The New York City real estate market has always been considered the toughest to navigate in the world. Since Manhattan Island and the neighboring boroughs are not getting any bigger, vacant land is hard to come by. In response to the tight space, New York City developers have always needed to get creative with their projects. It is not unusual for former factory spaces, churches and hospitals to be converted to condominiums or cooperative units in order to meet the overwhelming demand of interested buyers. Here is the latest buzz on condo conversions going on about town.
Cathedral School of Brooklyn Going Condo
During its' heyday, the Cathedral School of Brooklyn was a Christian affiliated, coed private school with 135 students. The building was constructed during the Depression era and for decades was a hub of education and ethics. Hard times negatively impacted the operation and the building was closed for business and shuttered. Around three years ago the building sold for $5 million and the American Development Group is converting the space into condominiums.
When complete, the building will feature seven floors of condos comprised of 15 three-bedroom units, views of Prospect Park and New York City, a medical office, a residential gym and restored wood-burning fireplaces. It was initially reported that the units would go for a whopping $950 square foot (for approximately $2 million per unit), that would require interested buyers to secure jumbo mortgages or a mound of cash to buy the homes outright.
Village Nursing Home Condo Conversion in Greenwich Village
The "Village" has always been a center for Bohemian artistry and beliefs and countless personalities, including Edgar Allan Poe, Lenny Bruce and Amy Sedaris have been proud to call the neighborhood home. Throughout time, the hood evolved from being a creative Mecca to one with some of the highest housing expenses in the nation. The current average cost in the area is $1284 per square foot of space (Trulia.com). Despite the jumbo mortgage worthy price tags, housing in the area is still in high demand and the former structure that housed the Village Nursing Home is set to offer the latest condo opportunities on Hudson and West 12th Streets.
The homes are being developed specifically to cater to wealthy clientele. Despite the trend of Americans downsizing, the rebirth of the century-old former hotel will convert the existing space into 10 sprawling condominiums featuring 3,000 to 9,000 square feet per unit. The units are expected to start selling in 2012 with luxury price tags well into the millions of dollars range. The property is being developed by FLAnk.
Verizon Building May Be Going Condo
New York City's Chelsea district has also been a notable NYC Hood. The area is home to the infamous Chelsea Hotel (where Nancy Spungen was found stabbed to death allegedly by boyfriend Sid Vicious), is on the list of the U.S. National Register of Historic Places and the infamous Chelsea Piers (where the doomed Titanic was traveling to and where survivors first touched ground). The area is also home to the stunning Art Deco building constructed in the 1930s for Verizon. That property is primed to be the latest addition to the city's luxury condo market.
The 19 story building covers the block between 17th and 18th Streets just off of Seventh Avenue and the property was sold early in 2010. Rumors regarding its impending condo conversion started soon after. Online permits indicated that Verizon has filed plans to subdivide the building into commercial condominiums and listed Gensler and Associates as the architecture firm. Later that year, Verizon sold off some of the space of the property and the theory is the building will be a combo hybrid/condo development (Curbed.com).
The influx of condominium units is unusual for New York City as "According to city statistics, around 43 percent of the New York City's non-rental housing is co-op," (Mortgage Marvel). Individuals gearing up to take advantage of the new condo opportunities need to make the concerted efforts to clean up the finances to be able to qualify for a great home mortgage and bank enough spare cash for the down payment and closing costs associated with the condo buying transaction.
Once those proverbial ducks are in a row, mortgage seekers can count on Mortgage Marvel, the industry's premiere mortgage rates origination tool, to make finding home loan options easy, regardless of the home loan amount in question.
