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can someone explain this

Started by anonymous
over 18 years ago
Posts: 8501
Member since: Feb 2006
Discussion about
it has been over a year and no closing. a friend signed there about 4 mos ago and she still cant close. whats the deal. we were thinking of it as my husband and are expecting a child and the space is amazing but something does not seem right. can you please explain?
Response by anonymous
over 18 years ago
Posts: 8501
Member since: Feb 2006

sorry http://www.streeteasy.com/nyc/building/1200-5-avenue-manhattan
this is regarding 1200 5th

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Response by anonymous
over 18 years ago
Posts: 8501
Member since: Feb 2006

Website says closings start in March of 2007. They only have 11 of 37 listings under contract, speculating on their financing they may need to close on at least half of their listed units before they can get their construction loan.

As soon as they close on a unit, under most agreements, they are liable to pay the commission to the broker even if they later refund the deposit. Probably waiting to see if they can get more pre-sales before going to contract or canceling the project.

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