The Real Deal New York

Sales mark brings better financing, more penthouses for LIC’s L haus

May 16, 2011 04:23PM

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L haus’ exterior, interior and rooftop and Elliman’s Karen Mansour

Long Island City’s L haus condominium reached the all-important 51-percent-sold milestone, opening the doors for new financing and buying options. As The Real Deal previously reported, selling 51 percent of units has become a sort of “magic number” since the downturn because it allows for a special Fannie Mae waiver that gives buyers better mortgage rates. Moreover, it’s typically the threshold needed to ease institutional lenders’ financing fears for prospective buyers. But prospective buyers at the 122-unit L-shaped condo at 11-02 49th Avenue gain another purchasing option with the milestone: the ability to buy penthouse units that the Stahl Organization, which developed the building, put on the market upon reaching the sales threshold. Prudential Douglas Elliman’s Karen Mansour has led the sales effort for the building’s one-, two- and three-bedroom mix, which launched in the summer of 2008 with asking prices ranging from $465,000 to $1.31 million. records show the most expensive sale to date in the building was for $712,000 in January. A year ago, the building garnered Federal Housing Administration financing approval which made financing easier for buyers. TRD

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