building at 85 Avenue A - banks will not finance

Of the 32 residential units, only four have sold since the condo went up nearly 20 years ago. Some of those four don't appear to have been arms-length. The remaining 28 are owned by "PSA 85 AVENUE A ASSOC LP" which took title to them from the sponsor in 1993.

Banks apparently apply their percent-owner-occupied, etc., criteria, and this place doesn't cut it.

PSA 85 Avenue A Associates also owns the commercial unit.

thanks, NWT. Would it be wise to stay away from a building like that? Or could I buy for less there since the all cash requirement will reduce competition? Of course I can't imagine what kind of problems could emerge from a situation like that in the future..(I'm a first time buyer)

people have to walk though your bedroom to use the toilet. nice layout.

Yes, but the size, the light, views, extremely low maintenance..I haven't seen many comparable condos in this price range.

Then there's the security gate on the bedroom window, as the roof of the adjoining tenement is right outside.

I suppose it might work if the cost of the cash plus CCs plus taxes would be far enough below what you'd pay in an established building. The current asking isn't nearly low enough.

Lots of reasons to stay away, among them that the super-majority owner will call all the shots in the building. Then again, said owner has incentive to keep CCs as low as possible.

you are buying into a situation where most of the residents are renters when you go to resell this will still be a problem after so many years as a condo more units should have been sold

Hi 153,
I am not familiar with this specific building, but here are some of the pros and cons
Advantage: you can get a good deal, low carrying charges, and basically more bang for the buck

disadvantage: since the sponsor owns most units they can determine market value. For example if they decide to sell other units cheaper or just transfer them to another corporation, ultimately the market value of your unit will go down.
A good idea would be to talk to the sponsor/board about their plans for the futute - is the entire building for sale? if not, how many apts? this info can give you an idea if the investment is worthwhile.

I
Of the 32 residential units, only four have sold since the condo went up nearly 20 years ago. Some of those four don't appear to have been arms-length. The remaining 28 are owned by "PSA 85 AVENUE A ASSOC LP" which took title to them from the sponsor in 1993.
II
I suppose it might work if the cost of the cash plus CCs plus taxes would be far enough below what you'd pay in an established building.

Conclusion:
The odds of being able to sell a purchased unit at a later date, TERRIBLE

Thanks, guys, for all this helpful advice! I'll stay away and keep looking.