Broken Angel creator warns buyer against $4M purchase

TRD New York /
Jan.January 30, 2014 02:45 PM

The buyer of Brooklyn’s Broken Angel, one of the borough’s most distinctive buildings, made the purchase without knowing the full story, according to a letter from the property’s previous owner.

In a letter to developer Alex Barrett, who purchased the 4-6 Downing Street building from Madison Realty Capital, artist and previous owner Arthur Wood warned Barrett that the foreclosure process hasn’t yet been finalized.

“I am sure Madison did not tell you that,” Wood wrote in the letter, published by Brownstoner. “Be further advised that if you ignore this and go ahead with your renovation, you are taking the risk of the lose [sic] of the property and whatever money you put into it.”

Barrett told Brownstoner that he had not received the letter, and otherwise declined to comment to the news site.

Arthur Wood and his late wife Cynthia purchased the property in 1979, then transformed it with homemade installations and stained-glass windows. In 2006 a fire ravaged the home and revealed that it wasn’t up to code, and the owners attempted to overhaul the property via a condominium conversion with Madison Realty Capital. Madison later filed to foreclose on the building in 2008, and the property was scheduled to hit the auction block in March of 2012. [Brownstoner]Julie Strickland


Related Articles

arrow_forward_ios
Ilan Bracha, Haim Binstock and 39 East 72nd Street (Getty, Elliman)

Vanderbilt mansion condo conversion in foreclosure

Vanderbilt mansion condo conversion in foreclosure
Mortgage lenders are beginning to see missed rent payments from office buildings. (Credit: iStock)

Add office tenants to the list of those not paying rent

Add office tenants to the list of those not paying rent
Brian Harris, CEO of Ladder Capital (Credit: iStock)

“What, me worry?” Ladder Capital says it can easily meet margin calls

“What, me worry?” Ladder Capital says it can easily meet margin calls
Ladder Capital's Brian Harris and Madison Realty Capital's Josh Zegen (Credit: Ladder Capital; Madison Realty Capital)

Ladder Capital deals loan portfolio to Madison Realty Capital amid mortgage selloff

Ladder Capital deals loan portfolio to Madison Realty Capital amid mortgage selloff
Madison makes $157M loan on Santa Monica rental projects

Madison makes $157M loan on Santa Monica rental projects

Madison makes $157M loan on Santa Monica rental projects
From left: Raphael Toledano and Madison Realty Capital managing principals Adam Tantleff, Josh Zegen and Brian Shatz (Illustration by Kevin Rebong for The Real Deal)

Raphael Toledano’s “ghostly” East Village portfolio

Raphael Toledano’s “ghostly” East Village portfolio
Union Crossing at 825 East 141st Street with The Bluestone Group's Eli Tabak and Madison Realty Capital's Josh Zegen (Credit: Union Crossing Bronx)

South Bronx office building lands $85M refi

South Bronx office building lands $85M refi
Brian Shatz and Josh Zegen of Madison Realty Capital (Credit: Angela Pham @BFA)

Madison Realty Capital throws merry bash

Madison Realty Capital throws merry bash
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...