Dan Goldstein fights eminent domain abuse at the Atlantic Arts Condos

The NYT Real Estate section has been the source of many reading pleasures each weekend as I peruse their articles. Lately, they have not failed to impress. This weekend they came out with an article on the enigmatic Brooklyn Navy Yard. But the kicker was the article on a man who has refused to sell out to Forest City Ratner (FCR).

Dan lives at the Atlantic Art Condos in unit 703. Located in Prospect Heights, the neighborhood was described as a neighborhood for 'yuppies-on-the-edge.' I prefer to think of it as more like yuppies-who-can't-afford-$1,000-a-square-foot.

In the article, most buyers were revealed to have been paid 2x what they purchased their units for. Brooklyn Properties originally marketed the properties which sold for anywhere from $305K to $975 for the penthouse unit. As the board president said, this was one heck of an investment.

I'm assuming that the 824 sq ft 1 bedrooms were the ones that sold for $305K. After selling out for $610K, they could've went straight to Jerry Minsky and asked to see unit 10S at the Greene House Condos, which costs $606K for an 836 sq ft 1 bedroom.

To date, Dan has refused to budge. Since he is the last remaining stalwart, I would think he has a bit more leverage on them and may even try and gouge FCR for, hmm, maybe, 3x his purchase price. A bit of detective work revealed that he paid $601K for his unit. Even if he got $1.2MM for his unit, he could head straight for Jerry and snap up the still-available penthouse units PH-S or PH-E at the Greene House!!

Dan, what are you waiting for?? You got them right where you want 'em! You can spend the next 7 years watching the construction from your awesome wrap around terrace. But you know what, you've still got your morals and I respect you for that.

PS. The article quotes the condo board president as saying that the condo was plagued by construction problems, including burst pipes during the recent freeze this winter. No wonder this guy was the president-- he's a smart man! City records show that he paid $441K for his unit, but FCR paid him a bit over $1.1MM for his unit! There you go, that's incentive for you, Dan. Gouge 'em!