Buyers forfeit deposits at new developments

Fifth on the Park rendering

Some buyers of new condominium units are being forced to walk away from their deposits because the mortgages they lined up before the credit crisis are no longer available, and they can’t get financing. Near closing dates, some banks are requiring buyers to put additional money up for the down payment if they want a mortgage. For conforming loans in New York City, banks are now requiring at least 20 percent down, and for jumbo loans, lenders want down payments of as much as 50 percent. Some buyers are suing the developers of new buildings for their deposits back. “If I knew this, I would never buy this apartment,” said Louis Andriopoulos, who put down $100,000 for a two-bedroom at Fifth on the Park in 2007, but lost mortgage approval. “Ten percent used to be more than enough [for a down payment] and I never had a problem with financing before.”

Tribeca Live/Work Loft 2500 SQFT W/D April 1st

Tribeca Live/Work Loft – 2500 Square Feet

For showing times, please contact JAD Realty Group:

Jeffrey Ditri – 610.781.8417

LOCATION: Tribeca / Franklin Street DESCRIPTION: Well maintained, elevator building Third floor unit Separate gourmet kitchen including granite counter tops and new appliances Modern bathroom, new fixtures Large living Space featuring a double exposure view Corner unit Each bedroom can fit a queen size bed and extra furniture Two storage closets with extra loft storage space 15′ high ceilings Southern and eastern exposure view Original hardwood plank floors and steel columns Excellent Tribeca location; near all transportation, restaurants, downtown, the East Village, the West Village, Soho, and Union Square TRANSPORTATION: LISTED RENT: $6,495 CONTACT: Name: Jeffrey Phone: 610.781.8417

Tribeca Live/Work Loft – 2500 Square Feet

For showing times, please contact JAD Realty Group:

Jeffrey Ditri – 610.781.8417

Gramercy Park Rent Stabilized One Bedroom Apartment w/ Garden

Gramercy Park One Bedroom Rental

**NEW LISTING**

Private Garden – Exposed Brick – April 1st

For showing times, contact JAD Realty Group

Jeffrey Ditri – 610.781.8417

LOCATION: Gramercy / Union Square / Irving Place DESCRIPTION: Well maintained, walk-up building First floor unit Kitchen including appliances and new cabinetry Marble bathroom, new fixtures Living room featuring an exposed brick wall 11′ X 11′ bedroom, can fit a queen size bed and extra furniture Two storage closets Access to a private garden Southern exposure view New hardwood floors Rent stabilized unit, priced below market value Excellent Gramercy location; near all transportation, restaurants, Irving Place, the East Village, and Union Square TRANSPORTATION: LISTED RENT: $1,844 CONTACT: Name: Jeffrey Phone: 610.781.8417

Gramercy Park One Bedroom Rental

**NEW LISTING**

Private Garden – Exposed Brick – April 1st

For showing times, contact JAD Realty Group

Jeffrey Ditri – 610.781.8417

Manhattan office market sluggish

The Manhattan office market overall and most submarkets continued to decline in February, but the pace of decline was slower than in January of this year, according to a February office market report released today by Newmark Knight Frank.

The availability rate in February rose slightly to 12.4 percent from January’s 12 percent in Manhattan. Year-over-year, the availability rate rose a sizable 4 percent from February 2008. The average asking rent dropped 1.5 percent, to $51.27 per square foot last month from $52.08 per square foot in January. Year-over-year in February, the average asking rent dropped 22 percent from the February 2008 peak of $65.75 per square foot, the report says.

In Midtown South, the availability rate of office space rose to 11.4 percent in February, up from 10.9 percent in January and up from 7.7 percent in February 2008. Asking rents dropped 3.6 percent to $39.19 per square foot from $40.63 per square foot in January.

The Midtown submarket also posted declines, but they were less steep. The availability rate rose 0.4 percent, to 13.4 percent in February from 13 percent in January, according to the report. The average asking rent fell to $61.71 per square foot in February, compared to $62.21 per square foot a month earlier.

Downtown has not fared as badly in terms of space availability, which has held steady at 11.7 percent for several months. Asking rents, however, dropped 2.2 percent between January and February, to $41.18 per square foot from $42.13 a foot, and a total of 10.1 percent since their peak in March 2008.