Sales mark brings better financing, more penthouses for LIC’s L haus

TRD New York /
May.May 16, 2011 04:23 PM
L haus’ exterior, interior and rooftop and Elliman’s Karen Mansour

Long Island City’s L haus condominium reached the all-important 51-percent-sold milestone, opening the doors for new financing and buying options. As The Real Deal previously reported, selling 51 percent of units has become a sort of “magic number” since the downturn because it allows for a special Fannie Mae waiver that gives buyers better mortgage rates. Moreover, it’s typically the threshold needed to ease institutional lenders’ financing fears for prospective buyers. But prospective buyers at the 122-unit L-shaped condo at 11-02 49th Avenue gain another purchasing option with the milestone: the ability to buy penthouse units that the Stahl Organization, which developed the building, put on the market upon reaching the sales threshold. Prudential Douglas Elliman’s Karen Mansour has led the sales effort for the building’s one-, two- and three-bedroom mix, which launched in the summer of 2008 with asking prices ranging from $465,000 to $1.31 million. Streeteasy.com records show the most expensive sale to date in the building was for $712,000 in January. A year ago, the building garnered Federal Housing Administration financing approval which made financing easier for buyers. TRD


Related Articles

arrow_forward_ios

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

Unrealistic pricing bogs down Miami luxury condo market: TRD Showcase & Forum

From left: RealPlus' Eric Gordon, Corcoran's Pam Liebman, Halstead's Diane Ramirez, Douglas Elliman's Howard Lorber and Brown Harris Stevens' Bess Freedman (Credit: Eric Gordon by Emily Assiran, Getty Images, Halstead, BHS, iStock)

Terra sells part of RealPlus stake to Corcoran and Elliman

The Real Deal’s E.B. Solomont receives Front Page Award

Rents increased year over year this September in Manhattan and Brooklyn to $4,336 and $3,366

Rents tick up and concessions fall amid broader economic uncertainty

The number of closed sales fell by more than 14 percent year over year in the third quarter (Credit: iStock)

Low mortgage rates are killing Manhattan’s all-cash buyer

arrow_forward_ios