Bronx luxury condo - the Orion on 156th and 3rd ave (New York: 2010, school district)

[ambermichelle23]

Originally Posted by jts2003

Hi AmberMichelle,

I am not sure where u are trying to buy in the south bronx, but in my case (which is the Orion) at least 51% of the building has been sold. We have 61 units and at least 46 units have been sold already if not more. The Orion as well as the Aurora are under HPD so we are required to be owner occupied anyway (the Orion is 100% owner occupied). Do you have a specfic place you want to buy? Sonyma's application process is very long and tedious. I had a couple of problems with them for example becausei only put 3% down they wanted me to pay PMI (private mortgage insurance) because i financed more than 80% but because i have a subsidy my LTV (loan to value ratio) is less than 80% so i avoid paying PMI. I also had a issue with my debt to income ratio, i resolved that by paying my students loans in full. It all seems complicated but to really have to educate yourself or you'll end up with some crazy subprime mortgage. And believe me your mortgage lender is not going to tell you any of this, you have to find out on your own. They want you to get that high interest rate mortgage. If you have any other questions, please feel free to ask me.

Hey JTS2003, thx for the quick response...I put a bid in on a co-op located at 811 Walton (157th St/ near Grand Concourse) which was recently accepted. Originally, I had a pre-approval with Citibank through the ACORN program. Just recently, however, Citibank dropped 811 Walton from their approval list so I'm now trying to scramble around to find another lending option. Citibank was a great option - no PMI, no pre-payment penalty, and I would have received a $6k grand thru ACORN for 1st time homebuyers.

BUT, I really like the building and the unit I placed the bid on so trying to make this work somehow. I know the building is 51%+ owner occupied but whether 75%+ of the units are occupied by their owners is TBD. You're right about the mortgage rep...she immediately tried to dissuade me from looking at Sonyma w/ the 75%+ owner-occupied rule - she automatically assumed that the building wouldn't meet the requirements and promptly shifted me into speaking about alternative lending options -- ALL with higher interest rates.

I requested that she reach out to the co-op management agency to confirm whether or not the requirements would be met - she's looking into this now and hope to have an answer soon. I've heard Sonyma is a long and tedious process but it's worth it if you can make it happen. Based on my "profile," I should be a good candidate...we shall see...

If this doesn't work out, I may be contacting The Orion/ Aurora next...

If anyone has worked with a good mortgage lender who's familiar w/ the Sonyma program, pls pass that info along...your good deed will not go unnoticed...tx in advance!!

[Pop24]

Now back to the matter at hand, Has anyone gotten any info on the Tenant Storage units in the basement at the Orion. Will we be charge for storage and how big will tenant space be. It's in the offering plan design layout. I know at the Aurora they will be charging the tenants a fee for use. I also went to the open house, at the Aurora. The halls at the Orion look better and the carpet at the orion look better in the halls. The apts layout are close in layout. The closet and the doors at the Orion are better looking a more a contemporary look. The Orion has a better feel, and the Court yard is much bigger at the Orion. The community room at the Orion looks much better and the colors at the Orion are better. The elevators are nice the Stainless steel cabs are a nice touch. i also like the width of the hallways at both places. The unit with 1.5 bath feel small they took space from the bedrooms, but all those units are sold. I really don't think that you can go wrong with either the Orion or the Aurora. I really strongly recommend that if you have not done so please call Beth Sloan 718-299-7000 ext 214 at the Orion to make an appointment to take a look at the units they have left. I also recommend calling the Aurora and visiting their open house. There's no pressure once you go to the open house at the Aurora. You will just have to give the sales agent your name. You can just walk in and go to the second floor to the sales office. The sale rep will give you a tour. It's just that easy.

[Pop24]

Boricua Village, a new 4.5-acre educational, commercial, and residential community in the Melrose section of the Bronx; consists of approximately 750 new residential units and up to 50,000 square feet of retail space.

The residential component’s seven buildings will range in height from 6 to 13 stories, and will be comprised of studios and one-, two-, and three- bedroom apartments. The development is being financed under LAMP and NewHOP programs. Boricua Village will also incorporate a 14-story building that will house a new Bronx flagship location for Boricua College.

The development –jointly sponsored by Atlantic Development Group and Boricua College—is one of The Bronx’ largest and most ambitious community revitalization initiatives in recent years and will serve as an economic catalyst for the Melrose community.

[Guywithacause]

Heck yeah Pop...the whole Melrose, Mott Haven, Concourse, and Hunts Point areas have seen..and are seeing dramatic changes...the next 2-3 years will bring alot of these new developments online and take the community, and help take the city, to the next level...I am looking forward to all of it.

[UpsonDowns]

Originally Posted by ambermichelle23

Hey JTS2003, thx for the quick response...I put a bid in on a co-op located at 811 Walton (157th St/ near Grand Concourse) which was recently accepted. Originally, I had a pre-approval with Citibank through the ACORN program. Just recently, however, Citibank dropped 811 Walton from their approval list so I'm now trying to scramble around to find another lending option. Citibank was a great option - no PMI, no pre-payment penalty, and I would have received a $6k grand thru ACORN for 1st time homebuyers.

BUT, I really like the building and the unit I placed the bid on so trying to make this work somehow. I know the building is 51%+ owner occupied but whether 75%+ of the units are occupied by their owners is TBD. You're right about the mortgage rep...she immediately tried to dissuade me from looking at Sonyma w/ the 75%+ owner-occupied rule - she automatically assumed that the building wouldn't meet the requirements and promptly shifted me into speaking about alternative lending options -- ALL with higher interest rates.

I requested that she reach out to the co-op management agency to confirm whether or not the requirements would be met - she's looking into this now and hope to have an answer soon. I've heard Sonyma is a long and tedious process but it's worth it if you can make it happen. Based on my "profile," I should be a good candidate...we shall see...

If this doesn't work out, I may be contacting The Orion/ Aurora next...

If anyone has worked with a good mortgage lender who's familiar w/ the Sonyma program, pls pass that info along...your good deed will not go unnoticed...tx in advance!!

Have you tried NACA? I've heard that the process can be laborious, but it is a great deal for those who can make it through.

[girlwaiting2008]

I spoke with Beth Sloan today. She said that she's been working really hard on getting the C of O. She said that, they should be getting it next week. I hope she's right this time. I guess we'll just have to wait and see.

[Pop24]

Solara Co-ops--Bronx

Applications are now available for affordable COOPERATIVE apts being constructed at 1259 & 1275 Grant Ave in the Concourse section of the Bronx. Purchase price is approx $108,815 for a 1-br apt. Must have sufficient income ($32,700-$55,048 depending on family size) to qualify for mortgage, down payment, closing costs. 2-3 br apts are also available, with corresponding prices and income requirements. Applications may be obtained by email at The Solara Cooperative Apartments or by phone at 718-992-3147. Applications must be postmarked by June 30, 2008.

Location: Bronx--Concourse
Category: NY Subsidized Housing
Referring website: The Solara Cooperative Apartments
Email: mvmsolara@optonline.net

[Pop24]

Four Bronx high schools named America’s best

By Patrick Rocchio
Wednesday, June 11, 2008 6:44 PM EDT



U.S. News and World Report

[Guywithacause]

Hey Pop24...the Bronx mention of excellent HS deserves its own thread..can you post in a new thread...would enjoy discussing it!

[Pop24]

Four Bronx high schools named America’s best

U.S. News & World Report 2008

High School For Careers In Sports
NEW YORK CITY PUBLIC SCHOOLS SCHOOL DISTRICT
BRONX COUNTY
701 St. Ann's Avenue
Melrose section of the Bronx

Bronx Aerospace High School
NEW YORK CITY PUBLIC SCHOOLS SCHOOL DISTRICT
BRONX COUNTY
800 E Gun Hill Road
Bronx, New York
(718)994-7823

Pelham Preparatory Academy
NEW YORK CITY PUBLIC SCHOOLS SCHOOL DISTRICT
BRONX COUNTY
925 Astor Avenue
Bronx, New York
(718)944-3402

High School Of American Studies At Lehman College
Bronx County, Bronx, New York
Bronx, New York
(718)993-0255