The current administration has made it a point to attack not-for-profits and things such as public housing. The common thread throughout this hostility is the cry, "we don't need property taken off the tax rolls." In fact, many people that read the Troy Polloi echo that same sentiment. Without passing judgment on why it's poor form to attack the weakest in our society, lets look at what members of the administration are doing to keep property on the tax rolls.
For some background, check out this post.
MAPTAF Properties LLC, is a limited liability company with offices at 466 Sixth Avenue, Troy , NY. It was founded in April of 2002.
In November of 2003 MAPTAF properties, LLC purchased 80 Douw Street (near the DPW compound) for $63,000. The sellers were allowed a life estate in the property, rent free! Good deal that.
Approximately 3 months ago, MAPTAF sold the Douw Street property to Vesta Community Housing Development Board (Father Young's outfit) for $160,000. Vesta is the same outfit that owned 3215 Sixth Avenue, where the sex offenders were living. Remember how so many cheered when 3215 was closed. Anyway, the sellers made one hell of a profit. The fella's at MAPTAF must be quite the gamblers. Imagine, a nearly $100,000 profit in two years! Or perhaps it was just the luck of the draw. You know, buy a property in such a great neighborhood and then suddenly....a not-for-profit with juice wants to purchase the same building.
All of the principles of MAPTAF remain, at this date, unknown. However, the LLC's offices share a 466 6th Avenue address with a Michael A Picarillo (the MAP in MAPTAF?). We believe a Michael Picarillo works for the DPW. In fact, we've heard that Mr. Picarillo is Mirch's right-hand man (again, not sure what that means, but that's what we've heard). Rumor has it that Mirch is grooming Picarillo for bigger and better things in Rensselaer politics (passing on the Mirch knee-pads, as it were). We've also heard that Mirch is close to Father Young and, in fact, may wish to work for Father Young after he retires from his public sector jobs.
The principle at MAPTAF that signed the deed was Thomas Fucci, another DPW employee (perhaps the TAF in MAPTAF?).
It's all so interesting, isn't it? Getting a nice return on a run-down Douw Street property? Your boss knowing the boss at Vesta? It all makes you wonder.
The other irony is that this administration and it's mouthpieces constantly bemoan not-for-profits. Now, their own employees are making a tidy profit selling to not-for-profits. Do as we say, not as we do might be their new motto.
Note also that someone must have wanted the property pretty bad to offer the elderly lady that lived there a life-estate. Why would someone consider the property so valuable? Valuable enough to let someone live there for free?
In any event, if you want some real estate investment tips, feel free to call Mr. Picarillo. He's in the book. We hope all Trojans can make such profits in such a short space of time.
Remember when parents used to hope that their children became physicians, lawyers, businessman etc? Now it looks like public employment is the road to financial success. "My dream is that little Johnny and little Janey can one day work for the DPW."
Maybe the administration can explain why their own people are selling Troy to the not-for-profits. Hell, now we're thinking of selling our properties to VESTA.