Feds to Guarantee Million Dollar Condos in Manhattan

[I AM NOT THAT GUY 5,715]

Whitney Gollinger, marketing chief for a Manhattan condo building with an outdoor movie theater and panoramic city views, is highlighting a different amenity to spur sales: the financial backing of the federal government.

The Federal Housing Administration agreed in March to insure mortgages for apartments at the 98-unit Gramercy Park development, known as Tempo. That enables buyers to make a down payment of as little as 3.5 percent in a building where apartments are listed at $820,000 to $3 million.

“It’s a government seal of approval,” said Gollinger, a director at the Developments Group of New York-based brokerage Prudential Douglas Elliman Real Estate.

http://www.bloomberg.com/news/2010-08-13/manhattan-luxury-condos-embrace-federal-help-in-game-changer-for-sales.html

[^_^ 5,021]

[JelloShotGirl 0]

I like that affordable housing (joke) Just another scheme in which" they" have transformed nyc into a playground for the rich and shutting everyone else out.

[mawilson 2,133]

Cool!

[^_^ 5,021]

Just another scheme in which" they" have transformed nyc into a playground for the rich and shutting everyone else out.

[mawilson 2,133]

Here's a link to those condos:

http://www.tempo300.com/gallery.html

[Pooky 3,792]

I like that affordable housing (joke) Just another scheme in which" they" have transformed nyc into a playground for the rich and shutting everyone else out.

Didn't you know. In Manhattan, "apartments ... listed at $820,000 to $3 million" are the affordable housing.

[mawilson 2,133]

Didn't you know. In Manhattan, "apartments ... listed at $820,000 to $3 million" are the affordable housing.

It's true. You can't buy a decent 2 bedroom for less than $2m.

[slim 1,525]

What's the problem? FHA guantees home loans and housing projects all the time. At least with these they actually have a shot at getting their money back.