Washington towers at 647-649 Washington Avenue

amynaadi

2 questions please: 1) is this in crown heights or prospect heights? 2) a condo at this building, listed on street easy says that it is available only for "all cash buyers" under description. Any insight regarding this building or the condo listing is greatly appreciated. Thanks.

whynot_31

For those who believe that Prospect Heights ends and Crown Heights begins at Washington Avenue, this is on the Crown Heights side.

There are a few units for sale in this building at the moment, but let's pick 7B for the heck of it.

http://streeteasy.com/building/washington-towers-647_649-washington-avenue-brooklyn/7b

It says "all cash buyers", because the seller does not want to deal with the hassle of the potential buyer not selling their present property in a timely manner, or not getting a mortgage as a result of the appraisal coming in low, or other dramas.

The seller believes that they have priced the unit low enough that it will find a buyer that is not encumbered by such things...     It might be bought by a LLC, which then resells it at a profit to a buyer who has to have mortgage.

amynaadi

Thank you. 

what you said "It says "all cash buyers", because ...... who has to have a mortgage" - are these your assumptions or do you know the seller(s) or have you seen the unit7b? any further insight is appreciated. like what I see on the pics for this unit.

whynot_31

"ALL CASH DEALS ONLY" means no mortgage.

I have not visited 7B, and have no relationship with the seller.    

Note, this ad represents what the seller would like.   You are free to make an offer at any amount, with a mortgage contingency, and see if they take it.

ehgee

Could it also mean that there is some sort of defect with the building, such as a missing Certificate of Occupancy, that makes it so that a mortgage would not be issued?

I have heard there was some similar sort of issue with the tan building across the street, and that's why the storefronts at the bottom were never leased.

whynot_31

647 and 649 appear to have valid Certificate of Occupancies

http://a810-cofo.nyc.gov/cofo/B/301/481000/301481313.PDF

http://a810-cofo.nyc.gov/cofo/B/301/481000/301481322.PDF