The Real Deal New York

14 West 14th Street goes cash-only

The sponsors of the new Union Square development 14 West 14th Street have announced that all purchases in the 10-story, 30-unit condominium must be paid for in cash. The new cash-only requirement was instated after one of the sponsors decided to buy two-thirds of the building’s units as investments or for family members. New mortgage requirements make it nearly impossible to get a bank loan on a new development when that many units are controlled by a single party. Prudential Douglas Elliman’s Rob Gross is marketing the building. [Curbed]

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