Manhattan: Land of Yes

Rare find

Summary:

? Breaking the No’s

? FHA Loan Possibilities

? The Building’s Story

? Flexible Living Options

? Amenities & Features

? Purchase Pathways

? Next Steps

In these pages, I frequently feel like a cranky disciplinarian telling you about all the things you cannot do in NYC real estate. No short-term rentals. No purchases with less than 10% down. No pied-à-terres in many buildings. But today, I’m changing my tune because I’ve found what I call “The Land of Yes!”

This Midtown East condo welcomes short-term rentals (30-day minimum) and allows down payments as low as 3.5% through FHA loans. Let me explain why this matters: FHA loans are designed to help people with lower credit scores and savings become homeowners. As of 2024, these loans cap at $1,089,300. While Manhattan’s median price sits at $1,175,000, this building opens doors for many potential buyers.

I first encountered FHA loans in 2009 as Sales Director at 2280 Frederick Douglass Boulevard in Harlem. We debated allowing them because the building must give up its right of first refusal – meaning the condo board can’t reject buyers based on finances unless they purchase the unit themselves. During that financial downturn, we decided the benefits outweighed this concession.

Think about scenarios where this could be life-changing: Perhaps you’ve started a lucrative career but haven’t accumulated savings yet. Or maybe you’re ready to escape the rental cycle but need flexibility. The Perrie offers both entry-level accessibility and income potential through short-term rentals – a rare combination in Manhattan.

Let me tell you about the building itself. Cape Advisors, known for successful NYC developments , partnered with Studio EKB for interior design. The fa?ade feels timeless yet modern, fitting perfectly into Turtle Bay’s character. Inside, you’ll find thoughtful amenities:

• Large windows and private balconies
• A fully equipped gym
• Conference rooms
• A garden with fire pits
• Mature trees creating a townhouse-like atmosphere

While FHA loans make this accessible to more buyers, they’re not required – many purchasers use conventional mortgages or cash. However, as this is a new development, there are important differences from buying resale that we should discuss.

Located near Grand Central and the UN, this building truly represents what’s possible in Manhattan real estate when “no” transforms into “yes.”

Here are some points to consider for this building or any other Manhattan condominium.

To know if a building is FHA approved or not you can visit this website .

You will notice that co-ops are not on the list because these boards typically have much stricter financial requirements and only allow a minimum downpayment of 20%. It is worth noting that the majority of the housing stock in NYC is co-ops making this unique, renovated midtown condominium allowing an FHA loan all the more unusual.

While you could use an FHA loan to purchase a townhouse a purchase price below the FHA limit in Manhattan is not realistic. Even in Upper Manhattan a modestly renovated townhouse will sell for $2 million.

Should you decide to proceed on the FHA route, factor in the cost of an upfront and annual mortgage insurance premium (MIP). To determine your monthly MIP cost, multiply the loan amount by the Premium Insurance Mortgage rate which is determined by your lender. Then take that annual amount and divide it by twelve to understand your monthly financial obligation.

Thinking of buying in the Perrie? Here is what you can expect:

? Available units are all one bedroom ? Prices start at $875,000 with three quarters of the residences priced below $1.2 million. ? 21 Stories ? 95 units ? Captivating city views ? Interiors offer a natural palette of oak and stone ? In home washer and dryer ? Courtyard Garden ? A resident’s lounge for working or relaxing ? 24 hour attended double height lobby with a package room

Reach out today. As a real estate agent for two decades, I would be happy to guide you to find your home.