Anyone who is looking to purchase in this Co-op should contanct me first. I was in contract for over six months and can provide an detailed insight into the hurdles associated with the above building. By all means I would be happy to share my appraisals, email correspondence, and lessons learned from my experience. I figure, I lost money and no one should have to go through what I did without all the information. The building is beautiful, the management and board are all great. Im not downing them at all. If you are interested in buying at this location call me at (two one six) three three seven - seven zero one zero and I would be more than happy to share everything I know about the above address. Im not going to tell you not to buy it, Im just going to share what I know.
Response by romary
almost 16 years ago
Posts: 443
Member since: Aug 2008
curious DSR - can you net out the hurdles? if the Board and mgmt is so marvy, your problem was what?
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Response by romary
almost 16 years ago
Posts: 443
Member since: Aug 2008
nevah mind - read your other post.
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Response by csonz27
about 15 years ago
Posts: 20
Member since: Oct 2009
Isnt this a rent stabilized building?
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Response by jkrollnyc
over 14 years ago
Posts: 1
Member since: Sep 2011
I have a lender who has CLOSED on purchase financing as recent as December 2010 and without issues of financing... this is AFTER all of the program changes and guideline changes with lenders. The building is a "tough one", but doable, for sure. Just one of the many more reasons that a mortgage broker is better than working directly with a lender... options! Feel free to reach out to me if there's an offer accepted, and I can have an approval before signing the contract... just to give peace of mind.
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Response by jccoldweel
about 11 years ago
Posts: 0
Member since: Oct 2014
Can anyone give me an update on the approval/financing situation here?
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Response by rgopal
over 8 years ago
Posts: 0
Member since: Jul 2013
Hello, does anyone know of financing options in this building for an investment property?
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Response by Dickens
almost 6 years ago
Posts: 104
Member since: Mar 2014
Judging from the fact that there’s no prior residency requirement before unlimited subletting kicks in, I would have thought that this is an all-cash building. Hence the pretty low prices for what are rather nice looking apartments (although the building lobby and who knows what else might need an update).
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Response by itesfai
almost 6 years ago
Posts: 77
Member since: Nov 2012
Says at the bottom of the listing description that 'financing is available through the preferred lender' so maybe they've someone willing.
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Response by Dickens
almost 6 years ago
Posts: 104
Member since: Mar 2014
Interesting. I bought my first apartment in a building where sponsor still owned 40% of the units. If not for the fact that the bank at which I worked offered a guaranteed mortgage to its employees, I wouldn’t have found one. All the big names turned me down.
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Response by Dickens
almost 6 years ago
Posts: 104
Member since: Mar 2014
And here’s a 2018 listing that mentions all cash: https://streeteasy.com/sale/1303379. I would be more concerned that none of the listings in the last five years mention any building work. Maybe that’s why there were five new listings coming so close together - a coming assessment for something mandatory.
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curious DSR - can you net out the hurdles? if the Board and mgmt is so marvy, your problem was what?
nevah mind - read your other post.
Isnt this a rent stabilized building?
I have a lender who has CLOSED on purchase financing as recent as December 2010 and without issues of financing... this is AFTER all of the program changes and guideline changes with lenders. The building is a "tough one", but doable, for sure. Just one of the many more reasons that a mortgage broker is better than working directly with a lender... options! Feel free to reach out to me if there's an offer accepted, and I can have an approval before signing the contract... just to give peace of mind.
Can anyone give me an update on the approval/financing situation here?
Hello, does anyone know of financing options in this building for an investment property?
Judging from the fact that there’s no prior residency requirement before unlimited subletting kicks in, I would have thought that this is an all-cash building. Hence the pretty low prices for what are rather nice looking apartments (although the building lobby and who knows what else might need an update).
Says at the bottom of the listing description that 'financing is available through the preferred lender' so maybe they've someone willing.
Interesting. I bought my first apartment in a building where sponsor still owned 40% of the units. If not for the fact that the bank at which I worked offered a guaranteed mortgage to its employees, I wouldn’t have found one. All the big names turned me down.
And here’s a 2018 listing that mentions all cash: https://streeteasy.com/sale/1303379. I would be more concerned that none of the listings in the last five years mention any building work. Maybe that’s why there were five new listings coming so close together - a coming assessment for something mandatory.
Which bank is the preferred lender?