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264 Water
Started by marty213
almost 7 years ago
Posts: 1
Member since: Dec 2018
Discussion about 264 Water Street in Fulton/Seaport
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Why can't you get a mortgage? There was a sale last year of unit 4A where the purchaser obtained a mortgage from Wells Fargo.
30: Maybe the wall issue only came up recently? Perhaps banks are refusing to finance this unless the issue is resolved?
Setting aside the issue with mortgages, I'm not sure it's a good idea to move into a building where a wall is "caving in".
If that's the case you have to wonder why it's not just an insurance claim.
This information is incorrect. The building is over 100 years old and is a landmark. It is undergoing repairs and banks are starting to lend as the financing to fix the repairs is in place. The school next door is amazing and the apartments are like lofts - one of a kind.
So is there an assessment to pay back the loan?
Correct.
Yes, there will be an assessment for the rear facade. $400 for an interest only loan or $966 for a fully amortized loan starting in May 2019.