314 W. 100th St.

First: I count only 5 closings in this building
View

314 W. 100 ST. REALTY ASSOCS. LLC
MANHATTAN
1888
1212

651,680

314 W. 100 ST. REALTY ASSOCS. LLC
1888
1227

1,875,000

314 W. 100 ST. REALTY ASSOCS. LLC

MANHATTAN

1888
1205

886,827

314 W. 100 ST. REALTY ASSOCS. LLC

MANHATTAN

1888
1224
811,823

314 W. 100 ST. REALTY ASSOCS. LLC

MANHATTAN

1888
1232

836,017

Second, the only mtges I can find are:

1)BNY MELLON, N.A. mtge of 1,000,000 on 1.875m purch.
2)Global Bank, mtge of 649,458 on 811,823 purch.

The other 3 purchases look to be all-cash purchases.

I suspect that the reco'd broker probably closed the 2nd mtge. You really want to proceed knowing how difficult it is to obtain financing, and possibly NOT being able to refi after the ARM is up due to
unforeseeable circumstances.

I know it is a pretty building - I was there, but this may not be a play for someone who needs to know that there will be reasonable financing now and down the road.

Thanks nyc10023. Your advice is much appreciated.

Also, the buyer of 35 paid 651k, all cash. You really wanna pay over 800k for 55? Just saying.

I offered $620K. But even at that price, the financing and risk are not for me.

FYI, the sponsor is trying to sell the stabilized units & 2 FM/vacant units. http://www.easternconsolidated.com/listingdetail.php?listing_id=705