First the drama. For those who don’t know the short story on Twenty Five on the Park is that the original developer Dwell signed over the project to City Bank. City Bank went belly up and the project is now owned by the FDIC with Howland Homes as the agents. And now it turns out that the FDIC is a pain in the ass to work with.
Here’s an update from an Urbnlivn reader who is trying to buy a unit:
I signed a contract for one of the back units at 25 on the Park on April 14th, the day before the bank selling the properties was shut down by the FDIC. This past week (June 24) we got word that the FDIC has finally approved the existing contracts and will soon pay to finish the sold units and the common areas. The FDIC won’t close a unit with a temporary certificate of occupancy (TCO), so we have to wait until all units are finished and certified by the city. They estimate another 60 days before closing.
Me, I’m tired of the waiting and the drama. It’s so incredibly hard to get any concrete information from the FDIC. I have a contract with a closing date of June 15. I have my earnest money ready, but no one will accept it. I’ve found a cool townhouse on 19th that I’m probably going to make an offer on soon. It has everything that the place at 25 on the Park has (minus the park location) but is cheaper … AND is owned by an actual builder. Gasp!
Curious about the unfinished shells at 25 on the Park, which you can buy as a three-pack, I went the other night to check them out. Unfortunately they don’t seem to be doing open houses any more but there was a random agent there who let me in.
The kitchens clearly need some work:
Actually the units need a lot of work:
I also toured a finished unit, 1814B, and I have to say I was not impressed. The units are all jammed up next to each other so you’re going to need blinds on every window. The units are also small. The bathrooms are small, the bedrooms are small and the finishes are uninspired. Unless you get one of the units facing onto 11th I’d pass on this project.
But you be the judge, here are my photos.