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Where are they now? Manhattan FHA-approved condos, revisited one year later

by Empire on April 27, 2011

One year ago, almost to the day, we did some digging into the FHA market to compile a list of FHA approved condos.   FHA loans continue to attract first time home buyers due to:

  • Lower down-payments of 3.5% versus the 10% to 25% industry norm
  • Additional flexibility for buyers with less than stellar credit (580 and above, depending on the lender)
  • The ability to get mortgage insurance if you have a 680 FICO score
  • A lower, 30% threshold for units sold in new developments versus the typical 50% for conventional loans

What’s changed from this time last year?  First, the number of first time home buyers looking for FHA financing has dropped, as many of them have already purchased.  Second, the cost of mortgage insurance increased for FHA loans (with the latest increase on April 18, the second in the last 12 months).  While the upfront premium has decreased to 1% of the loan versus 2.25% last year, the monthly insurance has more than doubled [multiply the loan by 1.15 and divide by 12 months – last year the multiplier was .55).  While still the only option for many with less cash in the bank or lower credit scores, FHA loans have become more expensive. 

As compared to this time last year, city wide, Manhattan has 58 condos (versus 32 in 2010), Brooklyn has 179 (versus 105), the Bronx has 21 (versus 16), Staten Island has 14 (versus 11), Long Island City has 12 (versus 8 ) and Queens has 3 (versus 2).

Based on reader requests that we refresh the list for 2011, you will find below the list of Manhattan FHA approved condos, with their percentage concentration to the right (nowadays, once a building hits 30% FHA loans, no mas):

1 RECTOR PARK 4.02%
123 THIRD AVENUE CONDOMINIUM 0.00%
147 WEST 142ND STREET 60.00%
212 BENNETT AVENUE CONDOMINIUM 12.50%
220 THIRD AVENUE CONDOMINIUM 0.00%
2280 FDB CONDOMINIUM 20.22%
239 WEST 135TH STREET CONDO 33.33%
415 WEST 150TH ST CONDOMINIUM 0.00%
453-455 W. 143RD STREET n/a 
ACADEMY TWINS CONDOMINIUM 2.24%
ALAMEDA CONDOMINIUM 10.00%
ALEXANDER CONDOMINIUM 5.19%
BE @ WILLIAM CONDOMINIUM 0.88%
CARNEGIE PLAZA 0.00%
CROSSING 23RD CONDOMINIUM 1.05%
ELLISON CONDOMINIUM 0.00%
FIFTH ON THE PARK CONDOMINIUM 1.26%
FITZGERALD CONDOMINIUM 4.25%
GRIFFIN COURT CONDOMINIUM 0.00%
IL TESORO 14.28%
L’ECOLE CONDOMINIUM 0.38%
LIVMOR CONDOMINIUM 23.28%
MANHATTAN VALLEY CONDOMIMIUM n/a 
METROPOLIS 38.46%
OBSERVATORY PLACE CONDOMINIUM 2.63%
PARC STANDARD CONDOMINIUM 17.85%
PARK LANE CONDOMINIUM 12.50%
PARKSIDE FLATS CONDOMINIUM 0.00%
PS 90 CONDOMINIUM 21.33%
RIVERWALK COURT CONDOMINIUM 3.25%
TEMPO CONDOMINIUM 0.00%
THE 117 EDGECOMBE AVENUE CONDO 33.33%
THE 121 EDGECOMBE AVENUE CONDO 16.66%
THE 161 W 133RD STREET CONDO 16.66%
THE 303 WEST 149TH STREET 30.00%
THE 505 CONDOMINIUM 5.55%
THE 63, 65, 67 WEST 107TH ST 6.89%
THE ALYCIA CONDOMINIUM 8.33%
THE APEX CONDOMINIUM 0.00%
THE CONRAD CONDOMINIUM 14.28%
THE DOUGLASS CONDOMINIUM 5.26%
THE DOVER CONDOMINIUMS 8.33%
THE GATEWAY CONDOMINIUM 0.00%
THE KIPS BAY TOWERS 0.35%
THE LANTERN CONDOMINIUM 8.33%
THE LENOX CONDOMINIUM 0.00%
THE LOTTA CONDOMINIUM 0.00%
THE NEW AMSTERDAM CONDO 44.82%
THE NICHOLAS CONDOMINIUM 0.00%
THE SAVOY WEST CONDOMINIUM 9.37%
THE SEDONA CONDOMINIUM 45.45%
THE ST. CLAIRE ON FIFTH CONDO 0.00%
TOWERS ON THE PARK CONDOMINIUM 0.00%
TWO BRIDGES n/a 
WHITEHOUSE CONDOMINIUM 4.54%
WILTON HOUSE CONDOMINIUM n/a 
WINDOWS ON 123 CONDOMINIUM 46.15%
WINFIELD CONDOMINIUMS 0.00%

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