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The Grinnell -- HDFC?
Started by dharma
over 15 years ago
Posts: 66
Member since: Apr 2010
Discussion about The Grinnell at 800 Riverside Drive in Washington Heights
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Grinnell is not an "official HDFC", but I have heard from brokers that in exchange for low taxes, income is capped for buyers. Which means that it's for TFBs (Trust Fund Babies).
BTW, I heart the building. Fell in love with duplex 1E (9 rooms!) and corner 7 that was on the market 6 yrs ago. Dakota of the North.
10023 have you ever seen a building called Graham Court Apartments? Its at 116th Street and Adam Clayton Powell (the man who lost his his house seat for corruption after he had been convicted and censured by the House. The "young gun" who came in as the "clean alternative"? Charlie Rangle) Anyway, the building looks like the Apthrop! Its gorgeous and has either been loveingly redone in the past 10 years or was never allowed to deteriorate. Strangest of all, there is only one apartment in the SE history for Grahm Court, a 2008 3/1 that rented for $4200, which seems to me to be pretty aggressive for Harlem even with 3 beds.
Since then nothing...
Does anyone know about this building? It has really piqued my curiosity.
we have sold several apartments in the Grinnell it is a beautiful building and it is an HDFC. The income caps have to do with the percentage of the price. The building has received certain tax benefits from remaining in the HDFC program although the mortgage they have with the city is very low and they could easily pay it off and do away with the caps. When the building first converted the area and prices were such that it made sense and helped the area stabalise. Now however, as in many HDFC buildings trust fund babys are the only ones who qualify.
welcome back, OB, you've been missed.
ali
Oldb: ah, okay. Indeed at 1m+, TFBs only.
As with everything RE in NYC, it's the law of unintended consequences.
LY: love Graham Court, haven't been inside, I have the floorplans, though.
10023, If there is ever an OH there I would love to go. Since you keep better track of those, please let me know if you hear of any. I will add to watch list on SE. Thanks.
How do I find out what the income caps are for a particular apartment? What's the formula?