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The Kent, new affordable condominiums for sale at 200 East 95th Street.
Here is the link for those of you who want to apply The Kent | NYC Housing Partnership
I wish those of you the best of luck getting it. This will take time, so be patient.
Whattttt....that's bananas. Prices are quite good, but monthly carrying costs are pricey, especially once you consider that they'll never go away. (not saying they're not worth it for new construction with amenities, just seems like a lot for "affordable").
Very good point @Shoshanarose and @LizfromtheBronx. I was hoping you guys would point that out, the high monthly carrying cost. When I first saw it, I was like, oh boy...I hope anyone who apply for this know what they are signing up for.
I mean the building is very nice and all, but the cost...I don't feel like is anywhere near affordable. Well, I still post it because I'm sure there are plenty of people willing to pay for it. So, good luck guys.
We’ve discussed this building before on a previous thread here. It’s not worth it. You get a small ass apartment with a 2K carrying charge and these are supposed to be “affordable”? I pity the fools
Hi everyone. Are carrying costs additional to the mortgage? Also, how realistic is it for one to win such an apartment? There is very little information about it online. Is there a minimum credit score needed to be approved? Also, if you are separated from your husband but still haven't filed for divorce or legal separation, do you need to include him on application? I would greatly appreciate if you could kindly please share your knowledge and experience.
Carrying cost in this case include everything, including principal and interest charges.
Look at 4 stars in the column name and then read the explanation under the table...)
Carrying cost in this case include everything, including principal and interest charges.
Look at 4 stars in the column name and then read the explanation under the table...)
Very good point. If that's the case, that means, the monthly common charge may not be in the thousand. Need to take a look at the offering plan. I will look into this and hopefully shed some light on this matter for you guys.
I have been reading about the program a lot. And it seems that you won't be able to resell the property even after years and make profit on real estate. It might be a bad investment for someone who is not sure if they want to live in the same place for 20-40 years. For example, if today you are single and 27 and buy a studio in order to sell it for market price you would have to live in the property for 40 years (in most cases) that is until you are 67!! How can one raise a family in a studio? If you decide to sell your apartment you need to get an approval from the housing department and it will sold to another family who fits affordability brackets. Basically, you are much better off investing in 401K if your employer contributes as well.
I am not sure how long exactly is a deed for 200 E 95th Street but most likely close to 40 years. There was a big scandal last year with reselling of Affordable Units so De Blasio signed very strict rules on reselling of units. Plus, it is important to remember that Tax Exemption in the Kent, 200 East 95th street expires in 20 years. So you will be paying enormous taxes + maintenance fees for 20!!! years if you are hoping to sell at market price.
Basically, it looks like a great opportunity but if your family grows or you need to move because of new job think twice. You will pretty much make zero profit plus you cannot rent out the unit. Maybe some people get away with renting affordable properties but it will not work in a luxury building with the doorman.
Summary: if your family won't grow, you will have the same location of work, you want to live in the same apartment for approx. 40 years then apply.
If your hope is to sell apartment at profit after 10-15 years, you are better off investing in other opportunities.
Hope this helps & good luck!
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