Back in October, Finger Building developer Mendel Brach was banned from selling condos for five years thanks to some shenanigans on Bed-Stuy's Spencer Street. He was ordered to pay $10.9 million to modify his buildings, where he loopholed his way around the zoning rules by promising to use the condos as faculty housing. So how's that fix-up going? Not so well!
City Limits checks in on the unit owners, who are required to keep up mortgage payments but aren't allowed to resell. They're trying to negotiate with Brach to get the air rights from neighboring properties, which would make the new condos okay under zoning rules and save the residents from having to make pricey repairs. But Brach's only willing to get the air rights it if the residents agree to waive that $10.9 million judgment. In the meantime, he's been sending the owners $3.88 per apartment per month?"garnished wages from Brach's job at a Brooklyn Bakery." Maybe Brach and Brooklyn's favorite barredchitect should open a bakery together?
· Saga of the Worthless Condo [City Limits]
· Mendel Brach coverage [Curbed]