40, you must be a miserable old bastard. You are so negative about this building, the bodega, the projects, the dog owners, malt liquor, and everything else. If I were you, I would not post that I live right next door. It makes you sound schizo. Move out or shut the f..kup.
Posted by: guest at January 10, 2008 4:02 PM
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