Asked by Bronx, Upper East Side, New York, NY • Mon Jul 23, 2012
Hi, I was chosen by lottery to buy a HDC sponsored New Coop Development in East Harlem (La Celia http://www.lacelianyc.com/residences.html). It is an affordable development. I have some concerns and need some imput by professional agents who have worked with
1. As new debelopment, the sponsor has a goal of selling 50% of the building before end of summer. Certificate of occupancy will be available after that and move in is estimated by Feb 2013. What happens if the sponsor cannot sell the target 50% of the building by then (aprox 110 units)? Will closings be posponed?
2. Will I have to pay any of the closing costs of the sponsor (NYS transfer tax etc) Can those be negotiated?
3. The sale price quoted is 260K for a 650sq. foot one bedroom (in a new building). Income restrictions apply - upper limit is 102K for 2 people. If I resell can I get a higher price for it? Same unit on a higher floor is 290K.
Anything else I should be wary about?
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