building at 1801 Adam C Powell Boulevard

> 11 units are Section 8 (as per HDFC agreement with the city)

and they are going to stay as rentals forever? what does the building (and the owners of the other units) get in return of having section 8 in those units?

> The HDFC expires in 2039 (30yrs).

bedbug, how did you find this out? is it a standard feature or there are public documents stating it?

It's in the official HDFC contract with the city, which I took the time to read (on Acris). It seems standard, but I think there are different periods out there (i.e., 20, 25, 30 years). Not sure if it makes sense to even consider the building with section 8 housing in it. Location is not bad though. What are your thoughts? Anyone been to an open house?

Went to the Open House at this very interesting building last week!

Real nice location with much of the Apartment we saw [4 beds] facing Central Park... [though on the second floor with much street and Bus noise!]

Met the HDFC Income requirements for family; but was really Diss-appointed when Broker told us there were already 4 CASH OFFERS at Full Price!
Couldnt understand how this is possible with HDFC Income requirements!!
Was told that in 1 case it was a prospective buyer selling 1 apartment to get this one!

The Board Package lists the HDFC as 'expiring' in 2039, which I also didnt understand--I did not know that HDFC's 'expire'.

There is NO under Mortgage according to these same Board documents, which to me, mean CONDO!!??
That should make for some pretty happy shareholders . . . . but does not explain the Maintenances of $890 for that 4 bedroom Unit!!

I dont know what if any units are 'section 8'?? It sure doesnt give off that vibe!
The Building is in real nice renovated shape, and would serve HDFC Shareholders very well according to the original premise of an HDFC!

The City apparently moved the original tenants out a few years back, to renovate the building.
The work has been done, and very nicely, and now those folks are being invited to move back in--as Shareholders in the HDFC!
The Location is primo Harlem! And the neighborhood vibe carries as such . . . .

Apparently, some tenants [2] from others buildings doing renovations also, are being moved in here, while their building undergoes a similar procedure.
These are the 2 rental tenants.

Bedbug, can U provide the direct link to the Acris page??

There was also a 6th [top] floor Unit that has similar low income requirements, and apparently more ALL CASH buyers lined up!!

Not quite 'fair' seemingly, but of course, who said anything, about something being equal or fair these days!

anybody?

Never mind RE Bears, or summer slump, or whatever!

Clearly, a nice, unique Unit, with an even nicer pricetag, scores MUCH interest, and Offers, FAST!

I will go have a look at this but wont be buying. Similar thing happened at 7 West 92nd Street which is income restricted. The lazy children of rich people do not need an income so they fall under the limits. Hey Presto.... they ask daddy for the cash and it appears in the bank account. Under the income limit and all cash is popular among this demographic, and make no mistake, there are many of these here in NYC. This seems to me to defeat the idea of income restrictions but if I would do it if I could.

* delete penultimate "if"

that reminds me, anyone else see that retarded ad for an apartment where the broker calls it the penultimate property. wtf. I mean really.

the whole business with Trust Funders is anti HDFC, but no apparent way to check it!
Its a shame . . . . .

This one really fit the bill; but we just can not compete with ALL CASH OFFERS who are within the income limits [by NOT working at all!]

I will take a look at the units, too, when I come back in two weeks. Brokers like to say they have plenty of all cash offers to start bidding wars a la 2007. I try not to buy into the hype. (Do trust fund babies really want to live in an HDFC building without doorman and amenities?) Btw, they wouldn't show the units if they were sold. Also, it is a big house and similar units should become available as they get renovated.

LENOXav, did the building seem fully occupied? Was there construction going on?

http://a836-acris.nyc.gov/Scripts/DocSearch.dll/ViewImage?Doc_ID=2009113000899002

This is the link to the HDFC agreement.

Thanks for the link, bedbug, but Acris makes my lil brained head spin!
It only directed to Home Page . . . . can ya' specific it more for me please??

The building is NOT fully occupied, [we saw 3 separate vacant Units] but there certainly are quite a few shareholders, and the 2 tenants in residence!
The building is fully renovated as far as I can tell!

I dont think this is a situation of attempted bidding wars promoted by a Broker!

No Doorman and amenities, HOWEVER, this is hardly THE expected HDFC!
Trust Fund types could 'force' themselves to live in this building!

The Location is really truly excellent! You truly have to check it, to see and understand . . . . .

My sis flipped, saying 'Now for THIS, I would ignore the lack of underground parking!' -- AND she meant it!

I can understand how full price offers would materialize, even a lil bit more!!.
Especially if you have been looking for a while, know whats out there, need the space for family, and THEN see a Unit like this!

A couple other posters mentioned they thought the reno job was poor and blah blah blah . . .

But there are ALSO those folks TRULY searching the market for their family for a long, long, while, who think it is nice enough, workable, and want something just like it for their family because the number$ work for them!

SE covers all of NYC and NOT everyone is a millionaire checking for a 1.5MM 1Bedroom+Den overlooking CPark-West, for example ...

The Broker said the showing was for backup!
I was wondering the same thing--why have an Opened House, if there are these 4 CASH Offers.

Unless, now that I think about it, maybe the Board would say no to a TRUST FUNDER or similar type situation!

The Board is long time Rental tenants who were moved out during the reno by the city!

Then moved back in as insider priced shareholders after the work was done.

They might not care for non working folks with Hundreds of thousands at their disposal who jus' wanna C-Park facing Coop!

can you get a mortgage for this bldg or is it strictly all cash?

Probably could get a mortgage, but the Units appeal to so many at the pricepoint, that the ALL CASH Folks are snappin' things up before someone can even GET the mortgage paperwork together!

And its not Broker hype. either.
We just walked thru the area and the apartment now has child proof bars, curtains, and lites! [and NO!!--its not staged!!]

For a $439,699 unit: "The 2010 guidelines are: $66,526 for 1 person; $76,050 for 2; $85,575 for 3; $95,025 for 4."

Assuming a couple only making $66,526/year can scrape up the $88,000 down payment, how the hell would these numbers ever work??

Down Payment: $87,940
Mortgage Amount: $351,759
Mortgage Payment: $2,223
Total Monthly Payment: $2,922

There's no way in hell a household making $76K could possibly swing nearly three grand a month for this apartment. That's *78 PERCENT* of their monthly net income!!!

No wonder so many people are facing foreclosure. Any "qualified" purchaser of this unit is fucked before they make their first mortgage payment (if they can manage ANY mortgage payments!).

> Do trust fund babies really want to live in an HDFC building without doorman and amenities?

and in Harlem. Sorry to say but trust funders like to blend among their own kind. In the ghetto what's the chance to be surrounded by other trust funders? Corner boys with pitbulls are more likely. NOT HOT!

you knuckleheads are back, huh?? . . . so now Matt has company with you notadmin??

DO YOU KNOW THIS BUILDING AND THE LOCATION??

Maybe it would enlighten you to know its on the corner of 110 and 7th avenue, FACING Central-Park, with views of the park from all 3 bedrooms [there is a 4th] and also from the living room and dining room [which are separate from one another!] . . . . .

"corner boys" with the pitbulls are further up the avenue, just waiting for you to miss your train stop and come strolling thru the hood!
Again you are more than a lil mis-informed. Harlem isnt close to being wealthy; however, there are quite a few folks around here, who are quite content in their surroundings and neighborhood, and they have millions stashed. . . . . quite a few, but you would actually have to KNOW something about Harlem and its residents, rather than conjecture from ya' lil keyboard. Its a pretty shiny dollar to live in some of the Townhouses and Condo's, and there is at least 1 longtime Harlemite I personally know of, who cashed in on his TH to the tune of 1.8MM, and now lives in a rental for about 2K/month! Getting up in age and didnt want to keep up with TH maintenance. There are more than a few like him!

As for your sorry ***, Matt, if you would take a moment to actually review whats been already said here and on other discussions numerous times, is the fact that the HDFCs have problems with the incomes relative to price, especially this very, very nice one!
So save a few of ya remaining brain cells from the fancy math calculations, and pay attention to the x factors involved, here!

[I'm sorry if it doesn't meet YOUR standards, it meets mine and more than a few others who have been searching for these type space specs and location for over 2 years!!]

HENCE, folks coming up with ALL CASH with 'incomes' UNDER the stated amount!!

It was previously explained that Trust Funders and other all cash types will 'suffer' the lack of amenities, and no-doorman, for a 1400 sq foot, nicely renovated, stainless steel kitchen-ed, park facing, 4 bedroom, 2.5 bathroom-ed, UNIT, and WILL come up with All-Cash and 'no income' just enough income within the guidelines and get the unit!

It's against the principles of HDFC, but, who gives a damn, right?

Pitbulls, Crack Dealers, BloodsnCrips, and BLACKS, RIGHT?? they are on every square inch of Harlem ground!
Be very very afraid, and stay away, notadmin!
Blend with YOUR own kind, wherever the hell THEY are, and if they will have you amongst them!

> Probably could get a mortgage, but the Units appeal to so many at the pricepoint, that the ALL CASH Folks are snappin' things up before someone can even GET the mortgage paperwork together!

so? are all the units gone? seems that you Lenox really liked this building

Does anyone know how to get in touch with the board? The broker has been giving us the go around saying for over 4 months that there are cash offers but to go ahead and give her our info and she will pass it on to the board and when we told her how much we plan on offering and how much we can put down she came back with " less than 20% down will not cut it with the board, they won't even entertain the offer". She also insists we work with her person at citibank and got upset when we went elsewhere. If anyone knows how to get in touch directly with the board please post, there are now 3 more units available and we are tired of dealing with sly brokers! Thanks

sure not through Hanifa Scully, she just hangs up the phone on you. wonder whether she expects to get a commission :-)

looking 108, is this the same broker that was giving you the "go around"?