Beacon Towers

In the wake of the expiration of the first-time homebuyer’s tax credit, the developers of Beacon Towers, a new cooperative residential development in Harlem, are offering a tax credit to buyers, they announced today. The credit — $8,000 in cash for new contracts signed between now and July 31– will be granted upon closing, in an effort to boost the housing market following the expiration of the federal tax credit in April.
 
Every new purchaser will qualify for the Beacon credit, which can go toward the costs of general living expenses, the building’s monthly mortg [more]

An apartment at the Saffron condo building

While often, and perhaps unfairly, seen as a sign of desperation by condo developers unable to move units, the developers at one Jersey City condominium say that a property auction — to open sales, rather than close — has worked for them.

The Saffron condo building, a $25 million project at 217 Newark Avenue, developed by Fields Development Group and TreeTop Development, celebrated its “pre-opening” of sales this past Sunday with an auction.

The auction included nine units — five two-bedrooms and four one-bedrooms out of 76 homes. These sold out so swiftly that James Caulfield, a partner with Fields, said the developers allowed so-called “step-up buyers” (buyers willing to buy units not included in the auction for the highest bid of the last round of bidding) to purchase six other units after the bidding closed. The top bids for the one- and two- bedrooms were $322,000 and $440,000, respectively, around $25,000 and $59,000 lower than the average asking prices comparable units will have when they hit the market next month. Even though the units sold for less than market rate, Caulfield said the benefits for selling a chunk of units quickly outweigh the losses. [more]

With 12 units left for sale at the 249-unit Kalahari condominium in
Harlem, FSLM and L+M Development Partners have slashed prices. The building, at 40 West 116th Street
between Lenox and Fifth avenues, is 95 percent sold out including the
four units scheduled to close this month, according to a press release
from L+M. Prices have been cut by as much as 20 percent, the release says. The price of a 1,386-square-foot three-bedroom, two-bath
apartment, for example, has been cut by nearly 6 percent to $815,000
and a 1,732-square-foot four-bedroom, three-bath unit is currently
going for $1.14 million, a 19.5 percent discount, the release and other
pricing information show. The new prices at the green development are reportedly to better reflect the current going rates;
the original prices were determined in 2007, the same year when sales began.
It was not immediately clear how the price cuts would affect residents
who paid the pre-bust prices. At other Harlem developments, like Beacon Towers
at 29 West 138th Street, new buyers were enticed with a $300
maintenance discount in order to spur sales, but the same incentive was
not extended to existing homeowners in the building. Halstead Property
is managing sales for the Kalahari, which includes an on-site parking
garage. TRD
[more]

From left: rendering of Ensemble exterior, outdoor space

After living in one-family Brooklyn brownstones, John Frezza,
president of Strategic Development & Construction Group, and Sammy
Brahimi, a partner at IBEC Building Corporation, hope to give Boerum
Hill something they believe will be a great addition: new brownstones. Frezza
and Brahimi’s plans for a collection of six high-end, one-family
brownstones, called the Ensemble, will be located at 354-349 State
Street between Hoyt and Bond streets, at the edge of Boerum Hill,
Frezza said. The duo has hired the Corcoran Sunshine
Marketing Group to test the market in the fall to determine if there is
demand for the homes.

[more]

The new co-op building Beacon Towers in Harlem is offering a “stimulus
package” to buyers, giving them $300 every month for their first year
living in the building. “We saw how the government is trying to stimulate the economy on a
national level, so we are trying to stimulate it on a local level,”
said developer Frank Anelante, principal of Lemle & Wolff. The incentive will be offered to buyers until July 5, but Anelante
won’t be handing residents a $300 check every month; the developer said
$300 will be deducted from residents’ monthly maintenance fees. But in reality, residents can use the money as they wish.
[more]

 Halstead is marketing affordable housing in Toren (left), the Langston (center) and Beacon Towers (right) 

For years, Halstead Property made a name for itself marketing sparkling luxury condos. Now, though, the white-shoe firm will also list an apartment type that
most New Yorkers may associate with worse-for-wear projects: affordable
housing. In two weeks, in a new section on Halstead’s Web site, buyers can
browse among units reserved for those making less than a certain
salary. That salary will be based on the median household income in the
New York City area, which is $76,820. Initially, the featured units will be primarily located in two
buildings, whose development terms with the city mandated they include
below-market units. The first will be a Harlem co-op called Beacon Towers, an eight-story
new brick building at 29 West 138th Street. Its 28 below-market units
will be priced from about $300,000 to $475,000. Buyers can make no more
than 225 percent of the median income, or about $173,000, said Halstead
executive director Stephen Kliegerman. [more]