Condos in New York City with The 505

High Five: Clinton Luxury Condo The 505 Gets All-Important FHA Approval

The 505 Clinton Luxury Condo, FHA-approved Manhattan CondosIf it seems like it has been awhile since you've read about a new FHA-approved Manhattan condo development at New Construction Manhattan, that would be because it has been awhile. That is, both awhile since we wrote about it, and awhile since a new Manhattan condo qualified for FHA approval. So long, in fact, that you might've forgotten what it means for a condo to qualify for FHA approval. In short -- or at least shorter than this NCM post, which explains it in more detail -- when a condo gets FHA approval, the Federal Housing Administration has deemed the project both healthy and stable enough that condo buyers at said condo project qualify for government-backed loans at very advantageous rates. The list of NYC condos that have received FHA approvallinks to all of the FHA-approved condo listings in New Construction Manhattan's NYC condo database. Now that list has grown by one, as the Clinton luxury condominium The 505 has been granted FHA approval.

Waiting For The Subway: Developer Spinola, Midtown West Condo Buyers Optimistic on 7 Train Expansion

Midtown West Condos for Sale, 7 Train ExpansionWe've written at our sister blog at Luxury Rentals Manhattan about the planned expansion of the 7 train into far-west Chelsea and -- if a coalition of developers and a lot of Clinton condo owners with crossed fingers get their way -- into the currently subway-deficient Clinton. As important as the 7 train's expansion into Midtown West is to the Manhattan luxury rental market, though, the extension of subway access is doubly important to those looking for condos in Midtown West and apartments for sale in Chelsea. While mega-developers like Steven Spinola have been the ones agitating the hardest for a new 7 train station at 41st and 10th Avenue -- to go with the planned station at 34th and 11th Avenue -- they're hardly the only ones who stand to benefit from the 7 train's expansion into Midtown West. The developers might be the ones with the advocacy website (and the lobbying dollars), but owners of Chelsea condos and apartments in Midtown West stand to see their lives get much more convenient -- and their condominiums become that much more valuable -- with expanded subway access. Which means that it's not just NYC real estate developers cheering what looks like a possible step forward in the 7 train expansion.

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