301 East 50th Street #18B
3 beds•3.5 baths•2,021 ft²
Condo in Midtown East
Listed by Douglas Elliman
159 West 53rd Street
2 beds•2 baths
Rental Unit in Midtown
Madison Square Park Towerаt 45 East 22nd Street
Condo in Flatiron
Anybody know anything about this building? I heard it a rumor that the the building owes the city a lot of money and the city may take it over. I heard another rumor that they had been some sort of govt. backed cooperative (not Mitchell Lama) and are trying to get permission to privatize.
which is a recent document amending previous "indentures" under which the building owner (Turin Housing Development Fund Company Inc.) does appear to owe NYC a significant sum dating back to the 1970s.
The previous documents should also be available in ACRIS, and you can see all the other financing/transactions.
So how does this "indenture" affect the buyer? I see someone is asking for an all cash deal of 399K on one of the apartments. Does the "identure" mean it's hard to find a bank that will give a mortgage, so they're asking for cash?
Did you ask the seller/broker what they know? They should at least be able to discuss the reasons cash is requested.
It does sound like there's a complication of some sort, but it could be any of a number of aspects -- who owes the money (coop vs sponsor), the governmental nature of the loan, or the magnitude of the loan in relation to the building's income or asset value.
I don't think this forum is going to provide the detailed answers you would need in order to proceed. Seek advice from an attorney who has experience in coops with HPD involvement.
Just found out that the coop was able to get a loan from a bank to pay off the money owed the city. However, I see that the sale of the apartment in question was taken off the market quite a while ago. There haven't been any sales in quite a while.