Tuesday, November 20, 2007

And The Townhouses Go To. . . .

The 72nd Ave townhouses sale is official. The buyer - a group that call themselves the 72nd Ave, LLC. It's headed by Mr. Revaz Tchatchanachvilli.

The mortgage was granted by First American International Bank, headquartered in Brooklyn. From wikipedia:

First American International Bank (恆通銀行) is an overseas Chinese bank in the United States. Headquartered in Brooklyn, with branch offices in Chinatown, Manhattan and Flushing, Queens, this privately-held community bank was first established on November 15, 1999.

The bank was first established to serve
Asian, Chinese, low-income, recent immigrants located in the five boroughs of the New York City, because these people lacks the necessary credit history, and thus would often likely to be turned down by other mainstream banks. Nearly 80% of First American National Bank's basic banking account services, consumer and business loans, and mortgages have been made in low-moderate income and distressed areas as defined by the United States Department of the Treasury.

The sale price was 3.995 million. Congratulations Mr. Tchatchanachvilli. And thank you to Massey Knakal for holding out for a buyer with a strong history in real estate development (none that I could find) securing his money from only the most highly respected banking partner. We know you always think of the community in these transactions.