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Sdtrendy,  in New York, NY

also - has anyone heard anything negative about 1825 Madison Avenue?

Asked by Sdtrendy, New York, NY Tue May 24, 2011

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Thanks for your helpful advice, Joyce. I had not even thought about possible difficulty with reselling an income restricted apt. Luckily they seem to have raised the income caps. As I am now offering on another apt. with similar restrictions, your advice is even more timely.
0 votes Thank Flag Link Thu Jul 28, 2011
Of course. You had also asked about the quality of construction in HPD Housing so I'll try to answer both for you......

In NYC, all buildings must be built to NY City Code, unless that requirement is waived because the building is required to be built to NY State Code. Before you sign a contract of sale, your attorney will conduct significant due dilligence to determine whether there may be existing violations, problems, or if such have existed in the past. (S)he will also review the financials of the building to determine whether it is being properly managed.

The building you are asking about has income restrictions which, upon resale, could limit your market. However, the restriction is a realistic one.

Sincerely Yours,
Joyce Mincheff
The Corcoran Group
VP, Associate Broker
0 votes Thank Flag Link Tue May 24, 2011
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