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General Area in Financial District : Real Estate Advice

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Activity 1
Fri May 8, 2009
Jenet Levy answered:
The Financial District is essentially the Wall Street area. In the last few years there has been a tremendous amount of condo development spurred by government tax incentives to developers. When things were booming, the Wall St. crowd and foreign investors were buying at pre-construction prices in these buildings. Most of these buildings have a tremendous amount of amenities. For a while it was just about guaranteed that if you bought pre-construction, by the time the building was completed you could sell your unit for more. Then came Fall of '08 with the crash of Lehman Bros, Bear Stearns, the current financial crisis and the downturn in our NYC housing market. The hardest hit neighborhood was the Financial District. Prices there have plummeted and developers desperate to sell remaining units have slashed prices. Some buildings have been harder hit than others. Some, like the Cocoa Exchange (1 Wall St. Court) was sold out before the problems hit. 25 Broad St had to turn rental. 20 Pine Street had long delays because the partners split up and had a court battle over custody. If you know where the deals are, you can do very well in purchasing there. But you should be guided by an agent who knows where the deals are, knows how to negotiate them, and knows the inside info on them. Each building there has a unique story of its own trials and tribulations. I'd be happy to clue you in on more details, as I've come to know it very well through doing deals down there. Feel free to click on my contact info and contact me if you have specific questions or would like help with your search. ... more
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