Closings Begin at Oro
It’s official: the Oro has received its Temporary Certificate of Occupancy and now, let the closings, and the moving, begin. The building has 40 stories — the tallest residential building built in Brooklyn in 80 years — and the first TCO covers floors one through 30. The top ten floors should get their turn in…
It’s official: the Oro has received its Temporary Certificate of Occupancy and now, let the closings, and the moving, begin. The building has 40 stories — the tallest residential building built in Brooklyn in 80 years — and the first TCO covers floors one through 30. The top ten floors should get their turn in a matter of weeks. When we wrote about it a couple of weeks ago, roughly 45 percent of the building’s 303 units were spoken for.
Oro Closings Becoming a Reality [Brownstoner]
i agree with katie — location isn’t much now, but it will be once downtown gets its feet under it. this will happen with all the development already in the ground.
Location isn’t so bad – it’s right over the Manhattan Bridge w/ the Q, R, M, B, F, A, C trains nearby plus all the new good stuff happening in downtown…and Fort Greene is 5 minutes away. The area is developing at a rapid rate and this will be a good investment.
“…a couple of weeks ago, roughly 45 percent of the building’s 303 units were spoken for.”
Night and day between credit conditions then and now.
I’m sorry but I do this for a living and I have 2 clients that are buying in ORO and we have one approved for 90% and another at 80% on our Fannie Jumbo Product. I haven’t had an FHA loan in this building and the only reason to take someone the FHA route is if their credit isn’t up to snuff. We would have to review the project for FHA guidelines but that’s a whole other thread of explanations.
70% is what you are going to be capped at if you require a loan over 729k.
You are assuming that Oro is eligible for an FHA loan, Adam. P Heights is totally right. Take it from someone actually trying to getting a loan right now.
Totally false that this is the tallest building built in the last 80 years in Brooklyn. Oro is 400 feet tall (that’s the height limit in this area); 12 MetroTech (330 Jay Street) is 473 feet tall (and was built in 2005).
There are also several buildings under construction that will be as tall or taller — Toren, Avalon, City Point, Lawrence Street tower, Bridge Street tower.
I’m getting 70% from talking to friends of mine who work for developers who are telling me that their buyers are are having trouble getting more than 70%.
I agree with gkw, I am mystified by Oro and other developments in that immediate area. In my view, the location leaves much to be desired. Maybe I am missing something.
No offense to “make my heights P heights” but where are you getting the 70% financing from? If you have good credit and can show your income you can get 90% up to 729k. If you have ok to fair credit you can still get the below loan amounts on an FHA loan.
Thats an 810k condo with 10% down
911k condo with 20% down
975k with 25% down
All I’m saying is have facts to backup your point.