While we were out taking a look at some Battery Park apartments this weekend (it's been awhile but we figured we'd see how things have changed since we did this exercise last year), a broker told us that the Fannie issue had in fact been resolved on Friday. We asked for proof and were forwarded this article from a website that we don't ever read, but it sure looks legit.
Last month, Fannie Mae (with zero fanfare incidentally) quietly pulled out of purchasing residential mortgages in Battery Park due to fears regarding the uncertainty of ground rent charges. For our part, we've certainly calmed down about the 25 year reset (happening in 2012 for most buildings) however are still terrified about that looming 40 year reset. In 17 years, ground rent will apparently reset to 6% of your apartment's market value, which makes us both hope and not hope that our apartments are worth like $100 at that time.
And how did those BPC apartments look over the weekend? Well, strangely...renovated. Not sure if it's the market, but we've never seen so much granite and brazilian cherry in those 1980s buildings. Doesn't really go with the nautical theme....
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