FDIC re-finances Queens co-op complex. (Federal Deposit Insurance Corporation, Celtic Park Apartments cooperative in Sunnyside, Queens, New York)

From: Real Estate Weekly | Date: November 17, 1993 | Copyright information

After a two-year search for financing - testimony to New York City's tight mortgage market - the 749-unit Celtic Park Apartments cooperative in Sunnyside, Queens, recently refinanced the entire balance of its existing $7.65 million building mortgage for five years at substantially under a 7 percent interest rate.

The refinancing was accomplished, says Edward Braverman, attorney to the Celtic Park Apartments co-op, at a time when many New York City co-op corporations are experiencing mortgage refinancing difficulties. This, in turn, is squeezing hundreds of New Yorkers in the ...

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