The Real Deal New York

From the March issue: On its Web site, the marketing pitch for the Fitzgerald, a condo in Harlem, has a decidedly pre-recession ring: “Where the living is grand and the financing is easy.” The mortgage terms sound that way, too: 5 percent down, with no worries about pesky approval requirements from a nitpicking bank. “The developer … will give you up to a 95 percent mortgage at favorable rates with reasonable conditions,” the Web site reads. But the reason buyers don’t have to concern themselves with a bank is very much related to the recession.