Strivers Gardens

I have done some investigation and was told by one lender that the building had turned a corner. What are the other restrictions besides reimbursing Hpd with a share of the profit? I haven't seen the offering plan.

The name itself is fairly ridiculous

Why have none of the 2 bedrooms sold? Financing.

Building was sold through a lottery back in 2005 to low to middle income applicants who purchased for about 80 grand. The owners are losing their jobs and some are refusing to pay their monthly fees to the building and many in foreclosure. The 2 bedroom units haven't sold since last year. You need all cash to purchase in this building. no one applying is able to obtain a mortgage in this property due to the high percentage of owners delinquent in monthly maintenance and the building also has over 20% commercial space which disqualifies the building from a mortgage with a major lender(Fannie Mae requirements are not met) Do not waste your time. There are also hidden subsidies and payments you will be responsible for to pay the city if you sell the apartment. The broker will hide the details from you because they just want to sell and get their commission. Not a good investment and you will not be able to sell. This is the reason why everyone is renting their condo in this building because no one can sell it. MY GIRLFRIEND LIVES IN THIS DUMP AND BEEN TRYING TO SELL FOR 2 YEARS!

”The name itself is fairly ridiculous”

Around 2050 there will be a "Transplant Gardens" micro-studio building for young people in Bushwick or Williamsburg; just you wait and see.

This is one of the nicest buildings in this part of the city. The building is full of amenities and the apartments have a pretty nice layout and good square footage. Plus, looks like apartments are selling with financing and for good profits, too. $400K return (original owners paid roughly $80K) in a span of 8 years is not shabby for those that are selling right now!

Large percentage of owners not paying their maintenance. Building in legal litigation.

My question is, is the building income restricted? I'm refinancing my nearby apartment and one appraiser used several comps from this building. The prices were so low they reduced my property's valuation.

Yes, it is income-restricted

Income restricted has subsidy attached to it. Will have to go through all types of red tape to sell. Building was originally for low income lottery when it first opened and now trying to ask for enormous prices since New York real estate has blown up. Most owners in arrears with maintenance

All income and resale restrictions have been expired and lifted, this is a free market building now.

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Robert Williams
LICENSED REAL ESTATE AGENT

WARBURG REALTY
100 Hudson Street, New York, NY 10013
m: 347.371.1220 | f: 646.253.9653
rwilliams@warburgrealty.com
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Are w/d allowed in apartments?