In the News: BPC Real Estate

What's on sale at Kings Pharmacy (click to enlarge)

What’s on sale at Kings Pharmacy (click to enlarge)

kingsp2and3-jpgkings-page-4-jpg••• “Fifteen units at [Battery Park City’s] Riverhouse have gotten chopped between 6 and 20 percent (with most cuts at the tamer end of the range). The biggest, a 20 percent chop off 2BR, 2BA #11C was $260,000, leaving the $1.025 million unit with a price tag of $942/square foot. According to legal papers filed during the developer tussle, 187 units had been sold with 77 to go. Since then a couple more apartments have closed, both at more than 20 percent off their asking prices….” (Curbed)

••• “There’s a glimmer of good news for people whose attempts to buy or sell condos in Battery Park City have been frustrated by confusion among lenders over Federal National Mortgage Association (Fannie Mae) proscriptions. […] Fannie Mae has balked recently at backing mortgages secured by real estate subject to Battery Park City’s ground leases. The most recent development is that Fannie Mae has granted ‘conditional approval’ to the two newest condominiums in Battery Park City, Liberty Luxe and Liberty Green, now under construction on North End Avenue and expected to open in 2011. A spokesman for Fannie Mae explained that ‘conditional approval means that even if a building does not currently meet our requirements, we are satisfied that it will and have therefore notified lenders that we will purchase mortgages for apartments within that project.'” (Broadsheet Daily)

••• “Matt Abramcyk continues to add to his ever expanding empire. A tipster told Eater over the weekend that the Warren 77 and Smith and Mills owner would be opening a subterranean bar beneath the triangle building that already houses B.R. Guests’ Dos Caminos Meatpacking and 675 Bar.” (Eater)

 

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