40 Acres Former HQ Now For Sale
A couple of weeks ago we reported that 40 Acres and a Mule, Spike Lee’s production company, had moved out of its Fort Greene headquarters of the past 22 years. Now, it turns out, the owner has put the three-story former firehouse on the market for a staggering $6,000,000. We realize the place has the…
A couple of weeks ago we reported that 40 Acres and a Mule, Spike Lee’s production company, had moved out of its Fort Greene headquarters of the past 22 years. Now, it turns out, the owner has put the three-story former firehouse on the market for a staggering $6,000,000. We realize the place has the fame factor going for it, but you’d have to be pretty star-struck to shell out $1,000 a foot for something that doesn’t even have much interior charm going for it and is across the street from the hospital entrance. The aggressive asking price also kinda makes you wonder wonder whether Spike decided to leave or was forced to.
124 Dekalb Avenue [Citi Habitats] GMAP
Spike Pulls Plug on Dekalb HQ [Brownstoner]
Spike’s Gone But 40 Acres and a Mule Lingers On [Brownstoner
Having gone thru the firehouse I can tell you it’s a
turnkey situation, an architectural gem and one of Ft. Green’s crown
jewels.
The interior of the building is mint, many custom features. I’m amazed at all negative comments while it is obvious none of the comments come from people who have actually been inside the building. Wait for the professional photos and virtual tour next week.
This place is totally over priced, but what can you do? Sellers will be sellers. I heard this place was not only a firehouse but also a bomb shelter, this would explain the vault. This place is rock solid. As for the mortgage i heard Lee owned it but then sold it to the present owner but kept the lease, or paid the mortgage as the lease. Something like that. Supposedly there is a deck on top. Also, it is a total gut inside, so that will cost money.
I guess we’re gonna find out, arn’t we?
If real estate doubles every ten years or so. And sold for two million dollars in 1990. In 2000, its value should be estimated at four million dollars. Following the same line of thought in 2010 it should be eight million dollars. What’s it worth in 2008?
It is not uncommon to have a basement that is longer than the lot size. the extension is called a vault, and it is under the sidewalk. It is not deeded, but it is for the sole use of the property owner.
And secondly, the two entities that have been swapping the deed, are clearly the same people. When a deed is transferred in lieu of foreclosure, without an attempt to achieve highest and best value such as an auction, this is almost always an internal transaction.
And lastly, this is not digging. Property records are public information, and the chain of title is there for anyone to see.
Sounds like some shenanigans going on there.
It is not unusual for a someone to own a building and then lease it to a company owned by the same person. THere are advantages.
The foreclosure thing sounds fishy. Generate a loss for tax purposes?
The 100′ deep basement–that’s straight down.
*2:51