Battery Park City gets Fannie approval

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Mortgage giant Fannie Mae has announced that it will back loans on homes in Battery Park City, according to Crain’s, after an in-depth review of the neighborhood’s ground leases. The move has caused many home sellers there to breathe a sigh of relief, after a potential ground lease fee hike cast on doubt whether Fannie Mae would underwrite the loans there. As of last month, Fannie Mae has $100 million worth of loans secured on condos in the neighborhood, according to the federally run company, something that has left more than a few brokers in a good mood. [Crain’s] and [DNA info]

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