When we last looked in on FiDi's District, they were in the process of replacing
We're not sure what Urban Marketing's strategy is going to be with District, but we're pretty sure that it's NOT going to be lowering the asking prices. Most of the units that were listed with BHS are right back on the market at the same price as where they were before. The biggest difference (from what we can tell) is that in addition to describing the apartments (which BHS also did), Urban Marketing has very smartly included front and center on each ad that District is "Now 100% completed and over 70% sold and occupied with Immediate Occupancy." (we like!).
We think it's also cute that District appears to be the only client of Urban Marketing (talk about focus, which they're going to need to sell condos at those prices), although we imagine other stuff is in the works.
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4 comments:
Last time I check 80 out of 163 is 49%. Where in the hell do they figure over 70% from???
Hi Anon - it's a bald-faced lie. (just kidding) So the practice with many new developments is to include units that are "In Contract" as part of the % sold figure that they quote. This figure can also be inflated by deals that have actually closed but where the deed has not been filed yet with the city (so the units won't show up in ACRIS or on Streeteasy as sold), however such deals where the deed is "on the way" are typically quite few.
In terms of what Fannie or Freddie would use for mortgage purposes, it's the actual number of units that are sold, which would not include In Contract apartments.
According to ACRIS, 91 Units have closed, which is 56%. There are also about 15 units under contract which are pending closing within the next two months (new deals allow purchaser upto 45 days to close, and Sponsor made negotations with previous purchasers to extend closing dates).
urban marketing has a broker/partner named stephen mcardle representing them. it appears that this is the same person who was a cooperating coconspirator (he was part of the conspiracy, but he ratted on his friends) in the tax assessor case of 2001/2002. if one chooses to deal with him be very careful, allow him to know nothing of your business and definitely do not befriend him.
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