NYC real estate in brief

July 30, 2009 12:22PM

Topping off construction at 2280 Frederick Douglass Boulevard

The building at 2280 Frederick Douglass Boulevard at 123rd Street in Harlem has been topped off. The 12-story development will have a mix of studios and one-, two- and three-bedroom residences ranging in size from 458 to 1,641 square feet and in price from $329,000 to $1.9 million, according to an announcement by Halstead Property Development Marketing. Construction is expected to be completed by early 2010 and occupancy is slated for spring that year. Amenities at 2280 Frederick Douglass Boulevard, which is already 40 percent sold out, include a 24-hour concierge, common rooftop terrace and onsite parking.

BellTel Lofts receives FHA approval

JJ Bistricer, executive vice president of Clipper Equity, developer of BellTel Lofts, has announced that the lofts have received Federal Housing Administration approval, making it perhaps the first luxury condominium in Downtown Brooklyn to be approved by the FHA. “With FHA support, buyers can put as little as $17,000 down on a unit,” said Ilan Bracha, managing director of the Bracha Group at Prudential Douglas Elliman, and the project’s exclusive broker. The promotion runs until Labor Day. In addition, all BellTel Lofts homeowners benefit from J-51 tax abatements. The 250-unit development is currently 55 percent sold out.

Community Preservation Corporation announces refinancing of two Inwood buildings

The Community Preservation Corporation’s Bronx/Manhattan office announced that it has closed on a $2.1 million Freddie Mac loan for the refinancing of two five-story buildings in the Inwood section of Manhattan, at 79 Sherman Avenue and 152 Dyckman Street. The two developments together contain 38 apartments, six stores, and two professional offices. This is CPC’s second refinancing of the buildings, which are owned by Silpar Realty, after providing $1.15 million for refinancing in 1996. TRD