If 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.
The 505 has a lot going for it even without FHA approval -- it's one of the weird paradoxes of FHA approval that The 505 never would've been approved if it wasn't already successful (that is, at least 70% sold, among other things). But while The 505 offers all the things a Clinton luxury condominium is supposed to offer -- fancy amenities, fancily turned-out condos for sale, etc. -- it's also kind of a unique space. Many of the apartments for sale at The 505 offer private rooftop garden space, and in general there's notably more green space on offer than at most NYC condos. None of that matters much to the Federal Housing Administration, of course, but the fact that The 505 passes muster with the FHA certainly doesn't hurt. With the FHA approval tagging The 505 as an exceptionally safe NYC condo investment and the condos for sale themselves marking it as an unusually appealing one, it's safe to say that the Manhattan condo scene has a new star on the rise.