No Mortgage? Try Theirs. - New York Times

by jill ~ June 30, 2008

Yesterday, our client the Halstead Property Development Division, was featured in this New York Times article regarding their development, The Fitzgerald. 

In response to the credit crisis, the developers of The Fitzgerald, a new 47 condominium development in Harlem (257 West 117th Street), announced that they will offer to give buyers “easy financing” for any property purchase in the development. This means that the developers will personally finance mortgages for The Fitzgerald.

So far, the story was also picked up by:

The Real Deal 

Harlem World

This is a trend I think you’ll be seeing more frequently, as buyers have a harder time getting a mortgage and the real estate developers become more creative with financing options.  Our full press release follows.

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FOR IMMEDIATE RELEASE
Contact: Jill Feldman, jill@mediashoppr.com
Mediashop PR, 212-867-8778 x228

REAL ESTATE DEVELOPERS OF “THE FITZGERALD” IN HARLEM

OFFER EASY FINANCING DEAL TO BUYERS

New Harlem Development Takes Worry Out of Financing Home Purchase

New York, NY - June 30, 2008 - Developers of The Fitzgerald, a completely renovated and converted development in Harlem, today announced an easy financing deal for any buyer who purchases a unit in the building.

Under the terms of the deal, the developers at 257/117 Realty LLC, will personally finance any mortgage notes necessary for buyers for a limited time.

Qualified buyers are offered a seven year loan on a 30-year amortization schedule at half a percent less than the interest rate Citibank is offering currently. The financing deal also ensures no pre-payment penalties, no closing costs and no processing fees.

Flexibility is one of the major benefits of sponsor-financing, as they can be much more creative with financing options than traditional institutions, making The Fitzgerald a dream for buyers worried about obtaining a traditional mortgage. According to the developers, the financing deal was created in direct response to concerns of being approved for a mortgage from a traditional lender based on the current economic conditions.

Located in the heart of Harlem at 257 West 117th Street, The Fitzgerald is just steps from Central Park and neighbors Harlem landmarks such as Columbia University and just steps from major public transportation.

The development features 47 oversized condominium residences including one-bedrooms with a home office, duplex one-bedrooms with spacious home office/recreational rooms and oversized two bedrooms with home offices. Units range in price from $655k - $1.85M.

All units feature Bosch washers and dryers, marble bathrooms with Kohler fixtures, faucets and toilets; Miele dishwashers; and Elkay sinks and faucets. Kitchen appliances in the smaller units are outfitted with Liebherr and Bosch appliances, while the larger units located on the top two floors, each measuring between 1991-2311square feet, feature Leibherr, Viking and Subzero appliances.

The four penthouse level residences also feature private 1581-1848 square foot roof decks accessible by private internal staircases.

In addition to a concierge doorman and a live-in superintendent, the building has installed state-of-the-art electronic video security systems inside each residence.

Penmark Realty Corporation, a premiere management firm serving hundreds of the top residential buildings in New York, will serve as the management company for The Fitzgerald. Penmark is known for setting the highest building standards and continue to demonstrate accountability, when each of their properties meet the financial, physical, operational and quality of life standards that have been set by the boards.

Halstead Property is the exclusive sales and marketing firm for The Fitzgerald. For a full list of available units, please visit: www.thefitzgeraldcondos.com.

For information on the easy financing deal at The Fitzgerald, or for press tours or photos, please contact Jill Feldman at jill@mediashoppr.com or 212-867-8778 x228.
About Halstead Development Marketing:
A division of Halstead Property, Halstead’s Development Marketing Division is the exclusive sales and marketing firm for 65 new developments representing more than 3,500 units in the tri-state area. The Halstead Development Marketing Division consults with developers on every aspect of the development process, including: pre-development planning such as comprehensive market research, detailed unit and layout analysis and amenities planning; selection, staffing and design of sales environments; overall communications planning including marketing, advertising and branding. For more information on the Halstead Development Marketing Division, please visit: http://www.halsteadpdm.com/home

As the first firm in New York to bring real estate sales out of office buildings and into retail storefronts, Halstead Property is one of the largest residential real estate brokerage firms in the metropolitan area. For more information on Halstead, please visit: http://www.halstead.com.

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