Riverwalk Condominiums

Financing

NYU requires at least a 10% down payment. Helpful contact information for potential lenders is provided in our Resource List. Please note that the subsidized financing or RAMP loan is only available to Eligible NYU affiliates living in University rental housing.

Closing

Closings will generally be scheduled within 60 days of receiving the signed Purchase Agreement.

Right of First Offer, Purchase Agreement

To maintain a NYU community at Riverwalk Landing, NYU will have a re-purchase option with respect to each of the condominium units. This re-purchase option, which is also referred to as a "right of first offer" (ROFO), will be triggered only when an owner decides to sell or transfer the unit. The right of first offer gives NYU the right (but not the obligation) to purchase a unit from the owner at its then fair market value. If NYU elects not to purchase the unit, the owner can then sell the unit on the open market and the right of first offer will be extinguished.

Financing

Under the Riverwalk Landing Purchase Program, NYU will make available to Eligible Affiliates who are actively employed secondary financing for up to 30% of a unit's purchase price with a zero current interest rate, shared appreciation loan, known as the Riverwalk Affordable Mortgage Program ("RAMP") loan (see Financing Overview). For Eligible Affiliates who are retired, the current interest rate on the RAMP loan will be 0.5% (one half of one percent).

Agreement to Vacate

Eligible Affiliates who wish to purchase a condominium unit under the Riverwalk Landing Purchase Program will be required to agree in writing to surrender and vacate their existing NYU housing within 30 days of closing on their condominium unit.

NYU Affordability Counseling

Financial counseling sessions are available in the Faculty Housing Office to help affiliates 1) confirm that they satisfy the program's underwriting guidelines; and 2) determine the maximum affordable purchase price for a unit, based on household income, savings available for the down payment, and other factors that may pertain to the affiliates' specific personal situation. This session is mandatory for any affiliate who wishes to obtain a RAMP loan.

Conventional Pre-Qualification

For most individuals, a portion of the purchase price will be financed by a combination of buyer equity, a first mortgage with a conventional lender, and the 30% RAMP loan. Eligible Affiliates must pre-qualify with the designated representative of one of the lenders approved for Riverwalk Landing if they wish to receive a RAMP Loan (see Financing Overview).

Closing

Closings will generally be scheduled within 60 days of receiving the signed Purchase Agreement.

Right of First Offer, Purchase Agreement

To maintain an NYU community at Riverwalk Landing, NYU will have a re-purchase option with respect to each of the 58 units. This re-purchase option, which is also referred to as a "right of first offer" (ROFO), will be triggered only when an owner decides to sell or transfer the unit. The right of first offer gives NYU the right (but not the obligation) to purchase a unit from the owner at its then fair market value. If NYU elects not to purchase the unit, the owner can then sell the unit on the open market and the right of first offer will be extinguished.