FHA Lending Approved for Condo Development

FHA Lending Approved for Condo Development
NEW YORK, NY - Parkview Developers and Halstead Property Development Marketing today announced that The 505 in Hell's Kitchen has been approved by the Federal Housing Administration's (FHA) mortgage program, which provides up to 96.5% financing towards the purchase of a new home.

The 505 is one of two developments below 96th street and among only a handful in all of New York City that are both FHA approved and have immediate occupancy. The 505 has also been approved for Fannie Mae backed loans since July 2009, giving buyers flexible options for financing. The remaining residences at The 505 range in price and size, including studios starting at $425,000, one bedroom homes for $631,000, and two bedroom units at $955,000.

"We are very pleased to be able to present such an attractive offer of FHA-backed mortgages to our buyers," said developer Ian Reisner, Managing Partner of Parkview Developers. "With FHA financing, qualified buyers have the ability to purchase a beautiful home at The 505. This opportunity is not to be missed."

As the development's preferred lender, Bank of America played a significant role in gaining FHA approval for the development.

FHA loans and financing through Fannie Mae and Freddie Mac have helped bolster the New York City real estate market and will continue to throughout 2010. Benefits of FHA-backed loans include:

A low down payment
Easier qualifying
More flexible credit scores
Low monthly mortgage insurance
Down payment that can be gifted to the borrower

The 505 www.the505hk.com is a luxury condominium and gardens development complex in Hell's Kitchen located at 505 West 47th Street. The development is comprised of a total of 108 residences that are situated in two buildings surrounding a garden courtyard that make up a half acre of land.

The seven-story newly constructed condominium complex features a 24 hour attended lobby, fitness center with Technogym Excite™ equipment, landscaped courtyard and furnished roof terrace with barbecue, bike and individual storage, WiFi and FIOS technology, and washers and dryers in every unit. For more information, please visit: http://www.the505hk.com.

Real estate development in Hell's Kitchen west of Eighth Avenue has been vibrant since the start of 2000. The 505 exemplifies the best of the developments in the Clinton/Hell's Kitchen district which comprises the area in the West 40's that is seeing major development today, including Ink48, a $125 million four-star David Rockwell-designed hotel with 222 guest rooms, and the new Ogilvy & Mather headquarters which opened in 2009; both of which are located on the same block as The 505.

Parkview Developers (affiliated with Lev Parkview Developers for The 505 project) is in the business of developing residential property in NYC. Parkview also owned and operated "The Carnegie Hotel" on West 58th Street, steps from Columbus Circle and Central Park. Residential projects have included land assemblage for new development, rehabilitating residential apartments, combining residential units including total gut rehabilitation and new constructions including the development of a 100-unit condo complex in NYC and 119 Watch World stores throughout the United States.
Source: Parkview Developers

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