NY Lost! A New York Cop practically bought Brooklyn for Dirt Cheap

[AtomicUse]

Greg O'Connell Has $400M in Red Hook Real Estate

Bloomberg - Are you a robot?

This ex-NYC drug cop has amassed a $400M real estate portfolio
Greg O’Connell is concerned about the gentrification coming to the neighborhood

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  TRD STAFF JUN 17, 2019 8:08 AM

Red Hook (Credit: Stevin Pisano via Flickr)

Former New York City detective Greg O’Connell bought his first building in Red Hook back in 1967 for $22,000, when the Brooklyn neighborhood was practically a ghost town.




Now, his properties are worth at least $400 million, according to a report by Bloomberg. The 77-year-old former drug cop owns a total of about 1.3 million square feet of buildings and 385,000 square feet of undeveloped land in Brooklyn, mainly in Red Hook.

O’Connell bought his own townhouse there in 1976 for $4,000, and it is now worth more than $1.2 million. He also bought several abandoned warehouses in 1992 from the Port Authority of New York and New Jersey for $450,000 that are now worth more than $170 million

Red Hot
The values of some O'Connell's properties have skyrocketed since the '60's

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This cop owns so many souls.

bytch about gentrification when you could have owned property for dirt cheap brehs.

Missing out on flipping $4k into $1mill.

 

[@OffHalsted]

nikkas got no foresight

 

[Lord-Yosh]

 

[NoMoreWhiteWoman2020]

Real estate is inflated and this shows that. NYC being overpopulated in sensationalized when you realize literally 15-20 miles by the Tappan Zee bridge it’s practically a forest.

It says Red Hook was depopulated at that time, and with Brooklyn being gentrified, all of that was going up.

People could have pooled together and bought their own land investments commercial industrial or residential, especially when land was cheap, but chose to run to overpriced suburbs that are now becoming run down.

Just my observation

 

[Mr. Jack Napier]

Did you read WHEN he bought those properties though.

 

[Hawaiian Punch]

It’s hard to teach people to think that far ahead. Most people are worried about their next paycheck, not 30 years later.

 

[Juven]

Missing out on flipping $4k into $1mill.

You should've bought them breh . You missed out on 400 milli

 

[Noriega]

I’m sure dude was not thinking bout being a millionaire when he bought those cribs in the 60s/70s. Luck of the draw


My great uncle bought a apartment building on Pitkin right off Eastern Parkway in the late 70s for 85k. Last I spoke to him it’s worth 480k. He said he never would’ve thought it’d be worth that much 40 years ago

 

[Cave Savage]

I’m sure dude was not thinking bout being a millionaire when he bought those cribs in the 60s/70s. Luck of the draw


My great uncle bought a apartment building on Pitkin right off Eastern Parkway in the late 70s for 85k. Last I spoke to him it’s worth 480k. He said he never would’ve thought it’d be worth that much 40 years ago

shyt would be 1 million+ dollars just a mile or two West

 

[Ol’Otis]

how did he buy those on a cop salary?



drug cop?

 

[Cave Savage]

That was a very good investment, but his properties were probably low value until the 90s

 

[Blankthawtz]

Reachin just to give NY a L..... U know where this going....

 

[I Really Mean It]

Where did this NYC drug cop get the capital to make these sound investments?

 

[Mowgli]

Probably one of those dirty shakedown artist

 

[UpAndComing]

Did you read WHEN he bought those properties though.

Watch everyone ignore this post


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