Toren Gets FHA Status, Tenants and a New Pool!
Big news in Downtown Brooklyn! Toren, the 240-unit, SOM-designed tower at Flatbush and Myrtle Avenues, just received approvals from both FHA and Fannie Mae, which means that it’ll be much easier for first-time buyers to step up to the plate. As for folks who’ve already bought in the 38-story building (it’s currently 50% sold), the…
Big news in Downtown Brooklyn! Toren, the 240-unit, SOM-designed tower at Flatbush and Myrtle Avenues, just received approvals from both FHA and Fannie Mae, which means that it’ll be much easier for first-time buyers to step up to the plate. As for folks who’ve already bought in the 38-story building (it’s currently 50% sold), the TCO was recently issued, making it possible for the first wave of buyers to start moving in. Most exciting of all, these early inhabitants will be able to take a dip in the just-completed pool. We’ve got the first photo of the never-before-seen pool below.
Toren Holds First Closing, Wants in on FHA Program [Brownstoner]
Crunch Time at The Toren [Brownstoner] GMAP
Friend or foe don’t worry you can use the pool too, afterall you are paying for it too. Bring a towel.
It seems that some are misinformed about the current situation regarding subsidies and FHA loans. In actuality many of the so called private mortgages are subsidized, so those who swear FHA loans are the only loans backed by the government are confused. Also, what got us in this mess was not the FHA product, it was the subprime and exotic mortgages that were given to people who could not afford increases in their interest rates.
FHA loans are fixed rate loans for those who have the income but not the savings of 20 percent for a down payment. Therefore, it is smart of building that is struggling to find buyers to apply to become FHA approved which gives them a new clientele that will potentially buy units.
you all are idiots.
a handful of FHA loans at most and all of sudden every fool with a keyboard things he’s paying for the building.
gimme a f’in break.
Are we allowed to use the pool since it is our tax dollars that financed it? I know they will say we will get the money back someday. Of course after everyone has pissed in the pool first.
These new high rises in Downtown Brookly and ugly, out of character and our of place. The zoning in Downtown Brooklyn should be changed so that the upper floors of the existing commercial buildings can be converted to residential use. This should be a vibrant area and is not (at least in the evenings).
Everyone subsidizes those with mortgages because of the mortgage interest deduction.
Not really – you are really just subsidizing sellers – all cash purchases are exceedingly rare, therefore if the Mortgage interest is deductible the effective cost (on a monthly basis) goes down and then the price goes up (or stays higher than it would otherwise be….
Said another way without a mortgage deduction I can afford a 500K apartment with it, a 750K apartment – since everyone is mortgaging their RE purchases – the 500K apartment sells for 750K….
As for the FHA loans – its whats keeping RE afloat, its filling the hole left by private securitised mortgages….Yeah it sort of sucks but then again we were subsidising private mortgages in the end too – we just didnt know it
Now if they will just lower the prices these things might move. One Hanson almost all gone, Forte has one unit left…
I pay a fortune a month to a slumlord and barely can take a warm shower and the government is giving Fannie and Freddie my tax money so people on welfare can go bathe in a pool?
The pool room is so dull looking. Void of any character. It looks like a pool in a rehabilitation center.