The two-family home on East New York’s Bradford Street has changed hands four times in the past three years, tripling in value along the way.
Joyce Davis bought the place for $133,000 back in 1998, property records show. Two decades later, in October 2018, Davis’ estate sold the home for $195,000 in cash to a limited liability corporation. Under the terms of the contract, the buyer, Sasson Developer LLC, agreed not to resell the property for more than $234,000 until 90 days had passed.
Just three days after that waiting period ended, Sasson flipped the home to another entity, a firm called Dee Cee Property Mgmt & Consultants LLC, for $435,000, records show.
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Home prices in the predominantly Black and Latino neighborhood began to tick up before then-Mayor Bill de Blasio announced plans to rezone 190 blocks in 2014. But affordable housing advocates and local residents say the rezoning, approved in 2016, only drove more speculators to scoop up homes, jack up [...]
