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DUMBO condo setting price records as lender approval drives sales

Hope Street Capital announced that 98 Front Street, DUMBO’s newest ground up condominium, is welcoming its first residents with over 50 closings occurring by the end of 2020 following the completion the luxury building earlier this month. 

The development has surpassed the 50 percent sold milestone, received its full TCO and set a new local sales record with a recent closing of $2100 psf.

Achieving the 50 percent sold mark has become an increasingly important milestone for new developments—and is especially important for buyers looking to obtain favorable financing as banks are tightening lending standards amid the pandemic.  98 Front is also the first new development in Brooklyn to obtain Fannie Mae approval. This enables any lender nationwide to offer the most attractive interest rates and up to 95 percent financing.  No other new condominium in Brooklyn or Manhattan has had such strong sales velocity that has enabled the coveted approval.  

“Today more than ever, achieving 50 percent sold and a Fannie Mae Approval is critical— especially as banks tighten their lending standards.  It helps buyers secure attractive financing options from any lender in order to benefit from historically low rates and up to 95 percent financing, minimizing their down payment,” said Sha Dinour, partner of Hopestreet. 

“98 Front has successfully met buyers’ expectations by delivering finished condominiums on time, avoiding potential financing risks that are surfacing for purchasers at other new developments.  98 Front is the only new development in the area to have sold this number of units in such a short period of time, despite the pandemic.”

Located in the heart of DUMBO and designed by the award-winning architecture firm ODA NEW YORK, 98 Front combines sophisticated, innovative architecture with superior craftsmanship.  Throughout construction,Hopestreet prioritized the completion of the building’s amenity spaces to ensure that 98 Front Street’s first residents will be able to enjoy all the luxury condominium offers. 

“Residents are likely going to be spending more time at home over the next year, so completing the amenities and landscaping quickly became our top priority—residents will be able to enjoy the building’s many amenities starting on day one,” said Dinour.  “We look forward to unveiling 98 Front’s Penthouse Collection and Modern Garden Residences with separate guest houses.

The 10-story luxury condominium comprises 165, studio, one-, two-, three- and four-bedroom residences ranging in size from 400 to over 2,000 square feet.  Asking prices range from approximately $650,000 to $4,000,000.

Amenities include an indoor saltwater pool, steam room and spa, fitness center and 7,000 s/f communal rooftop.

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