what is this: seller is "public administrator for Kings Cty"?

Probably taken over by the City of NYC for back taxes

Maybe the owner died intestate. The Surrogate's Court, absent a family member to represent the estate, would appoint the public administrator to handle it.

Aha, very interesting answers. Thanks. Sounds like either one could be true. In any case, it's quite a price drop.

I have a sense that of all the brownstone Bklyn neighborhoods, Ft.Greene and Clinton Hill are falling the fastest.

It's a co-op, so an individual shareowner wouldn't have back RE taxes.

That makes sense.

NWT is correct. The Public Administrator's Office handles the Estates where there is no other clear executor. At least once a year in each borough (and in Manhattan it used to be about 4 or 5 times a year)you will see an ad placed in a newspaper (always used to be NY Times) with a list of Real Estate (and Coop apartments) which the Public administrator's Office is auctioning off. The sales are held in a similar way to foreclosure sales, except that the Public Administrator would have Open houses in the units (usually 3) prior to the sales, and the terms of sale are closer to those of traditional sales contracts rather than foreclosure auction Terms of Sale.

When looking at the prices, however, you should take into account that the vast, vast majority of the properties are TOTAL wrecks which need just about everything.

Wow, thank you, 30 years!

If you have 20 years in real estate owned (foreclosure) experience, maybe you have some useful tips for us...if so pls post! gg

I've been buying and selling Real Estate for just over 30 years. I've been an RE Broker (agent first, obviously) in Manhattan for about 23 years, and dealing with REO (other people's REO - investors, banks, etc.) for a hair under 20 years (you'll forgive the hyperbole please).

one of my colleagues suggested i start posting on this site and I've been doing a little bit for the past ?week? or so. If I see threads where I think I have something to add (like this one), I'll put my 2 cents in. And I'm pretty sure that any posting with the word "foreclosure" in it's title will draw my attention.