Martin Connor’s 1990s’ Apartment Purchases: Too Good Of A Deal?

By on September 6, 2008 12:57 pm in Brooklyn Heights, Election08, Government, News, Real Estate

The Daily News reports NY State Senator Martin Connor bought two apartments for what appears to be less than their worth: one in 1994 for $12,500 and one in 1997 for $50,000:

Connor, in a telephone interview, rejected Squadron’s allegations as “nonsense,” insisting he received no special treatment in the purchases. BPC, he insisted, only manages the property and was not involved in the sale of the units.

Connor said he moved to the Brooklyn Heights building in 1977, taking a four-room, rent-stabilized apartment. Years later, he said, the building’s owners decided to convert it to a co-op.

Connor said he didn’t originally want to buy the apartment, but changed his mind a few years after the co-op market collapsed and prices came down. Three years later, he bought the second apartment.

Coincidentally, they were managed by BPC Management, a company with close ties to Martin Connor. How close? Well:

Connor said Doug Rosenberg, who runs BPC, is a friend and lets his campaign use a desk “in the corner” of one of his offices. The space is listed as an “in-kind” contribution on Connor’s financial disclosure statement.

A property management company could possibly be involved in the sale of a property if they were sponsored units. So the question is: Did Martin Connor really get that sweet of a deal for that time period? Can any long-time Brooklyn Heights residents out there speak to this?

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  • http://selfabsorbedboomer.blogspot.com Claude Scales

    In 1983, I paid substantially more than $12.5K for a one bedroom in a doorman/elevator high rise at the Promenade end of Montague, with a tiny kitchen and dining alcove, on a low floor with a partially obstructed harbor view. I got it at what was then something of a bargain price from a woman who had bought as an insider a year before when the building was converted, and was eager to sell. It boggles my mind to think that anyone could get a four room apartment, or even a tiny studio, in the Heights, for what Connor paid in 1994. There was some softening of the co-op market following the 1987 stock market crash, but no “collapse”. Something is very fishy about this.

  • T.K. Small

    It has happened that investors buy a great deal of apartments in one building on speculation. When the market sours, or they need to liquidate for some other purpose, fire sale prices occur.

    Around the same time as the alleged ” fishy” purchase, my father, who lives on Grace Court, could have purchased his two-bedroom apartment for approximately $40,000. It is almost like hitting the lottery!

  • anon

    Gee Marty hits the lottery alot… gets free parking on the street blocking traffic and no tickets…gets to use campaign monies to buy a car… gets bargin basement rates on apartments… he is one lucky guy

  • anon

    look under Christine Silber his wife and Paul Silber her brother

  • http://zombo.com skindisease

    haha when did Uncle Paul get involved in all this? You people need better hobbies

  • Joe

    Think before you throw a rock… while an attack can sound “easy” — it can also be quite wrong. Especially if you’re old enough to remember these years, as I am. In fact, everyone has their ONE THAT GOT AWAY real estate stories… and mine is a 1-bedroom co-op in Brooklyn Heights that was offered by a large real estate company (meaning, public and legit) on Remsen St & 1/2 block from the promenade for $19k. That was 1993. After the 3-year recession that put Pres. Bush on shaky ground. I’m still muttering to myself, over this one (and others, then). Let’s try to be better or thinking — or ask around, maybe ask people that were at least adults in that era?

  • The Where

    Joe – the tone of the original post FROM A YEAR AGO is basically that it’s a non story and that Marty was being unduly scrutinized for the deal.

    Secondly, we “kids” will gladly get off your lawn.