The Duplex Condos

What is the "skinny" on this place - dropping prices, all cash only? Anyone have any information?

Looks as if nobody'll lend against it, and lots of other messes: http://forward.com/articles/136819/top-pinto-aide-tied-to-porn-sales-and-legal-troubl/

It's from the time when anyone who could rustle up a loan became a RE developer.

There have been problems with the building but they are being resolved thanks to the diligent work of the condo board. The Sponsor/Developer (mentioned in the Forward article attached to a previous post) no longer has any involvement in the building, as the current owners took control of the Board from the Sponsor and had a Receiver appointed to complete the conversion properly. Given the buildings past problems and great location, it is now one of the great buys on the Upper East Side.

I am the Court Appointed Receiver. I am not a broker and I have no financial interest in the property.

The Board has done the following recently,
- Gone to Court to see that the work was completed and to have all Department of Building violations corrected. This work is now 95% complete and will be finished in 2013.
- Worked with a leading consultant to get the building FNMA and FHA approved for low cost, market rate loans. This process is nearing completion. The last hurdle the Board is working on is bringing down the number of rented apartments within the building to meet the FNMA & FHA requirements.

If they only want all cash it means that there is a problem with the building and the bank wont lend you money after they check the place out.

FNMA and FHA approval pending shortly. There were well documented problems with the building. They have been resolved.

eanderson, any ETA or update on the FNMA and FHA approvals?