building at 5 Tudor City Place

Cash only building. Not because the Board requires all cash - they actually allow 75% financing - but because more than 60% of the apartments are investor properties and no major lender has this building on their approved list. A few people have gotten mortgages, but they appear to be special clients in special banks (i.e., a high ranking diplomat at the UN getting a loan from the UN credit... [more]

Cash only building. Not because the Board requires all cash - they actually allow 75% financing - but because more than 60% of the apartments are investor properties and no major lender has this building on their approved list. A few people have gotten mortgages, but they appear to be special clients in special banks (i.e., a high ranking diplomat at the UN getting a loan from the UN credit union), but for the average person getting a loan will be difficult. Possible, but don't bank on it (sorry about the pun). Read your contract carefully, get a good lawyer, and make sure you have an escape clause in case you can't get financing. Remember, even if you can get in, you may not be able to get out when the time comes to sell because your potential buyer will be in the same situation. Nice looking building, very small apts (typical of Tudor City), and there appears to be some internal issues: building has been cited for people renting out apartments as hotel rooms, etc. In short, building has a lot of transient people. [less]