Harlem co-op Beacon Towers offers 'stimulus package' to buyers
May 21, 2009 10:00AM By Jovana Rizzo
Beacon Towers offers a $300 incentive to buyers
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.
Anelante, who has been a developer in Harlem since 1981, said the goal of the incentive is to be sensitive to the economic climate, and to help local retailers around the co-op building, an eight-story building at 29 West 138th Street. Buyers will be given welcome packets with information about local stores -- like dry cleaners and hardware stores -- and restaurants in the area. Anelante hopes the Beacon Tower residents will spend the $300 left in their pockets at local businesses, but residents can use the money as they wish.
The 73-unit Beacon Tower has 19 market-rate apartments, and the rest are middle-income housing. Sales started in March, and between signed contracts and accepted offers, Anelante said the building is about 45 percent sold. Prices for the one- and two-bedroom units range from $282,000 to $749,000. Halstead Property is the exclusive sales agent for the project.
Anelante said that buyers who previously purchased units will be offered a comparable incentive, but not the $300 a month.
Roberta Axelrod, director of residential sales and rentals at Times Equities, who is not involved in marketing the building, said that the $300 incentive alone isn't enough to convince someone to buy in the development, but it could help win over buyers already interested in the building.
"If you're debating between two apartments that are comparable and concerned about cash outlay in the first year, [the incentive] might help ease the transition for a new purchaser," Axelrod said. "If you are interested but on the fence, you might say to yourself, 'I better [buy the apartment] now rather than next month when I won't get that benefit.'"
Many developers are offering incentives to draw buyers, like paying common charges, broker fees, closing costs and coupons for free transfer taxes. Anelante said he chose the $300 incentive over typical concessions because those will likely be negotiated on a deal-by-deal basis anyway, and wanted to do something "not only for our purchasers, but for the community at large."
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Comments
HONESTY IS THE BEST POLICY
Truly, what professional in their right minds wants to live on 138th street? Rents are coming down in downtown, way down.
Comment #1 Posted By: HONESTY IS THE BEST POLICY 05/21/09
Anonymous
does that really mean the fee is too high and was trying to receive 300.00 gouging people?
Comment #2 Posted By: Anonymous 05/21/09
Anonymous
Nice gimmick, but in this economy they need to lower prices significantly if they want to sell units.
Comment #3 Posted By: Anonymous 05/21/09
Anonymous
I guess if you're a developer in Harlem these days you need to lower sales prices to the extent that you need to file bankruptcy and give away your product even though downtown is SO much better for the value...
Comment #4 Posted By: Anonymous 05/21/09
Anonymous
Have you ever been on 138th Street? The people leaving the deragotory comments about Harlem have probably never step foot in Harlem. The neighborhood is still dollar for dollar a better bargain than any other neighborhood in Manhattan. And for the record we have many professionals living here, doctors, attorneys, CEO's, oscar and tony winning actors, educators and leaders all call Harlem home. Perhaps you should expand your narrow minded opinion by knowing of what you speak before you let it out of your mouth. It could save you from looking foolish in the future. If you consider yourself an educated and knowlegeable New Yorker, you should represent yourself that way and know the facts.
Comment #5 Posted By: Anonymous 05/21/09
Anonymous
I agree there are many hidden gems and good value in Harlem. Harlem just continues to have a bad rap...But if some of these downtown people would have the nerve to explore uptown they may pleasantly surprised...
Comment #6 Posted By: Anonymous 05/21/09
Kyvnkqve
good material thanks
Comment #7 Posted By: Kyvnkqve 05/21/09
Anonymous
I have lived in Harlem now I live in westchester. the amount of money developers are asking why would anyone with money live up there when they can still get better deals downtown and many foreclosed properties. Closer to stores, shops, trains, and city night life. The people that move uptown before where price out of apts downtown, white out of towners and foriegners.
Comment #8 Posted By: Anonymous 05/21/09
Anonymous
Middle class shoppers might be more inclined to purchase if the prices, includling maintenance, were within the middle class budget. Perhaps NYC and Bloomberg should start defining or redefining who comprises the "middle class?" Trust me, It is not comprised of (single) people making $40,000 and below per year, and it is not comprised of (single) people making $192,000 per year (the upper income limit at The Beacon). What a joke that this is being marketed as "middle class" housing. . . .
Comment #9 Posted By: Anonymous 05/27/09
Anonymous
Nice safe,friendly neighborhood with all the amenities...NOT!
Comment #10 Posted By: Anonymous 06/01/09
Thomas Lopez-Pierre
Harlem is a community of good people. Today, Harlem provides people with great housing options. Thomas Lopez-Pierre, Managing Member of LiveUptown.com, LLC ("Harlem Apartments With No Broker Fees").
Comment #11 Posted By: Thomas Lopez-Pierre 06/04/09
Anonymous
You should consider changing these apartments to condos and not coops.
Comment #12 Posted By: Anonymous 08/17/09