Solaire 20 river terrace BPC

Possibly because the land owner (NYC) didn't want to fool with writing individual ground leases for each of the condo owners? (assuming terms of the land lease and local law even permitted it). (or it was a big payoff to some developer that could be hidden away in the project?)

I haven't looked at the Solaire since it started converting, but I put a client in Tribeca Green last year and I believe they're pretty parallel situations. Feel free to ping me at upstairsrealty [at] gmail ... just put "StreetEasy" in the title so I can find it.

ali r.
{upstairs realty}

I have checked with Fannie Mae guidelines and Fannie Mae will not finance in a building that is a land leased co-op. And that goes for jumbo financing since all jumbo loans while they are not sold to Fannie Mae still have to be approved by Fannie Mae. Most buildings in BPC are condos. If you are buying from the Sponsor, they will do the financing, but good luck on a resale.
Also with a co-op unlike a condo, there could be a mortgage on the building. I am not familiar with the offering plan.

Streetsmart, while we used the private bank of a major lender rather than the vanilla lenders we might have shopped, in my recent experience it wasn't tough to finance down there.

Also, no issue financing at 210 Warren Street this month.

Keith Burkhardt
TBG

Imagine living on River Terrace and not even having a terrace.
Imagine buying real estate and actually having no ownership of land.

@Keith, Front Porch
Thanks for your feedback. And yes there will be available financing in the building, right now even from the sponsor, but what is the rate and terms of the loan. And to add if one buys from the sponsor and doesn’t apply for a loan from the sponsor’s lender and if that loan is declined, the sponsor will keep the ten percent deposit. At present a Fannie Mae conventional loan limit is at $1,149,825 which means one can buy an apartment for almost $1,500,000, 20% down and secure the Fannie Mae loan which does not require any reserves and with a buydown, the interest rate for the first three years are about 4-5%. For an apartment priced a little lower, only ten percent down is required, maybe less, and this includes loans for investors. But not available at these buildings.
That said, I do not know if there is an underlying mortgage, but if this is the case, after all why make it a co-op, which means maintenance payments could increase substantially depending on the terms of the underlying mortgage, and then there is the cost of ground lease payments.
Anyone know if there is an underlying mortgage? If this is the case this is not a good investment.
All those cash buyers may not get such good terms with their delayed financing.

@Front_Porch
To clarify,
Wasn’t saying it was tough to finance there; was saying that any loan associated with Fannie Mae will not be approved for these co-op land leased buildings.

Rinette, if you are buying an apartment you are essentially buying air with the possible exception of a terrace/patio place.