Posted by TheBlackList on January 8, 2009 at 10:46am
Harlem Condo at Fifth Avenue and 120th Street: "Fifth on the Park" Opens in 2009
The 28-story "Fifth on the Park" condo tower opens in 2009 at Fifth Avenue and 120th Street. The multi-purpose condo tower is on the southern perimeter of Mt. Morris Park (also known as Marcus Garvey Park).
This development has 160 market-rate condos (and they are asking a staggering, jaw-dropping $1,000 per square foot which is a patently absurd price for this stretch of East Harlem!), 46 affordable housing rental units which will be owned by the Church which sold the land, a 5-story Church sanctuary, and secure, valet attended underground parking garage.
This is 1 of 5 videos which the developer has produced so, of course, they are extremely promotional. The developer claims these are actual buyers!
It strains credulity to believe that pre-construction buyers would really sit for video recorded interviews and wax poetically about the so-called amenities that are purported to exist by the developer.
Caveat emptor: Buyer Beware
(How do you know the developer is lying? His lips are moving.)
watch?v=KF-N_8TuGAQ
Buying even a tiny condo apartment unit in Manhattan -- even Harlem -- is outrageously expensive and this Fifth on the Park development is asking prices that are 66% higher than other condos in West Harlem and 100% higher than in East Harlem. So the finished product better be damn good. Damn good.
Remember, if you buy a condo, the City, State and the MTA have some huge cash taxes of about $20,000.00 that they will extract from you at closing (on a $1 million apartment). How much money do you have to make in order to bring $20,000.00 of cash to the closing table. That's right, you have to make $40,000.00 and then pay income taxes and social security on it, so you can have $20,000.00 to pay your real estate transfer taxes on.
If you want an apartment that is bigger than 1,000 square feet in "Fifth on the Park" condos, then the apartment will probably cost more than $1 million, in which case the City and State will extract another $10,000.00 of cash from you as your "Mansion Tax" for your 1,000 square foot "mansion".
Title insurance is another scam -- that'll run you another $5,000.00 or so at closing for a $1 million apartment.
Bloomberg just raised property taxes by 7% on January 1, 2009, so make sure you add a higher tax bill on to your budget. As for the property tax abatement that these developers claim is coming your way, DO NOT believe them. The City and State of New York are each in multi-billion dollar deficits that are growing (remember Obama just said on Janaury 6, 2009 to expect "trillion dollar federal deficits for years to come").
Neither NYC or NYS are going to let a single cent of potential property taxes slip out of their meaty little paws. The City and State have complete discretion to cancel the abatements, just like Bloomberg tried to hold back the $400 property tax rebate.
I'm sure the fools who bought these condos in 2007 in the "Fifth on the Park" Sales Office are kicking themselves right now, and thinking of every trick in the book to try to break their contracts.
Oh, and you can forget that 103% loan to value 2-year ARM mortgage you got approved for back in 2007. Shit has tightened up.
Get ready to put 20% down -- that is $200,000.00 of cash on your $1 million apartment.
And then you got to get approved for an $800,000.00 mortgage, and my sense is that IndyMac is not going to be that impressed that you work at Lehman Brothers and your wife works at Bear Stearns. You'll need to document those jobs with W-2s, not just handwritten scribblings you got at the corner deli.
What I'm saying is there is no way in HELL that these developers are going to be able to bring 160 buyers to the closing table for "luxury condos" in East Harlem next to the projects in 2009.
Folks, this is Great Depression 2 we are talking about here.
Oh you know the best -- the best -- lie that these Futtermans tell about this condo -- and this is priceless -- they say that the developer is going to buy the $3 million penthouse apartment himself, so you can't have it. ROF LOL!
Oh yeah, and the art in the lobby is his and his wife picked out the colors! That kills me! ROF LOL!
Culled from:
Manhattan Kidshttp://manhattankids.blogspot.com/2009/01/harlem-condo-at-fifth-avenue-and-120th.html
https://theblacklist.net/
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