Sale at 62 Rivington #3A
Started by AMH
almost 14 years ago
Posts: 1
Member since: Feb 2012
Discussion about 62 Rivington #3A
Special Considerations: Excess Commercial One entity owns more than 10% or more than one unit in projects less than 20 units Insufficient budgeted reserves More than 15% of the units are delinquent Investor Concentration greater than 30% Any applicable investor restrictions? DNL was set for Wells Fargo loans effective 07/23/2012. The project has been marked DNL for one of the following reasons: no reserves allocation, single entity issue, delinquency issue, commercial space over 20% (high at 38%). layered risk. The project does not meet Fannie Mae guidelines. No allowable conforming loans No allowable non-conforming loans The project does not meet Freddie Mac guidelines. No allowable conforming loans No allowable non-conforming loans
Helpful info! Is that why they dropped the price by $200,000? How come the maintenance is low when there are insufficient reserves? Is the building/unit in very bad conditions? So pretty much only an all or substantially all cash buyer will be able to buy here.
No, they dropped it because the owner bought it at highest possible price $1.2M in 2008. They just decrease the price to what it should be today, even too pricey for my taste.
Owner is European. Keep in mind that in 2008, he bought the apt at EUR/USD = $1.50. Therefore even if he overpaid, he will make profit if he sells it above $800K.
Thank you! Very good point. I do not see how it is possible to get financing on this building.