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Battery Park City Mortgage Ouchies

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A new Fannie Mae guideline prohibits new mortgages or refinanced loans for condos in buildings where the developer or any single entity owns more than 10% of the units, and Battery Park City is especially hard hit by this measure, the Broadsheet reports: "There are more than half a dozen condos in Battery Park City where the original developer retains more than 10 percent of the apartments. Many of these buildings were erected decades ago and developers have retained an ownership stake because they view the property as a good investment, not because they are unable to sell the units...'Ouch!' exclaimed real estate lawyer Luigi Rosabianca who often represents condo buyers and sellers in Battery Park City." [BPC Broadsheet]