Toren Gets FHA Status, Tenants and a New Pool!
Big news in Downtown Brooklyn! Toren, the 240-unit, SOM-designed tower at Flatbush and Myrtle Avenues, just received approvals from both FHA and Fannie Mae, which means that it’ll be much easier for first-time buyers to step up to the plate. As for folks who’ve already bought in the 38-story building (it’s currently 50% sold), the…
Big news in Downtown Brooklyn! Toren, the 240-unit, SOM-designed tower at Flatbush and Myrtle Avenues, just received approvals from both FHA and Fannie Mae, which means that it’ll be much easier for first-time buyers to step up to the plate. As for folks who’ve already bought in the 38-story building (it’s currently 50% sold), the TCO was recently issued, making it possible for the first wave of buyers to start moving in. Most exciting of all, these early inhabitants will be able to take a dip in the just-completed pool. We’ve got the first photo of the never-before-seen pool below.
Toren Holds First Closing, Wants in on FHA Program [Brownstoner]
Crunch Time at The Toren [Brownstoner] GMAP
11217, cant speak for what you intended on your posts but my venom is all on the FHA loan bs. I’m actually a fan of FHA loans when prices are more reasonable (ie when one can safely assume one’s income will cover the mortgage). but at the current prices, prices are high on absolute basis – ie 500-600k is high and the fact Peak price would’ve been 700-800k is irrelevant for this debate. default risk too high. we already f’ing bailed out the banks. aint bailing them out again on their construction loans on their books
I get the mortgage interest deduction and I’m not complaining at all. But I’m well aware of what it is. A government subsidy to encourage people to buy homes. I personally don’t think it’s “right” but I’ll take it and shut my mouth.
I love it how everyone hates “government handouts”…until they get one!
I’m not into the idea of the FHA loan, but I think it’s really naive to say that those with traditional mortgages aren’t reaping what is essentially a subsidy from the government in the mortgage interest deduction.
I’m someone who would actually benefit from an FHA loan and I still don’t like it
seems like a big gov’t bailout of developers so they can keep prices high and make potential buyers think they are getting some sort of deal.
11217,
not so, this real estate mess is indicating if someone can’t come up with 20% down then one really can afford to buy yet. and what’s wrong with renting in the NICE avalon bldg. Secondly, default on FHA loan would mean we tax payers have to cover the exposure (ie loan of 400k vs. value of unit is 300k when buyer walks away, that’s a 100k nut that taxpayers would have to cover). so even if I say, I had a mortgage and the interest deduction was a subsidy, come on it was no where close to this kind of $$$ and btw, I only have the deduction if I PAID the monthly mortgage paymts during the year.
you’ve been proponent of low income housing, etc. in a time when gov is strapped, you’re arguing this FHA is best use of the gov’s money?
Well my point still stands, M4L.
Everyone subsidizes those with mortgages because of the mortgage interest deduction.
i don’t like this FHA loan situation one bit. it’s the next chapter of the real-estate mess. and i don’t think these places would sit empty. i think they’d turn into rentals. i’d rather my tax money go towards helping my neighbors too, but not people who are trying to buy more than they can honestly afford.
11217, yes, own. but no mortgage so you aint subsidizing me