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Alto Condominium

Started by zena
about 15 years ago
Posts: 6
Member since: Jun 2006
Discussion about Alto Condominium at 178 East 117th Street in East Harlem
has anyone seen these apts
Response by BLOOMSDAY
about 15 years ago
Posts: 128
Member since: Apr 2010

They have an auction coming up and the units are not too bad. But here are the risks: You bring a 30K check to bid with There no mortgage contingency; you can't close in 60 days because none of the units are sold so fannie, freddie and FHA wont' sign off. Out of the 20 somethin' units the first 7 or 8 would have to be cash deals, and a bunch of the units have tenants-so if you buy an occupied unit, you have to deal with that.

Best case is you get a deal at 300-400psf. Worst case: you just lost you 30K deposit in the blink of an eye.

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Response by harlembuyer
about 15 years ago
Posts: 178
Member since: Dec 2010

Anyone have an auction report?

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