Fannie Mae Begins Thawing Frozen BPC Market

Battery Park City’s market has been in the midst of a little ice age since Fannie Mae all but stopped buying individual mortgages on BPC condos and co-ops. The problem? The area’s complicated ground leases. But there were signs of a thaw when Fannie enlisted an outside law firm to come up with ground lease CliffsNotes. And now it looks like Battery Park City’s skipping spring and heading straight for summer. Broadsheet Daily reports that Fannie will soon be issuing a statement okaying all ground leases. And two new condos on North End Avenue, Liberty Luxe and Liberty Green, have already gotten “conditional approval,” meaning Fannie is likely to purchase mortgages within the building. A Broadsheet Daily source says approval will probably follow for three more buildings, Liberty House, Liberty Terrace, and Liberty Court. Is it getting hot out here?

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Categories: Battery Park City Real Estate | Tags: , , , | Leave a comment

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