Hello Living has already started selling apartments at its second condo development in Prospect Lefferts Gardens at 271 Lenox Avenue. Massey Knakal is marketing the 15-story high-rise building, which will have 56 units and 32 parking spaces, according to the brochure. It will also have two private elevators that open directly into units, private terraces, and a gym. Construction can’t be too far along because the latest building plans, designed by Loadingdock5 architects, were approved July 29.
As we previously reported, HL is selling the units through the “Owners Club” program, where buyers purchase units at “pre-construction cost” (between $325,000 and $365,000), become shareholders in the operating LLC, and get the title when construction finishes and a Certificate of Occupancy is issued. However, buyers won’t be able to get mortgage financing until DOB issues a CofO, meaning they would have to pay cash for the apartment if it’s still under construction, as the brochure states.
For those of you keeping score at home, Hello Living recently closed on another lot nearby at 651 New York Avenue, looks close to completion at 618 Washington Avenue, and has made a lot of progress at its Crown Heights development at 834 Sterling Place.
A few luxury developments in Dumbo and nearby have gone into contract before construction even started. Does the “Owners Club” sound like a good deal or too risky?
Hello Living Plans Another in Prospect Lefferts Gardens! [Brownstoner]