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The apartment |
Well, today I found out. In the newspaper, of all places.
Heather Tierney, a designer and restaurateur, recently accepted an offer at the full asking price of $450,000 for her Lower East Side loft, which has an income restriction of $63,072 for one person or $69,084 for two people. She bought the unit, a fifth-floor walk-up, 10 years ago for $299,500. “I was a writer for a magazine and I made no money,” she said.
Thanks to a good credit score and a borrowed down payment from a grandfather, she was able to qualify for an adjustable-rate mortgage.
“When I first moved in, it was a lot of original tenants,” Ms. Tierney said. “Now it’s a bunch of young people — young professionals, young couples, mainly single people.”Basically, there are these low-priced apartments in New York, the sales of which are regulated by the city. Buyers can only make up to a certain income, but must somehow also have a significant amount of cash available for the down payment. This is hard to do.
I knew Heather was smart (the restaurant business is tough in New York, and hers are extremely successful), but this is a different plane of savviness. I bow down.