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August 27, 2009
Anyone info on 260 Ocean Pkwy?
I saw a nice apartment in 260 Ocean Parkway. Unfortunately the building is only about 40% sold. Does anyone live there or know anyone who lives there who might have insight into how well the building is run and if the sponsor is actively selling units?
Comments
freddy, I would request the financials and have your lawyer or someone knowledgable review it. I know the building BUT I don't know anyone who lives there.
Posted by: Kensingtonian at August 27, 2009 2:45 PM
I tried to buy (summer 2007) there but was beat by an incompetent broker and an all cash deal. At least he says it was an all cash deal. I offered more and a 30% down payment. No go. I just checked and Property Shark shows that apartment as the same owner as when I tried to buy it. 2B. It looked really nice.
Posted by: coopfornow at August 27, 2009 7:51 PM
Freddy--Is this a coop or a condo? If it's a coop, note that most lenders won't lend money to buildings that are less than about 75% sold. If you need a mortgage this building might not work at all. Coopfornow's experience may be the flip side of that: the seller might have seen two offers, one all-cash and just said, "All cash; no hassle." Keep us posted.
Posted by: Minmin at August 28, 2009 7:02 AM
Run, don't walk away from 260 Ocean Parkway!
The financials are not good, the 3 brothers that make up the sponsors are in some kind of feud with each other, and are impossible to get information from. I was in contract for an apt. in this building, had the mortgage through Chase (which was the only one doing mortgages in this building) all against the advice from my lawyer. I was able to walk away on a slightly low appraisal and bought at 100 OP. Much better choice in the end.
Posted by: Windsor Terror at August 28, 2009 12:44 PM
Now this is the first time I am happy a realtor was incompetent!
Posted by: coopfornow at August 28, 2009 6:12 PM
Thanks for your responses. I think I'll move on.
Posted by: freddybrooklyn at August 31, 2009 8:32 AM
I know someone who lives in the building. She likes the building and location. Currently it is only 40 per cent owner occupied, but word is that the Sponsor will be selling apartments to make up the 50 per cent that banks prefer when they look to finance a loan.
Posted by: dwdweller at September 14, 2009 12:03 AM
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