145 Sackett Street

If you are considering purchasing one of the studio apartments in 145 Sackett Street, please let me spare you of at least 3 months of your precious time and energy. On August 23^rd, 2013, I negotiated an offer for a studio condo in this building. Having strong credit, I had no problem qualifying with the sponsor’s «preferred mortgage lender.» Truth be known, the sponsor neglected to realize that his own preferred lender refused to finance studios since the building had not yet reached 50% occupancy of condos. But this information was only revealed 2 months into the process.
Negotiating the contract took a while, because my attorney fought to take out the sponsor’s clause stating that he would be able to keep my down payment should I not be able to procure a lender in 45 days. Whether or not the sponsor was aware that his own preferred lender would not be able to finance studios, it all now looks rather suspect.
I finally received my contract on October 2^nd, after conducting a walk-​through of the apartment and developing a punch list. But because the sponsor’s preferred lender could no longer lend into the building, I spent 2 weeks procuring my own, on my terms. On October 29^th, the sponsor relayed through his broker that he was not wiling to countersign unless I offered more money, even after months of fair and civil negotiation.
I then gave the sponsor 24 hours to present his new terms. And I have received no reply.
In summary, here is what I learned:
1) 145 Sackett has so far only sold to individuals who can put 100% cash down.
2) They claim they have a preferred lender, but their lender refuses to finance studio apartments until they reach 50% occupancy (of condos).
3) The sponsor wasted almost 3 months of my time, as well as the services of my attorney. We proceeded in the upmost good faith throughout this process only to be stuck negotiating against myself.
4) Given the fact that the sponsor was unaware that their own preferred lender could not finance studio apartments indicates either ignorance or greed (for your down payment).
Unless you have 100% cash, please do not waste your time and effort in pursuing this property until it reaches 50% occupancy.