Federal Housing Authority’s Mortgage Program Offers Up to 96.5% Financing for Qualified Buyers
New York, NY – May 18, 2010 – (RealEstateRama) — West 147th Associates LLC and Halstead Property Development Marketing today announced that PS90, a new development in Harlem, has been approved by the Federal Housing Administration’s mortgage program.
Located at 220 West 148th Street, PS90 is the redevelopment of a circa 1905 gothic style elementary school into a residential condominium development after being vacant since the 1970s. Sales at PS90 began in September of this past year and the property is currently under construction with initial occupancy expected for Summer 2010. With FHA approval, qualified buyers will now be able to purchase homes at PS90 with a down payment as low as 3.5%.
PS90 is among several FHA approved developments in New York City, and qualified buyers will benefit from a low fixed rate mortgage guaranteed by the FHA. Benefits of FHA-backed loans include:
• A low down payment
• Easier qualifying
• Down payment that can be gifted to the borrower
• Lower closing costs and interest rates than with a conventional mortgage
• Protection against foreclosure
“We are pleased to be able to offer FHA-backed mortgages to buyers at PS90,” said Lisa Gomez, executive vice president of development at L+M Development Partners Inc.
“With FHA financing, qualified buyers have the opportunity to purchase homes that offer great value and distinction.”
PS90 features a total of 75 condominium residences in a mix of studio, one, two and three bedroom homes. The remaining units range in size from approximately 762 – 1,630 square feet and in price from $400,000 – $899,000. The penthouses are all-new construction, and feature generously-sized private rooftop terraces, some with midtown Manhattan views. For more information, please visit: http://ps90condo.com/
PS90 is being developed by West 147th Associates LLC, an affiliate of L+ M Development Partners Inc., the same developer who successfully built and marketed the Kalahari, a green conscious building in Harlem. Financing is provided by Goldman Sachs’ Urban Investment Group and the development is being exclusively marketed and sold by Halstead Property Development Marketing.
About Halstead Property Development Marketing:
Halstead Property Development Marketing is the exclusive sales and marketing firm for numerous new developments in the tri-state area. They consult with developers on every aspect of the development process, including: pre-development planning such as comprehensive market research, detailed unit mix and layout analysis and amenities planning, all of which enables their clients to maximize sales prices, increase absorption rates and provide an overall superior product benefiting the consumer and developer. In addition, the division directs and coordinates the selection of all on-site personnel, conducts extensive sales training and monitoring, designs exceptional sales environments, and creates integrated communications planning including marketing, advertising, public relations and branding. For more information on the Halstead Property Development Marketing Division, please visit: http://www.HalsteadPDM.com/.
