500 4th avenue Brooklyn

4th avenue is a wasteland.

Anyone go to the open house today? Please give us some feedback, thank you.

i went 3 weeks ago. looks very nice. but i wouldn't want to be one of the first ones in unless i was getting a serious bargain in this climate.

I think the building and the apartments are really nice! I looked at a lot of new developments in brooklyn this one is by far the best, in terms of quality of construction, amenities, and the beautiful finishes.

its all beautiful but what good is it if you decide to buy, but are never able to close on the deal because there are not enough units sold and you cant get a mortgage because u need 50% of the building sold.

yes! that is absolutely the issue. I am now trying to get more information on the difficulities of closing due to the 50% rule. I know that some folks have already closed- but need more info!

"4th avenue is a wasteland."

Nor is it Park Slope.

Re- 4th ave- It's all a matter of perspective and taste. I love 4th ave - but then again I am a sucker for big wide urban streets that retain some of the nitty gritty of new york. I am happy that not every street has been gentrified completely. I like the mix of 4th avenue and the neighboring slope brownstones!

nevetstaco. So here is a little feedback. I just came back from speaking with my mortgage broker who assured me that wells fargo is offering very good rates on mortgages @ 500 4th ave., and that it is not an problem that the building is less than 50% sold. Different banks have different requirements so it is a mater of finding a bank that will make loans based on your needs. hope this is helpful.

Ciaokt, does "very good rates" mean they are offering conventional loans, or very good rates on FHA loans? If it's FHA, the accompanying mortgage insurance and the cost escalation that goes with it is the issue, as far as I'm concerned.

rick, it's a conventional loan. I was specifically looking into a 15 year loan @ 4. 25 % interest rate. However there is a 8k- 10k estimated closing cost on this loan. I am just starting the mortgage process so I don't know what the range of closing costs are for a new construction condo loan, do you?

Rick- on second thought, not sure about it being a conventional loan. Since I'm just starting to look into the loan process, I didn't get the full details yet. I'll check on Monday and let you know.

Rick- Wells Fargo is only offering conventional loan at 50% sold ( contrary to what I was told by their representative before). So, It appears that M and T Is the only game in town, offering conventional loans. I think then my choices limited to M and T bank or wait until the building reaches 50% sold. I most likely will go with M and T, unless something unforseen pops up .

I just put in my application for my loan with M and T bank. Lee Cohen, their rep., is super helpful and a pleasure to deal with! I would highly recommend her based on my experience so far. I'm excited and relieved !

ciaokt. I am also a buyer at 500 4th and I'd be curious to know more about your experience with M&T. I am dealing with Lee Mundy. do you know her?

Hi virgo75. I have not completed the loan process but have had several phone conversations with her. She has been helpful and informative - so I 'd say so far so good. At this time there are few options for conventional loans @ 500 4th, so it seems that M and T is most likely the only choice I have. From what I understand, as more units go into contract, more banks might offer loans. I am trying to get my ducks in a row now so Ill be dealing with Lee Mundy. I am hopeful that all will go well. Hope this was helpful.

virgo75us- p.s. so sorry I couldn't give you a more definitive response, other than so far so good, since I'm still in the initial phase of the whole loan ordeal. But I would def. contact her with all you questions.

Thanks for your feedback ciaokt. Keep us in the loop on your progresses with Lee Mundy. So, I guess we're dealing with the same person? Who is not Cohen, but Mundy. How could M&T have chosen to offer conventional loans on its own, on their books so to speak? The alternative of an FHA is waste of money unless you're in to play with adjustable rates...

M&T Bank is putting the loan on their balance sheet so do not need to abide by some of the Fannie Mae/Freddit Mac guidelines.

virgo...yup I will def. keep you updated. She uses both names Cowan- Mundy. She mentioned that there is someone else at M and T named Lee Cohen so I guess that accounts for her using Mundy. I just got my "Good Faith estimate" and app. in the mail today !

I biked to work and rode by the building today on my way home. I couldn't resist stopping and chatting with the construction workers- who bragged about the quality of their work on the building and said me that they were working away non- stop. I am keeping my fingers crossed for a Summer closing.

Has anyone seen 401 8th Ave #53 in Park Slope? Listing is here: http://streeteasy.com/nyc/sale/534365-coop-401-8th-avenue-park-slope-brooklyn

Just wanted some thoughts.

Does anyone have Lee Mundy's number?

Lee Mundy, office 845-440-2851

Thank you!

can anyone recommend a RE attorney that they used for 500 4th and what they charge? Thanks.

I used Paul B. Reinitz, paul@paulreinitzlaw.com very reasonable and he is now very familiar with the building.

I went with Chicago Bankcorp and got 4.5%. It's an FHA Loan. They have not sold enough units for conventional loans yet which sucks. The PMI down payment and monthly cost are awful. That said - I can't wait to move in, the apartment looks great...even if there are five people living in the building...

Wasn't M&T Bank doing conventional loans?

Im working with a buyer going FHA, with less than 20% down it more advantageous to go FHA than conventional even thought there is the upfront MI with FHA. FHA rates are a little lower and the monthly PMI payments are usually less as well. Some banks will do conventional loans but until they hit 51% (that's when we'll start closing conventional loans) or more (some banks require 70%), they'll be limited to how many conventional loans they do on their balance sheets. sunny.hong@bankofamerica.com

Well said. I never thought I would agree with this opinion, but I’m starting to view things from a different view. I have to research more on this as it seems very interesting. One thing I don’t understand though is how everything is related together.

http://www.vibramfivefinger.info/vibram-five-fingers-mens-style-vibram-five-fingers-classic-c-12_6.html

M and T is offering Conventional loans. I checked into both FHA and conventional. I just go my conventional loan apporved. I did put down more than 20 percent but it was significantly less expensive than the FHA option.

Who bought 12B?

@virgo45us I am. Why do you ask?

Just curious. I am right bellow you. I'd be nice to meet you.

Nice. Yeah I'm really looking forward to meeting everyone. I'm slated for Aug 31st closing. We should meet up some time for drinks after then. When are you moving in?

Great! I am in. I closed last week. I am looking forward to meeting you. Just feel free to come by whenever you have a chance. I think we'll have a house warming party in Oct or Nov....

Congrats! Yeah I'll drop by and say hi some time after I move in. Looking forward to it!

Virgo75us- congrats!!!

I'm hoping now that may loan was approved with M and T That i will be following right behind in your footsteps.

ps- If you are a bike person I encourage you to let the managing folks know that you want bike parking/ storage. I'm hoping that if enough people are asking for it that it will actually happen.

Thx! We're also pushing for storage and we have a bike....

YEAH - so happy more voices in the building to lobby for bike space!!!

For those of you who are already living in the building, how do you like it there? I am currently seriously considering purchasing a unit there and would appreciate any thoughts.

Hi I actually am here to ask the same question as cpb. Love the building and seriously considering making an offer. If anyone has any serious concerns with the building, I would really appreciate knowing about it. Thanks!

Tmorgan3321@gmail.com

Building is great and people are friendly It's not more than 50% sold (per one of the realtors). I closed last year. Things that are pending that will make the building better - putting something of value in the commercial space (i've heard they looked at a duane reade, a coffee shop and pet day care but nothing has stuck) Also - i'd like them to put a TV in the gym...all in all though - i love it. Central air, video security, viking appliances, marble countertops, soft close cabinetry, heavy doors, floor to ceiling windows (lots of light), cold storage, a gym, a common area indoors with a television and space for parties, a huge outdoor common patio area, a parking garage (with zip cars), two blocks from the R,F and G (although the G is useless), balconies in a lot of apartments, tax abatement, LOW maintenance, concierge service (I'd be interested to know if anybody uses this and for what), pet friendly, doormen. When you get a package the intercom system in the apartments has an indicator light to let you know - doormen can send text messages to each apartment if needed. There is also a button to call taxis. They've put a lot of thought into the building - comfortable living there...

Great thanks for the response.

One more question, is there a cleaning/housekeeping service that is offered through the building?

I agree with this article completely, I must thank you for posting such helpful facts.
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