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.
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.
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?