Embelesar118 gets TCO, declared effective

July 29, 2011 12:21PM

Rendering of Embelesar118

East Harlem’s Embelesar118 has been declared effective by the attorney general and has received its Temporary Certificate of Occupancy, meaning closings and move-ins can begin. Now, the project’s developers, Bluestone Organization, are putting the remaining units on the market.

The eight-story, 57-unit cooperative at 152 East 118th Street has more than 50 percent of its units in contract since hitting the market last June, according to Bluestone.

The development is being marketed by the Corcoran Group and the firm is emphasizing value. Studios in the building start at $199,000 and two 1,041-square-foot two-bedroom apartments are available for $599,000, Streeteasy.com shows. Moreover, the building qualifies for New York State Mortgage Agency-backed loans, which have fixed rates and require just a 5 percent down payment. The building also carries a 25-year 421-a tax abatement.

“It’s not luck that brings buyers here, it’s value,” said Dianne Howard, vice president for Corcoran, and part of the Embelesar118 marketing team. “Where else can you buy a new Manhattan apartment a block from the subway, only 15 minutes from Midtown, and surrounded by retail, restaurants and parks at affordable prices? We’re showing average folks a path to homeownership that is sensible.”

The building has in-unit washers and dryers, a fitness facility, two furnished terraces, a live-in super and on-site parking, while being within walking distance of The East River Plaza’s Target and Costco. — Adam Fusfeld