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I walked past the building yesterday and was surprised that gym equipment was in the gym, landscaping done, parking spaces lines painted and everything but a name on the building exist. Hard to believe that move in won't be until February when it appears to be ready. According to the post above more than the 50% to get the CofO has been achieved. Are they waiting until they sell more of the higher end units?
I have been asking myself the same question Marshland.
I am waiting for my commitment letter and have had to ask for a second extension since, do to the storm, everything has been delayed with Chase...Can't. wait. to. move. in!!!!!!
Hi everyone, I'm new to the forums. I signed my contract for a 2 bedroom a little over a month ago. I'm hearing some conflicting information, for instance the sales team at La Celia says we can only use Chase or Citibank for our mortgages. But my attorney (Greg Kourokas) encouraged me to find better rates with different lenders. Has anyone here used another bank other than Chase or Citibank for their mortgage?
Hi everyone, I'm new to the forums. I signed my contract for a 2 bedroom a little over a month ago. I'm hearing some conflicting information, for instance the sales team at La Celia says we can only use Chase or Citibank for our mortgages. But my attorney (Greg Kourokas) encouraged me to find better rates with different lenders. Has anyone here used another bank other than Chase or Citibank for their mortgage?
BOBBY
Bobby...from what I read from past posters and go back on the thread and find the posting from the Mike Reed from La Celia, I believe you have to use either chase or citibank and use the specific contacts. With that said, co-ops can only use specific banks anyway in NYC (there's only about a half dozen). I would suggest going with Chase or Citibank (no choice) and since you have time to improve your credit etc to get a better rate I'd spend the next 2 months improving things and not lock into a rate, then by the time you close you might find your interest rate might improve somewhat. If there's not enough time then I'd worry about changing mortgage companies after you close in about a year or so. The Federal Bank said mortgage rates are locked in low for another year so I wouldn't worry about it going up. If you are getting below a 5% you are getting a decent rate, the 3.5% that banks list seems to be gimmick. I read an article where Ben Benanke refinanced his mortgage on a second home and only got a 5%. Good luck on the getting thru the process and congrats on your new home.
Hi everyone, I'm new to the forums. I signed my contract for a 2 bedroom a little over a month ago. I'm hearing some conflicting information, for instance the sales team at La Celia says we can only use Chase or Citibank for our mortgages. But my attorney (Greg Kourokas) encouraged me to find better rates with different lenders. Has anyone here used another bank other than Chase or Citibank for their mortgage?
BOBBY
Bobby,
You should do either Chase or Citi because they have mortgage officers who understand this type of building and have lended to this type of building before. You can go to any bank you chose but you might not get financing based on the building, not based on your credit rating or anything related to your situation. The bank can tell you "sure we will give you credit" and then look at the building and refuse to give you the mortgage. But of course, you can go to any bank you choose.
Great news about the building. We've received the TCO (Temp. Certificate of Occupancy).
This is only one of many items required to CONVERT the property to its COOPERATIVE form.
The TCO allows the Sponsor to occupy the building with residents. Since we are only able to lease to tenant-shareholders; we'll need to CONVERT first, then occupy. The CONVERSION process requires the efforts of 3 lenders, 3 public agencies, 3 lawyers, insurance agents, title companies, surveyors, and sales with loan approvals.
The easiest part of the CONVERSION process is securing the sales, but the mortgage commitments tend to lag. As purchasers, we ask that you remain diligent when applying for your mortgage.
We anticipate completing the CONVERSION in February/March (estimated).
Michael Reed, Seling Agent
This is not an offer to sell, the Offering Plan is filed with the Attorney General of New York
Now a question to those who are into the mortgage process with either Citibank or Chase.
Both should have provided you with a complete list of fees for closing cost...Has anyone found any significant difference between the 2 lenders or are they about the same in regards to closing cost?
Marshland and 108St, thanks for your quick replies!
BOBBY
hey Bobby, I just found the posting from Mike Reed its posting #333 and 3/4 of the way down the page he states that the preferred lenders are listed on your purchase agreement and he list Chase & Citibank. Does this mean you have to use them? Let us know what you find out.
As NYC continues to feel the effects of mother nature; I hope of of you, family, and friends are doing okay.
We continue to interview non-preference applicants. To date we have sold 12 apartments to applicants in this category. For the number crunchers of the group; we are up to log # 400. We've sold 79 of 122 apartments.
If the trend continues, we'll sell out when we reach the 1600's sometime in January 2013.
I expect a lag in selling studios, so we may need to go farther in the lottery to sell those apartments.
Generally, the balance of unsold apartments are as follows:
18 2 bedrooms priced at $373,000 on floors 5 through 8 (households of 2 or more)
11 1 bedrooms priced at $290,000 on floors 7 through 11
6 1 bedrooms priced at $260,000 on floors 3 through 5
4 Studios priced at $140,000 on floors 2 and 3
2 Studios priced at $150,000 on floors 5 and 6
2 Studios priced at $190,000 on the 7th floor
Once again, I hope this information is helpful.
For those bloggers new to this site, I will not answer questions posted here.
Michael Reed,
Selling Agent
This is not an Offer to Sell, an Offering Plan has been filed with the Attorney General of New York State.
There is a difference between "sold" Vs.. "in contract". Hence contracts fall apart. Please verify the number of units that are actually near closing or have closed. Thank you!
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