570 Broome Street – 26 story residential development, 54 apartments (under construction).
Buyers seeking luxury properties as investments will appreciate this exclusive off market opportunity. Our pre sale offering provides attractive terms and mitigated risks. A 26 story residential building with 54 units is currently under construction at SoHo Broome.
An exclusive location
Once part of Hudson Square’s historic printing district, SoHo Broome has become one of Manhattan’s most sought after neighborhoods for forward looking investments. Located between the West Village and TriBeCa and close to Nolita, the Meatpacking District, and the southern entrance to the High Line, SoHo Broome sits on a quiet stretch of Broome Street with reduced traffic and easy subway access. Nearby landmarks and developments include The Dominick and 565 Broome SoHo, both designed by Pritzker Prize winning architect Renzo Piano.
The perfect time ti invest
In the United States most residential purchases are financed with a mortgage. The Federal National Mortgage Association (Fannie Mae) conditions the availability of secondary market mortgage financing on developers achieving at least 50% pre sales of a project’s units. This requirement reduces competitive pressure at launch and gives well capitalized buyers an opportunity to move early and capture a meaningful financial advantage through developer discounts, since developers typically seek to reach the 50% sales threshold as quickly as possible.
Once the 50% threshold is exceeded, market practice is to increase prices by 20% and, in some cases, by as much as 50% of the initial list price. During a typical two year holding period, as soon as the project surpasses 50% sold, prices for the remaining units tend to rise because a much larger pool of buyers becomes eligible for mortgage financing. A 20% increase in value over pre sale purchase price is a conservative estimate; in many cases value growth exceeds 50%.
SALE
Price upon request
Our real estate experts know perfectly Milan real estate market and its surroundings
