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Foreclosure Auction Set For Developer’s North End Property

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A March 12th foreclosure auction date has been set for a 2-bedroom condo on Salem St. owned by a North End and Revere developer. Thomas Grillo reports in the Boston Business Journal:

Steven Fustolo, who withdrew a proposed 5-story condominium building at North Margin and Stillman streets (34 Cooper St.) in the North End following a clash with neighbors, faces the auction of his two-bedroom condominium on Salem St., according to a legal notice. Fustolo borrowed $288,750 from GMAC Mortgage Co. in 2007.

In 2008, Fustolo fought North End residents who blocked his condo project arguing that digging 37 feet below grade to create a parking facility would exacerbate the depletion of the groundwater in the neighborhood.

The developer is quoted in the article saying the 34 Cooper St. project was not blocked by residents, but was not completed because of “the Revere situation.” More details in the full BBJ article.

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Joyce Stephens says:

http://www.nti-inc.com/pages/about.html

Wonder why he hasn’t used the money he makes as a partner in a CPA firm and his continuing education business to pay off his mortgage and other debts? And BTW … the Cooper St project did not go forward in large part because the neighborhood objected to his plan. The “Revere thing” just helped the neighborhood prevent the “extreme excavation fight” that was inevitable between Fustolo and the residents of the North End who abut the Cooper St site.

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