FAQ

How can i reserve a unit?

  • Buyer must sign a contract and deposit 5% of purchase price - wired electronically or via check delivered to Ameriserv Financial Bank (construction lender). Ameriserv Bank will hold the deposit in its escrow account.

  • No additional deposit is required until the construction of the unit is completed.

  • Buyer must be pre-qualified with a lender within 20 days of signing the contract.

  • The buyer has a 15-day period to review the condominium documents, and has the option to receive a full refund of the deposit.

what is the construction schedule?

  • Construction began September of 2020, and we anticipate delivery of units starting Fall of 2021.

are there any tax savings?

  • Yes. Lawrenceville Lofts qualify for Act 42 Enhanced Residential Tax Abatement Program.

what is the tax abatement program?

  • The program allows the buyer to reduce City District tax assessment on the incremental value of the property up to $250,000 for 10 Years.

  • For example, you buy a unit for $400,000. The Tax Assessor determines that the value of your unit is $300,000. Without the tax abatement program, your City and School taxes are calculated with the $300,000 property value.

  • With Tax Abatement, your City taxes are calculated with a $50,000 property value. ($300,000 minus $250,000 equal $50,000)

What Happens to the tax abatement if i sell the condo unit after 3 years?

  • The tax abatement is “attached” to the Real Estate.

  • When you sell the condo unit after 3 years, the next buyer would have 7 years remaining of tax abatement.

Are there other tax incentives?

  • Yes, real estate ownership typically provides you with income tax benefits, but we recommend that you discuss any potential benefits with your tax professional.

Are investors allowed to purchase units in the building?

  • Yes. However, no more than 50% of the units may be owned by investors.

can i lease my unit?

  • Yes. The minimum lease term is three month, and no more than 50% of the units can be leased.

Can i combine units? what is the process?

  • Yes, units can be combined horizontally (at an additional cost).

  • It is best to accomplish this early in the project. Please contact us to learn more.

what are my standard features?

What is the pet policy?

  • We are a pet friendly community, but each residence is permitted to either two dogs of gentle disposition, two cats, or one dog and one cat.

What restaurants are within walking distance?

  • There are more than 50 Bars and Restaurant within a 10 minute walk of Lawrenceville Lofts.

  • Please visit Click Here to visit the Neighborhood Page or Click Here to explore the Interactive Map.

What is the condo fee and What do they include?

  • The condo fee is 25 cents per unit square foot (subject to change).

  • The fee include water, sewage, trash, snow removal, landscaping, building maintenance, insurance, building utilities, capital reserves.

What’s involved in your financing process?

  • You are welcome to work with one of our preferred lenders. Please contact our team for additional information.

Is off-street parking available?

  • One integral parking stall is included with each unit.

  • The parking space is temperature controlled, secure and only accessible by homeowners.

  • An additional parking is available to Penthouse buyers.

What amenities are included?

  • The amenities at Lawrenceville Lofts include the following: a rooftop deck, fitness center, outdoor courtyard, a rooftop pet park, a pet washing facility, wine room, theater, central lobby.

  • Select units will also include a private balcony.

Will there be a place to store my bicycle?

  • Yes, there is an indoor bicycle storage facility.

I’m very interested in purchasing a unit. What are the next steps?

  • Please contact our sales team to discuss next steps.