Goldman Sachs Buying Up Fulton Street
In My Brooklyn Report’s series on urban blight along Fulton Street, Michael Corley notices that Goldman Sachs’ real estate investment arm has taken keen interest in a certain stretch of Fulton Street in Bedford Stuyvesant, buying up at least six neighboring properties in the vicinity of Marcus Garvey Boulevard, including at least one vacant lot….
In My Brooklyn Report‘s series on urban blight along Fulton Street, Michael Corley notices that Goldman Sachs’ real estate investment arm has taken keen interest in a certain stretch of Fulton Street in Bedford Stuyvesant, buying up at least six neighboring properties in the vicinity of Marcus Garvey Boulevard, including at least one vacant lot. In his piece, he raises questions about the possible motives of Goldman Sachs, namely whether the financial behemoth plans to oust locals in favor for higher-paying suburbanite baby-boomers moving back to the city. Mr. Corley’s piece is the second in a three-part series, so we are curious to see if he finds evidence of sketchy political dealings or whether this is, simply, a savvy investment maneuver by Sachs. Update: Looks like this really isn’t such big news. As a commenter points out, we wrote about this a year and a half ago! See the post here. GMAP
Goldman Sachs Finds Opportunity in Bedford Stuyvesant [My Brooklyn Report]
Whose [sic] Responsible for the Urban Blight at 1576 Fulton Street [My Brooklyn Report]
Photo by Jonathan Scheff/Brownstoner
Mopar,
I guess the easy answer to all 3 questions could be yes.
But that would imply that I’m a bleeding heart liberal with a narrow focus and affinity for a community or for the “right thing” (I’m in the wrong line of work if that were the case).
But I certainly don’t resemble the extreme view points of “Brownstones Half Off” (especially given my days in the trading rooms on wall street – too much trader speak by someone who I doubt has any “skin in the game”)
Rather, I think “Enlightened Capitalism” serves many different constituents with a vested stake in a process or opportunity (and I hope I don’t come off to tree huggy with that phrase).
I just happen to think that financial resources happen to be an important component to development, but certainly not the only one.
And for years, the dim imaginations by elected officials and the cronyism, pork, favor swapping (and any other phrase that could be inserted here) are dreadful indictments on the borough’s political machine and lack of political sophistication on the part of a community that permits their surroundings to bartered and brokered.
Imagine what it must feel like walking past this section for 30 years of your life…while an elected office holder brokers the best deal that benefits them.
sorry for the late reply.
So, bkemcee, if I understand you correctly, you’re saying
(1) Why couldn’t this development have been carried out by a local neighborhood group?
(2) Why couldn’t positive development happen faster?
(3) In other words, this looks like political cronyism, pork, swapping of favors — and the strange end result is actually just empty buildings, which doesn’t have a positive effect on the neighborhood?
“Goldman Sachs Buying Up Fulton Street”
Anything Goldman Sachs buys is curtesy of the US Taxpayer via the AIG bailout conduit. Other people’s $. But that’s besides the point…
“BHO, MM and the rest of you better start thinking about pulling the trigger on some real estate or forever bitter you be.” – DIBS @ 9:21 am.
Damn, is this and “Last Week’s Biggest Sales” all Team Bullshit has to cling to? Get back to me when the monthly YOY reading of NY Case-Shiller gets out of the red. [Idiots].
“…that crazy brownstones half off guy need to get real with your predictions.” – Adam Incognito @ 10:19 am
No, you need to get real with your asking price. Take the I-beam like a man.
“But what could inspire a change to this location if the economic fundamentals don’t indicate a significant return on investment to Goldman Sachs in your time horizon?” – bkemcee @ 1:51 am
Brownstoner and Team Bull instantly sobered by the very source of information that they OD’d over!
“Update: Looks like this really isn’t such big news. As a commenter points out, we wrote about this a year and a half ago! See the post here.” – brownstoner
1.5 years ago!? Preeeeeeeeeeeee-Lehman!? How embarassing!
***Bid half off peak comps***
Hi Brownstoner Readers,
I’m bkemcee (aka, Michael Corley) the author of the blog post that is the subject of Brownstoner’s coverage.
I’m grateful to Browsntoner.com for bringing our content to the attention of it’s readers, as it has inspired lively commentary by many interested in the subject.
And I’m also aware of Gabby’s original post on the subject back in January 2008, which began the strange journey I embarked on that culminated into MyBrooklynReport.com.
Gabby made note of the topical information that was readily available to anyone gleaning posts from TheRealDeal.com that have their origin in press releases.
The goal of the series is to offer the reader a glimpse into the relationships developed between politicians and special interests and how property is utilized to garner support and influence (the City’s unofficial real estate business).
What should stand out to any reader of the series is that 2 elected officials who held sway over appointments made to CB #3 over the last 30+ years could not have assembled the talent to unearth a proposal sooner than this? With Goldman Sachs Urban Investment Group? (Habitat for Humanity, anyone)
Real Estate serves different purposes to the end user. And since vacant land can’t depreciate (due to it’s scarcity) it becomes an undervalued asset to an already deep pocketed entity with a long term investment horizon.
It took nearly 12 years before they broke ground on the Metrotech project and there hasn’t been an arena built to date in the Atlantic Yards footprint (and you’ve seen press on the change in scope and scale of that project, eliminating a large percentage of affordable housing – lawsuits aside).
DaveinBedStuy, Why would you think that they’re going to do something just because CB #3, Land Use Committee of the City Council and The Department of City Planning have all given the green light? (The rezoning is now a irreversible legal statute)
I hold out the possibility of being wrong and hope that something will be erected there very soon.
But what could inspire a change to this location if the economic fundamentals don’t indicate a significant return on investment to Goldman Sachs in your time horizon?
Remember, their not developers (shouldn’t that give you a clue?)
I’m a fan of those Habitat houses too. They look great.
Yes, MM & BO, those Habitat houses on halsey are very nicely done. I’ve been meaning to send in a pic as well as pics of what the City of Philadelphia is building. The latter are very nice reproductions of federal style brick houses.
antidope have you never worked for a large company before? This is a huge segment in almost all companies now and has been for years.
MTS-
Good book. Great quote.
What blather are you quoting from BO. Is that your opinion? Do you work at GS? Hah. Do you “know” someone that knows someone? How could you possibly know it was bought for diversity purposes and not pure spec? Anyway, wtf are “diversity reasons?”
“The speculator’s chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you you hope that every day will be the last day – and you lose more than you should had you not listened to hope [ … ]And when the market goes your way you become fearful that the next day will take away your profit, and you get out too soon…etc.â€
Reminiscences Of A Stock Operator
-Edwin Lefevre