building at 50 West 112th Street

hdfc?

I work with a lot of HDFC's. I have been in this building awhile back, but I honestly don't remember much about the situation. I can discuss some generalizations though. HDFC sales are far more wild west situations more often than you would imagine. In most cases, the lower the price, the more likely there are red flags to stay away from the building (though there are exceptions of course). Ask if they have accepted offers and where they are in the process. There are HDFC's that reject buyers like it is a sport, and yet others that accept offers from multiple buyers (with application fees) and interview all of them (steer clear of these situations- they could be legit, but more often than not, it's just all around bad news). Or, it could be the broker has accepted offers, but doesn't feel confident in the buyers ability to pass a board review- in which case, the broker wants a backup buyer ready if that scenario plays out. Also keep in mind most bankers will not want to finance in an HDFC, so your financing options might be limited. Since most of the HDFC's with apartments priced under $300k have been an indicator of serious problems in the building- I advise buyers that low prices in an HDFC is a major red flag to me. There are exceptions, and some buildings that want to maintain the affordability of apartments- but most that have come to market in the last couple of years below that price point in Manhattan have been problematic in some signficant way.