505 West 47th Street
The 505 Condominium in Hell’s Kitchen announced it was approved for mortgage financing by the Federal Housing Administration.
Parkview Developers said that FHA approval will allow additional buyers to qualify for mortgage loans at the property, located at 505 West 47th Street. FHA financing allows buyers to get a mortgage with only 3.5 percent down payment.
The property is offering 108 units, starting with $425,000 studios up to two-bedroom units for $955,000.
505 West 47th Street
The 505 Condominium in Hell’s Kitchen announced it was approved for mortgage financing by the Federal Housing Administration.
Parkview Developers said that FHA approval will allow additional buyers to qualify for mortgage loans at the property, located at 505 West 47th Street. FHA financing allows buyers to get a mortgage with only 3.5 percent down payment.
The property is offering 108 units, starting with $425,000 studios up to two-bedroom units for $955,000.
Just weeks before closings began at the 505 Condominium in Hell’s Kitchen, Lev Parkview Developers sent letters to dozens of buyers at the building, threatening to forfeit their deposits if they failed to close on their contracts and move forward with a federal lawsuit, according to documents obtained by The Real Deal. The 108-unit condo, located at 505 West 47th Street, is facing litigation from dozens of buyers who want to get their deposits back, amid a lawsuit alleging that Lev Parkview failed to provide property reports to buyers and submit a so-called statement of record with the federal department of Housing and Urban Development. The financial statement is required under the Interstate Land Sales Full Disclosure Act, a federal statute originally used to protect buyers from scam swampland purchases in Florida. The act has been used in a number of condo suits in New York and other states, and applies to buildings with 100 units or more. More
