In a sea of one- and two-family properties, a condominium is getting ready to make a debut.
Avenue K Condominium, a condo at 8413 Avenue K and the corner of East 85th Street, in Canarsie, Brooklyn, will officially open this Friday, with its year-long construction slated for completion this month.
The Al Bokhour/Excel Developers Group-developed five-floor building has 18 one- and two-bedroom units, and two medical office spaces for lease, according to Jean-Paul Ho, an associate broker and vice president at
Fillmore Real Estate, which is marketing the property. Five deals are already in contract while an additional five units have contracts out for signing, said Ho, director of sales at Avenue K Condominium.
The condos have asking prices ranging from $250,000 for a 658-square-foot one-bedroom to $349,000 for a 915-square-foot two-bedroom apartment. The properties are also tax abated and FHA- and SONYMA-approved. SONYMA, the State of New York Mortgage Agency, provides affordable home ownership opportunities to low- and moderate-income families by offering competitively-priced mortgages.
“Buyers can be in contract for as low as 1 percent of their own funds and get down payment assistance of 3 percent of the purchase price, plus get 30- or 40-year mortgages as low as 4.125 percent if they qualify,” Ho said.
To entice buyers, the developer is offering incentives for the first 10 units. The incentives include part of the 6 percent closing fee; one year free of common charges, a parking space for one year, valued at $12,000; and up to $5,000 worth of free furniture.
The units are designed with a “European influence,” Ho said, with granite counter tops, oak wood floors and stainless steel appliances, as well as a half-bath in each master bedroom and an HVAC heating and cooling system. Amenities include a gym, 24-hour security with video surveillance, a rooftop deck, covered parking spaces and views of the city from the balconies or patios in each unit.
There was some local opposition to the project at the beginning; people were skeptical about what it would add to the neighborhood, Ho noted. But once the development plans were finalized, he said, the community was happy that the sponsors were investing the money to bring the affordably priced units, as well as the office space, to the area.
“The Avenue K condominium is bringing the lifestyle and quality of Manhattan-style units at an affordable price, with little or no money down, which some people in the community never thought they could afford,” Ho added. “Usually the developers build these condos in downtown Brooklyn, but they felt there was a need for it here in Canarsie.”