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Cash & Carry: New Condo Building Just Says No to Mortgages

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In the words of one Randy Moss, new Union Squareish development 14 West 14th Street is going straight cash, homey. Yep, that's right: Purchases in the new 10-story, 30-unit white glassmaster of 14th Street must be all cash?Park Avenue style! That little detail was tucked into an announcement that the former Development Du Jour has opened an on-site showroom. We asked for an explanation. We got one!
As construction hummed along over the summer, the project's sponsor decided to buy a bunch of units as investments as well as for family members. A whole bunch. Like, maybe 2/3rds of the building. The new mortgage guidelines make it nearly impossible to get a loan from a bank for a new development when that many units are controlled by one party, hence the cash-only move. The listings now include that note, too. We feel for Elliman's Rob Gross, a swell guy who must now break out some serious ninja broker skills. Here's the menu, prepared before the sponsor went back for seconds, thirds, fourths, fifths, etc.:

· 14 West 14th Street [14w14.com]
· Development Du Jour: 14W14 Makes a Run at Union Square [Curbed]

14w14

14 West 14th Street, New York, NY