Harlem developers offer credit for buyers

May 24, 2010 05:30PM

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 mortgage or maintenance charges, or for the buyer’s personal savings.

Located at 29 West 138th Street, Beacon Towers is an eight-story newly constructed building featuring one-bedroom units from $275,000 to $280,000, and two-bedrooms from $375,000 to $607,000. Over 80 percent of the homes have been sold, the developers said.

Developers at the building, where construction has been completed, are also offering a free iPad as an additional incentive on any new contracts signed during Memorial Day weekend. Beacon Towers is a joint venture between Strategic Development and Construction Group and Lemle & Wolff. Other companies are offering similar incentives. Coldwell Banker is giving buyers 3 percent credits, up to $8,000, for contracts signed by July 31. TRD