MeadowWood achieves 50-percent sold mark

June 14, 2011 06:48PM

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MeadowWood at Gateway and Fillmore Real Estate’s Jean-Paul Ho

The MeadowWood at Gateway, a 19-building condominium complex in East New York, announced it now has 581 of its 1,152 units sold or in contract. The complex at 12205 Flatlands Avenue, about a half-mile from the Gateway Shopping Center, was originally constructed in the 1960s, before being converted to condos in 1991. According to Streeteasy.com, Taconic Investment Partners purchased the 983 unsold units in 1998 and has since served as the development’s lead sponsor. Taconic invested more than $40 million in renovating the buildings and the community’s outdoor space. Now that the development has surpassed the 50 percent-sold milestone, prospective buyers have access to special federal loans, allowing them to put down as little as 3.5 percent, or about $4,200, on homes which start at $120,900 and range to the mid-$300,000s. “Buyers have realized that homeownership can be affordable — especially when the monthly mortgage payments at MeadowWood are well below the neighborhood’s monthly rents,” said Jean-Paul Ho, vice president at Fillmore Real Estate, the complex’s exclusive marketer. “We’re pleased to provide homeownership opportunities to families in this area who never thought they could own.” TRD