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CurbedWire: Rattitude at 67 Liberty, Contracts Shmontracts!

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FIDI?Yesterday's item on the 15-story addition going up at 67 Liberty Street prompted the following response from a Curbed commenter: "There was a big union protest outside this place last week, complete with two inflatable rats." Well they're back, baby! [CurbedWire Inbox]

MANHATTAN?Mounting chatter about a Manhattan real estate market recovery is getting on the bad side of many, including this Curbed reader who e-mailed us a diatribe on the happy contracts news: "How about you take a look at the number of deeds transferred, i.e. closings? The gap between contracts signed and actual closings is widening every single week and there is a disaster on the horizon as banks lay off underwriters, slow down because of the full doc requirement on every loan and become more and more cautious. This is going to blow up real, real soon." But what about the claim that those going into contract in this climate fully intend, and will be able, to close? There's a response to that, too:

Brokers are telling a false tale of how easy financing is to get. The numbers look great because developers are taking a haircut and brokers are pushing deals through to make their numbers look good but talk to a few new or existing condo buyers - see how easy they're getting financed these days. No PMI exists in New York City. Unless you've got 20% down or an FHA-approved building (FHA won't even do spot approvals in NYC anymore) you're not buying a home. Appraisers are the ones making out like bandits here as loans are being shopped around every bank wants their own and those $400 fees just keep adding up.Food for thought. Or a happy bedtime story for the kiddies. [CurbedWire Inbox]

67 Liberty Street

67 Liberty Street, New York, NY