It appears that both luxury buyers and institutional-sized investors may soon be choosing NYC as an alternative to London.
Located in the Columbia University neighborhood, Pre-war apartment in excellent condition and a spacious layout.(Approx 1250 sf) high-floor with open eastern and northern exposures. Views overlooking Central Park.
Apartment features pre-war details, a windowed kitchen, Large living room, corner master suite, Spacious 2nd bedroom, 2 full windowed bathrooms, high beamed ceilings and great closet space. This coop has a renovated marble lobby, P/T doorman, new elevators, central laundry, and a live-in super
Just a couple of blocks from Central Park and its many attractions,
Located Close to several subway lines (1/2/3/B/C).
Here’s one way for a developer to ingratiate himself with the new neighbors.
Jed Walentas, the new owner of the Domino Sugar factory, will temporarily hand over a football-field-sized lot on his massive Williamsburg site for use as an urban farm, bike course, yoga studio, and reading room until the builder gets around to developing the property.
The east end of the Kent Avenue lot between S. Third and S. Fourth streets will be run by community space guru Bobby Redd and will include an all-weather reading room, a community farm headed by North Brooklyn Farms and a green space that will be used for activities including yoga, aerobics, and public events.
“We plan to establish a community green space where all are welcome,” said Redd. “We have had immense success working with the Bushwick community over the past 14 months and we look forward to working together with our new neighbors in South Williamsburg.”
The west side of the lot, which will be run by Jessica Kocher of Ride Brooklyn, will include a practice cycling space for young riders, beginner and intermediate bike tracks, and a pump track, which is a small course set up with bumps, jumps, and berms.
Volunteers from the New York City Mountain Bike Association will oversee the courses, and Kocher said she hopes to get a handful of loaner bikes for children and possibly adults.
“The purpose of this is to have a place to mountain bike in Brooklyn,” said Kocher, who lamented the fact that Brooklyn is the only borough without mountain bike trails. “Personally, we wanted a place to ride.”
Redd and Kocher submitted separate proposals, but Walentas’s company, Two Trees Management Co., merged them together, creating an urban utopia for the fixed-gear, organic-dining set.
“We married them,” said Dave Lombino, director of special projects at Two Trees.
Two months ago, Two Trees announced it was searching for operators to take over the space across the street from the main refinery building while it pushed its new plans through the city’s land-use review process.
Two Trees will not charge the interim operators rent, said Lombino, but they will pay utilities.
The initial agreement with the operators is for one year, and it could be extended, depending on how long it takes Two Trees to get approval and finish the site design.
Walentas has said the company wants to build on the Kent Street lot first, but Lombino said ground will not be broken until late 2014 at the earliest.
“For us, it’s silly to have this site fenced off from the community,” said Lombino. “We want to signal to the community that we are creative and ambitious.”
If interest-only loans were issued too freely before the foreclosure crisis, their availability now is restricted to a privileged few.
A staple of the jumbo market, interest-only loans continue to be used by affluent borrowers to help them manage irregular cash flow, reap a tax benefit, or free up cash for investment elsewhere.
In particular, people in the financial services industry who derive most of their compensation from yearly bonuses commonly rely on interest-only loans to keep their mortgage payments manageable the rest of the year. “Then they take some of that bonus and pay down their mortgage each year,” said David Adamo, the chief executive of Luxury Mortgage in Stamford, Conn. “And their monthly payment then also goes down.”
Thus, interest-only loans have evolved into a financial tool, and no longer a means to affordability.
Freddie Mac stopped backing the loans in 2010 after suffering big losses; as a result, fewer lenders offer them. Those that do have strict qualifying standards. Lenders generally require that the borrower have at least 30 percent equity in a property, and a minimum FICO score of 720. Determination of ability to pay back the loan is based on the fully amortized payment, not the interest-only payment.
Additionally, “a lot of lenders will want to see assets to cover as many as 24 months’ worth of principal, taxes and insurance payments,” said Richard Pisnoy, a principal of Silver Fin Capital, a brokerage in Great Neck, N.Y.
Interest-only loans are primarily adjustable-rate products with an initial fixed period when only interest is due. Available in 5-, 7- or 10-year terms, they “are generally done for 10 years so there’s no payment shock in the near term,” said Tom Wind, the executive vice president for residential and consumer lending at EverBank, a national lender based in Jacksonville, Fla.
Interest rates are usually an eighth- to a half-percentage point higher than on fully amortized jumbo loans. After the fixed term is up, the mortgage re-amortizes, and both principal and interest are due.
March 21, 2013 03:30PM
By James Gardner
325 West Broadway project rendering
A particularly ugly part of West Broadway in Soho will soon become unimaginably better. The best thing that can be said for the existing structure at 325 West Broadway, at Grand Street, is that in the days when things were still manufactured in New York City it used to be a factory that produced Tootsie Rolls — those delicious, caramelized confections that we all remember from our younger days.
Now I yield to no one in my reverence for Tootsie Rolls, but that does not obscure the fact that the drab and unadorned building from which so much joy once issued is itself an eyesore, confected out of bare, albeit vaguely caramel-colored, brick.
All of that is about to change: the development firm of DDG has gotten the go-ahead from the Landmarks Preservation Commission to tear down the factory and put up a luxury condominium. DDG revealed new renderings for the project earlier this month. Standing nine stories plus a rooftop penthouse level, the building will have seven units ranging from 3,000 to 6,000 square feet.
The planned building, designed by DDG’s in-house architect Peter Guthrie, consists of a cubic structure clad in a pristine glass curtain wall, covered in a cast aluminum façade screen, with an elegant glass façade at street level, given over to retail and to the building’s lobby, the renderings show. (Beyhan Karahan Architects & Associates designed an earlier plan for the project.)
The results, to be completed in 2015, will look especially good when viewed beside the drab 19th century pile to its left, which could also profit from the strenuous ministrations of a developer.
“It’s exploding with young people and tattoos,” a woman tells the Wall Street Journal today about the Upper East Side.”These hipsters were moving in — you could tell they were hipsters because I used to be one too, so they stand out — and they were moving a mounted moose head into their apartment.” Manhattan, she says, “has the charm that you would want in Brooklyn that is quickly disappearing.” Oh, Lord. The larger point she’s speaking to, supposedly, is that rents in Brooklyn (by which the Journal mostly means Williamsburg) are now high enough to drive young people back to Manhattan. It’s a renaissance or something! We’ve heard this one before.