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FHA Insuring Mortages For Luxury Developments

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In a somewhat unusual move, the FHA is insuring mortgages for upscale luxury apartment buildings in Manhattan. New buyers are able to buy in these relatively expensive apartment buildings with as little as a 3.5% down. The reasons cited for needing this aid is the ever vague "market conditions". The president of the National Condo Advisers Board says "I can't say it's been magical, but it's allowed developers to close on apartments they otherwise might not have been able to in the current marketplace". This might not be the most popular move, as it's bound to come off as helping those who probably don't need FHA aid.

-Tempo Condominium, 300 E. 23rd St.
-Be @ William Condominium, 90 William St.
-Griffin Court Condominium, 800 Tenth Ave.
-The 505 Condominium, 505 W. 47th St.
-One Rector Park, 333 Rector Place
-Whitehouse, 67 Hudson St.
-220 Third Avenue Condominium, 220 Third Ave.
-The Kips Bay Towers, 330 E. 33rd St.

· Luxury $uite Deals [NY Post]