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I won a lottery to be able to purchase a one bed room coop for $104,000 in a brand new building, Prospect-Macy Coops at 853 Macy Avenue the Bronx.
Prospect Macy Associates, LLC is pleased to announce that Applications are now being accepted for 48 1, 2 and 3
bedroom cooperative apartments at Prospect Macy Cooperative Apartments located at 853 Macy Place, Bronx, NY.
These units are being offered to 1st time homebuyers (ie: haven’t owned a home in past 5 years) through New York City
Department of Housing Preservation and Development, NYC Housing Development Corporation, NYS Affordable Housing
Corporation, and The Housing Partnership. All the apartments will contain washer/dryers, through the wall cooling units,
microwaves and dishwashers. Some apartments will include balconies. The building will include on - site parking.
Is it worth it to buy a coop in that area of the Bronx, would you buy there?
Hmm-mm No body has any opinions for or against.
Well I like the area. #2 train Westchester stop 2 blocks away, bus stop also,
plenty of stores restaurants etc.. I've prowled the hoods of NYC all my life so the homies and I are cool like that.
Me and my Khar P9 strolling down the avenue(much better the my shadow)LoL
The apartment is nice huge terrace, indoor parking spot for my ride, hard wired for cable and Fios a lot of space for a single Rican on the creep like me. I already got the 6O inch LED on order.
Coop price $104,000 I'm getting 97% financing via Sonyma with down payment and closing cost assistance I 'm out of pocket maybe 3 grand or so. 30 year fixed mortgage 4.25-4.75 makes my nut mortgage+maintenance 800 to 950 a month.
Yes,go for it !
It is a neighborhood with a troubled past( 20 or 30 yeas ago)that has been tremendously improved in the last 5 or 10 years.There is an incredible amount of investment going on in the area and I would say it has a bright future.You are single,no kids/schools to worry about,etc.805 sq ft is a decent size 1 br,especially in a new building.With washer/dryer in unit ?Parking ? 97% financing at 4.25% ? Wow !This should be a great investment and you probably couldn't rent a dumpy studio for that price. It's a no brainer given all the circumstances.
Yes,go for it !
It is a neighborhood with a troubled past( 20 or 30 yeas ago)that has been tremendously improved in the last 5 or 10 years.There is an incredible amount of investment going on in the area and I would say it has a bright future.You are single,no kids/schools to worry about,etc.805 sq ft is a decent size 1 br,especially in a new building.With washer/dryer in unit ?Parking ? 97% financing at 4.25% ? Wow !This should be a great investment and you probably couldn't rent a dumpy studio for that price. It's a no brainer given all the circumstances.
Thanks for reply dog.
I'm definitly buying the place. The Apartment is actually 991 SF the terrace
is 601 SF. Man Micky Ds is just a couple of blocks away what more can a man ask for. LOL
Sorry I did not see this post. This development is actually really really beautiful, with some large outdoor terraces, parking, fitness center, fully wired for high speed everything. And being a few blocks from the 2/5 train at Prospect, and 6 train at 149th or Longwood means you have great access to the city.
They just opened a new supermarket across the street which carry some organic products as well, so you can do some decent shopping. I would relish the chance to purchase one of these co-ops, but I don't meet the requirements. The area has improved dramatically, and this development is a great addition to the Landmarked Brownstone district...there are a few other new co-op developments in the area, and many of the former 5 story walk-ups have already converted to co-ops..so there is a lot of upside.
I live in the area, so if you have any specific questions just ask. This is what the development looks like:
The deadline stated December 31, 2010, however I would submit an application anyway. If they don't have enough qualifying applicants, they then go to the list of people who applied after the deadline. As these new developments have rigorous and strict requirements, it is very likely the majority of people who apply don't qualify...so you have a good chance of still getting the opportunity..so I would definitely apply.
I live two blocks away also in a newly constructed building. I had my eye set on Prospect Macy. I'm a single dude no kids. I know the Annual Income Range they advertise but I'm wondering if they really go by that or they only seek out those whos income is at least mid-range of the Income Bracket of $34- $64,000 a year. Not near the bottom of the requirement because it seems low to be able to handle the monthly mortgage. I wonder how "good" your credit has to be. I'm taking a dive into this. Worse thing that can happen is they don't call me back. Anyone know an estimated time on when folks begin moving in? I see they are still working on this but the gym equipment is in already.
I know the income guidelines are non-negotiable, so if you don't fall into one of the categories, you will not be selected. As for credit requirements I am not sure...I am sure the city has some standard they are using for all the new affordable housing developments, but not sure what it is.
I grew up in this area and trust me, this is a steal. If you've lived in the outer boroughs (outside of Manhattan), you have no worries. The area is relatively safe and you have pharmacy, bodega and fast food restaurants at your fingertips. I don't care for the managing agent that the builder has selected to vet potential buyers. They will try to steer you to use their preferred lender, but don't go for it. They will also attempt to tell you that you need a certain amount of savings. But that is the lender's job to determine. They are only there to determine if you are credit worthy, income eligible and sending your documents to the housing finance agency providing the subsidy. The subway is literally steps from your door and that is the only (possible) disadvantage. The noise from the frequent trains won't be great if you need your beauty rest. All in all, I wish I could have snagged a unit!
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Yes,go for it !
It's a no brainer given all the circumstances.
