Battery Park City Condo

a lot of times attorneys send out boiler plate contracts that need to be tailored. laziness, mindlessness, innocent mistake.. hang in there.

jenny - i just bought in bpc. can we email offline?
also would you like the name of my attorney?

Bubbles- sure, that's great, my email is jen.schramm@gmail.com. Its the seller who has the incompetent representation, but maybe I can give the name to the broker or something. Any advice you have would be great.

Hi jenny - if you don't mind sharing, what building are you buying in? Out of curiosity, how did you make the decision to buy in this environment given all of the issues that you're having?

Thanks and good luck!

http://downtowny.blogspot.com

I've owned several condos in BPC. The only issue is the land lease. Certain banks will lend there and others wont, its really always been a very straight forward process for me as long as your attorney is competent and the bank is OK with land lease. Caveat--the last time I bought down there was 2005 and the lending climate has changed as we all know. BPC is terrific.

One VERY important thing, make sure to look at the escalation in the PILOT (Payment in Lieu of Taxes, this is your real estate tax) because all of the ground leases are coming up for renewal for the first time in 2012. Some buildings are better prepared for it than others. Look in the offering plan

Good luck!

Mjh1962 is right on but putting it mildly. Double check the land lease renewal for your building. Many of the buildings are going to see their all ready high cc/taxes (PILOT) double in the next 2-3 years.

Be very careful buying there!