The Real Deal: Goodbye all-cash, hello financing
Back to NewsBY Katherine Dykstra
Prudential Douglas Elliman executive vice president Rob Gross, who has been working on 14 West 14th Street for two years.
You can file the bizarre sales situation at 14 West 14th Street under “thanks to the economy.”
Rather than sell all their units at post-meltdown discounts, the sponsors of the building decided to sell just one-third of the units. Read: Roughly 20 of the 30 condos will remain in the developer’s hands and be rented out.
Because most banks won’t finance buyers in a building where only 33 percent of the units are being sold, the developers, Albert and Robert Dweck, originally said they would sell only to all-cash buyers. Sales started in September.
