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October 5, 2008
Condo Conversions on Butler Place - Grand Army Plaza
Has anyone heard about this deal? We are interested, as it seems very reasonable, but we are curious about the process of rentals to condo conversions. How does the mortgage work if we sign on now, before the conversion? Can we lock in an interest rate now? Any advice? Thank you so much.
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I have not heard about it, but I am very curious. What are the details? I live in a large prewar building of rentals that seems to me the ideal building to convert to condos. What determines if building owners decide to convert and is it likely that buildings will be converted in this market or not?
Posted by: theandrewlee at October 5, 2008 1:55 PM
Do you mean 44 Butler? They have been selling over the last couple of years. I would say look around for the address in the NYT ads.....
It is a great location!
Posted by: PHfamily at October 5, 2008 2:08 PM
hi salty,
i read your post and wanted to just give you some insight,
in regards to the conversion it will take some time but as long as they go through the entire process its no diffrent then a new construction, accept that once the ag approves it they can sell it no problem.
in regards to the mortgage yes you can lock in a long term rate with most lenders, including wells fargo home mortgage the strongest lender out there.
contact me with any question benjamin.levin@wellsfargo.com 917-837-5794.
Posted by: Blev9701 at October 5, 2008 2:37 PM
My friend from college lived in the complex at 14 and 20 Butler. He said that the sponsor/ owner is clueless about what he thinks the condos are worth. location is great. no amenities in the building. lots of problems but good potential.
Posted by: Springs at October 5, 2008 2:40 PM
Thanks.
So we can lock in an interest rate now, even if the closing on the apartment doesn't happen for a year?
Posted by: salty at October 5, 2008 4:08 PM
Salty, we can lock your interest rate for up to 2 years. Of course there are costs associated depnding on the period of lock. However, we do offer a free float down option if rates drop from your inital lock 60 days prior to closing. Is the building offering contracts currently? sunny_hong@countrywide.com
Posted by: shong1 at October 5, 2008 9:08 PM
It's a great street--quiet, little traffic, but those condo-conversion banners at 44 have been up for a long time.
Posted by: BrooklynButler at October 7, 2008 12:00 PM
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