Real estate in brief

Metropolis gets FHA approval, REBNY says brokers optimistic and a LES building is revamped

New York /
Apr.April 30, 2010 04:20 PM

Harlem’s Metropolis garners FHA approval
New Harlem condominium Metropolis has been approved by the Federal Housing Administration’s mortgage program. The FHA backing means that buyers will have an easier time qualifying for a home loan and will be able to make down payments as low as 3.5 percent. The six-story, 13-unit Metropolis, located at 51 East 128th Street, contains one- and two-bedroom condos ranging in price from $350,000 to $485,000. Halstead Property Development Marketing is handling sales at the building.

Brokers optimistic, REBNY report shows
Residential brokers are feeling more optimistic about a market recovery, according to a first-quarter survey conducted by the Real Estate Board of New York. Around 15 percent of respondents reported that they had closed sales at or above closing prices during the quarter, marking an 11 percent uptick from the same quarter in 2009. And, despite widespread reports that foreign buyers have been a key source of market momentum, survey respondents reported that 51 percent of their buyers were from New York City, and that another 15 percent were from the surrounding metropolitan region.

Century-old LES building transformed into affordable housing
Rehabilitation of a 108-year-old Lower East Side building has been completed, according to the Urban Homesteading Assistance Board, which spearheaded the project. The 18-unit building at 21-23 Avenue C will be used for affordable housing, with permanent financing in place from the Housing Development Fund Corporation. TRD


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