Harlem developers become financiers

The developers of a development at 257 West 117th Street in Harlem are countering slow sales by providing would-be buyers with mortgages. Robert and Bernand Friedman are offering mortgages directly to buyers at competitive rates, financing as much as 90 percent of the purchase price. “We see buyers who otherwise in a different market would have qualified for mortgages,” Robert Friedman said. “It works for buyers, we break even on costs, and it facilitates a sale.” The 47-apartment building, The Fitzgerald, is being marketed by Halstead’s new development group. Nineteen units have already gone into contract, including three since the loan offer began in April. The Real Deal recently reported on how buyers of buildings are looking to sellers for financing.