U.S. CitiesCity-Data Forum Index
Happy Halloween!
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 08-22-2013, 10:17 AM
 
8 posts, read 74,167 times
Reputation: 14
Default Park Clinton Affordable Coop Lottery

Hi All,

www.theparkclinton.com

I didnt see a thread about the new affordable coop in Hell's Kitchen/Clinton Park. I went to the informational last night.

The developers representative, the administrator of the lottery process, and a mortgage lender from Chase were all present.


The developer talked about the building and touted its energy efficiency, which would then result in low maintenance over time. The building has a 40 Year tax abatement, and each apartment has ceasarstone countertops and wood floors. The building has 95 apartments for sale, and consist of 1 and 2 bedrooms units. The super will reside in the 96th unit. There will be a doorman for 12 hours and there is also a video intercom system.

The administrator talked about the lottery process, number of applications he expected to receive (5,000-7,500) and what is to be expected if selected. Single people will only qualify for 1 bedroom units. If you want a 2 bedroom unit, the list would have to be exhausted and then IF any 2 bedroom units are left, you would then be in consideration.

Occupancy will begin in Feb/March 2014.

Questions were then open to the audience.
_____

PERSONAL THOUGHTS:

I was really surprised by the number of questions regarding reselling and subletting. It gave the impression alot of people were looking to flip/sell for a profit after a few years or sublet for extra income.

People also were asking questions in ways to see how they could manipulate their income to fit the criteria. I got the feeling alot of people have/had issues and they needed to be creative. I thought this to be useless as the FULL background and credit check would show any issues clear as day. Also, the mortgage application would tell the full story.

A number of people did very little research and asked the most basic questions, and asked again about information that was mentioned in the Powerpoint and what was listed in the handout. PEOPLE DONT WANT TO READ. In the internet age, everyone should have visited the buildings website and at least looked up some information on acquiring a mortgage.

In attendance was ALOT of Asians, elderly Asians in particular, being accompanied by the children/grandchildren. Seems like kids wanted granny/grandpa to apply because they have very low income but the apartment would actually be inhabited by their kids/grand-kids.

A few people were rude, one lady in particular she seemed to be of Indian heritage, kept interrupting the speakers, asked questions out of turn, and hypothetically would want to put down 100K deposit.

After seeing last nights informational attendees. I would not want these people as my neighbors. A few seemed not to bright, had trouble speaking English, some were rude, and some were thisclose to being poor. Hopefully this type will be filtered out/disqualified.

____

The mortgage lender they will be working with is Chase. The lender said 50% of mortgages will be SONYMA mortgages and the mortgage approval process can take anywhere from 30-90 days. If you qualify for a SONYMA mortgage you will need to have 3% of purchase price ready and closing costs. He estimated closing costs to be 6K - 11K.

He then opened questions to the floor and AGAIN people were asking questions regarding income/salary. He said that if you cant qualify for a mortgage it will be useless unless you can pay cash. EVERYTHING WILL BE CHECKED AND VERIFIED.

____

Final Thoughts

Initially, I was really excited about applying for a unit, and was interested in a 2 bedroom unit. After hearing that single people will only be considered for 1 bedroom units. I was disappointed a bit. I will still apply but I will have to see if/when I am called.


I took the walk down to actually see the building. I was able to look through the windows of 1B (1bedroom unit). IT WAS TINY. I looked at the floorplan and it stated 660 feet. The bedroom seemed to be able to fit a Full-Sized bed max with a tiny dresser. Not much walk room. It seems that the unit 1E will be the supers unit. As it was not listed on the floorplan and seemed semi occupied (It had blinds up). I believe 1E will be a two bedroom unit. The venting units were quite high in the rooms and I thought they would take up quite a bit of foot space.

Overall, the building looked nice, I think I would have to actually be inside a unit to get a full feel. As of right now, the 1 bedrooms seem to be a tight squeeze. I would really like a 2 bedroom unit though, as I am planning on having children in the next 2-3 years, and I feel it should be based on affordability not family size.

I currently live in the area, in a studio and it is laid out well and is almost 500 sq feet. I have no real debt, good credit and able to acquire a mortgage.


Did anyone else attend the informational last night?

Last edited by zoeyboogie; 08-22-2013 at 10:18 AM.. Reason: sp
Reply With Quote Quick reply to this message

 
Old 08-22-2013, 12:47 PM
 
85 posts, read 183,334 times
Reputation: 22
Thanks for starting this thread, was wondering when someone was going to...


I went to the previous information session back in July. I agree about people not wanting to read/listen - I'm all for "no question is a dumb question" but COME ON people. However, I do take comfort in the fact that those people will probably not follow the instructions correctly and will be disqualified.


Overall, I still think it is a great opportunity and I have already sent my application in with fingers crossed.


BTW, you have an excellent shot as a community board member given the lottery preferences (I have a Hurricane Sandy one so I hope all of the the 1 br 80% AMI apartments aren't gone by then!)
Reply With Quote Quick reply to this message
 
Old 08-22-2013, 01:47 PM
 
8 posts, read 74,167 times
Reputation: 14
I am actually in Community Board 5 so I do not have any preference.

It is definitely a bargain all things being considered, I just hope they get quality residents because I could not imagine some of the people I saw last night being board members or neighbors.

There are a few other high end luxury buildings on the block. The clinton/park is definitely the plain jane of the bunch (I actually like this).

I will definitely complete the application though hopefully the stars will align and I will get called.
Reply With Quote Quick reply to this message
 
Old 08-22-2013, 02:24 PM
 
3 posts, read 21,231 times
Reputation: 11
I did not get an opportunity to attend the informational seminar last night. I wondered how it went, thanks for the update Zoeyboogie, lots of information. I already submitted my application. I have my fingers crossed. I'm a city worker, so I hope my 5% preference brings me luck! *fingers crossed*
Reply With Quote Quick reply to this message
 
Old 08-22-2013, 02:54 PM
 
8 posts, read 74,167 times
Reputation: 14
The informational was at John Jay and when I arrived they were at capacity for the first session. I waited around for the next 90 minutes as did everyone else. I was surprised by the sheer number of people.

Most people did not stick around for the morgage banker portion, which I thought was interesting.

The gentleman handling the lottery/interview process was very informative and he definitely knew his job inside and out. He will definitely sniff out the trickery.
Reply With Quote Quick reply to this message
 
Old 08-22-2013, 04:04 PM
 
85 posts, read 183,334 times
Reputation: 22
Did they address whether or not they will open up every application at the info session? If they have 7,500 applications but only 100 apartments, they might not feel the need to open them all...
Reply With Quote Quick reply to this message
 
Old 08-22-2013, 06:12 PM
 
8 posts, read 74,167 times
Reputation: 14
Yeah every letter will be opened. Only those selected will be mailed to come in for an interview.
Reply With Quote Quick reply to this message
 
Old 08-28-2013, 09:49 AM
 
6 posts, read 21,164 times
Reputation: 10
Hi there. I'm really interested in this building too. I was looking at other buildings in the area and came across this one while walking around. It looks great. I peeked in the window and I agree about the bedroom that seemed pretty small. I hope I get the opportunity to check out a two bedroom, as I have a baby. I wish they were building more units like this in the area (coops for middle-class purchase), but when my husband attended one of the meetings, they said this was the only one of its kind (but that there would be another one soon in Brooklyn).
Reply With Quote Quick reply to this message
 
Old 09-03-2013, 01:36 PM
 
8 posts, read 23,390 times
Reputation: 11
Does anyone know of a number to call if there are questions about an application. I'm going to be married soon, but I'm not yet and won't be when I send in the application. I qualify now, but not if I'm married.

Does anyone know what happens if I get married later on, like after the application, but before the interview?
Reply With Quote Quick reply to this message
 
Old 09-03-2013, 02:41 PM
 
85 posts, read 183,334 times
Reputation: 22
@BKed it all depends at the time of your interview, whenever that may be (they say they will start in October). Basically, if you are married at your interview, then you won't qualify but if you're still single, then you would.



Feel free to jump in and correct me if I am wrong.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:




Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top