NYC real estate in brief

July 07, 2009 12:50PM

Brownsville affordable housing complex opens
L+M Development Partners’ new affordable
housing complex in Brownsville will celebrate its opening with a ribbon cutting today.
The complex, called Prospect Plaza, has 151 units and received more
than 2,000 lottery applications. The project received funding in 2007
from the New York State Housing Finance Agency, the state Division of
Housing and Community Renewal and Citibank. Magnusson Architecture and
Planning designed the complex, which is comprised of 20 four-story
townhouse-style buildings and about 2,900 square feet of commercial and
retail space.

Coldwell Banker interactive billboard on display in Times Square
Banker Real Estate launched an interactive billboard in Times Square
that displays home listings. People can text the word “homes” and any
zip code, and the billboard will show the highest, median and lowest
priced properties in the area. They will also receive a text from
Coldwell Banker directing them to a link with more information. The
billboard, above the W Hotel on Broadway at 47th Street, will be on display from July 6 through
August 2.

Rialto buyers can put 10 percent down
While some banks are requiring 20 percent down payments from buyers,
potential buyers at the Rialto condo in Williamsburg now only have to
put 10 percent down, and the sponsor will provide a second mortgage for
the amount that banks will not lend. In addition, the two loans can be
combined into one loan with one monthly payment. The Rialto, at 150
North Fifth Street, is 60 percent sold and is available for immediate
occupancy. The two-tower building has units ranging from studios to three-bedroom apartments. TRD