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Create your dream home on one of Riverdale's most extraordinary remaining lots. Situated on approximately 32, 450 square feet, 5505 Palisade Avenue (Lot #2) presents a rare opportunity to build a custom luxury residence overlooking the Hudson River. With unobstructed western views and breathtaking sunsets, this exceptional property offers an unparalleled setting that combines natural beauty, privacy, and convenience. Located in one of Riverdale's most prestigious neighborhoods, the property is just minutes from Metro-North, express buses, and major parkways, providing an easy commute to Manhattan while enjoying the tranquility of a private riverfront setting. Opportunities to build a new custom home with panoramic Hudson River views in New York City are exceedingly rare, making this a truly once-in-a-generation offering. Much of the development work has already been completed, significantly shortening the timeline to begin construction. The Site Plan review has been completed by all relevant New York City and New York State planning and environmental agencies, including Site Plan and SNAD approvals, as well as approved sewer connection and stormwater management plans. The approved Site Plan allows for the construction of a two-story residence with a basement ranging from approximately 2, 000 to 6, 200 square feet. The property can be delivered with preliminary conceptual plans for an approximately 6, 000-square-foot luxury residence, including floor plans, elevations, and architectural renderings that showcase the remarkable potential of the site. Following closing, construction could begin within just a few months upon submission of final architectural and construction drawings to the New York City Department of Buildings. Whether you envision a striking contemporary masterpiece or a timeless custom home, this exceptional property offers the opportunity to create a legacy in one of New York City's most coveted residential neighborhoods. Please note that this offering is for the vacant lot only. All renderings, floor plans, and conceptual drawings are provided solely to illustrate the property's potential.
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Our Executive Mortgage Banker:
$1,890,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
Senior Vice President - Coaching & Strategic
William Raveis Mortgage, LLC
Phone: 203.980.8025
Frank.Kolb@raveis.com
NMLS Mortgage Loan Originator ID 81725
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5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
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|---|---|---|---|
| Loan Amount | $1,512,000 | $1,512,000 | $1,512,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.250% | 6.000% | 5.750% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.069% | 6.110% | 5.932% |
| Monthly Tax Payment | N/A | N/A | N/A |
| H/O Insurance Payment | $125 | $125 | $125 |
| Initial Principal & Interest Pmt | $8,349 | $9,065 | $12,556 |
| Total Monthly Payment | $8,474 | $9,190 | $12,681 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.