Beacon Towers Announces over 50% of Units Under Contract

by admin ~ August 31, 2009

FOR IMMEDIATE RELEASE

BEACON TOWERS ANNOUNCES OVER 50% OF UNITS UNDER CONTRACT

Buyers Take Advantage of Affordable Prices at Harlem Co-op Development;
Developers Reduce Maintenance

New York, NY- August 31, 2009 - Beacon Towers today announced that 52 percent of its units are now under contract for purchase at the new cooperative development in Central Harlem. With a growing interest and attractiveness in affordable middle-income housing, Beacon Towers is the leading development initiating new residences that can be shared by all New Yorkers.

An 8-story newly constructed building at 29 West 138th Street; Beacon Towers is comprised of 57 income-restricted and 16 market-rate cooperative residences. The remaining 35 units range in price from $304,000 - $675,000 for one bedroom duplexes and two bedroom homes. Construction of the project is complete and will be available for occupancy in early fall 2009.

“We feel that Beacon Towers is at the forefront of middle-income affordable housing projects in terms of value for the dollar,” said John Frezza of Strategic Development and Construction Group., the property’s lead developer. “The units, finishes, and amenities that our buyers are getting in a building of this quality are above and beyond the other affordable developments in New York City.”

As an additional incentive to attract new buyers, maintenance charges for all residences at Beacon Towers have been reduced. Now, one bedroom maintenance costs are on average $518 per month, two bedrooms will pay $711, large one bedroom duplexes will cost $883 and large two bedroom duplexes will be $1,122. These charges include all real estate taxes, and 41% of the maintenance cost is tax deductible.

Purchasers at Beacon Towers can also take advantage of the 421-A Tax Abatement, which means buyers will be paying a nominal amount for real estate taxes for 25 years; the federal government’s $8,000 tax credit as well as federal income tax credit that potentially, on average, will save purchasers about $1,500 per year and was just announced by Governor Paterson, both apply to all qualified first-time home buyers and buyers who have not purchased in the last three years.

“There has been great interest in the residences at Beacon Towers in light of the weakened economy,” said Stephen G. Kliegerman, executive director of Development Marketing at Halstead. “We attribute this to the true value of the property - the affordably priced units with high quality finishes and luxury amenities.”

Beacon Towers is a joint venture between Strategic Development and Construction Group and Lemle & Wolff, Inc., two developers that have been at the forefront of creating mixed use affordable housing developments in New York City for more than 25 years.

For a list of available units and floor plans, and other details, please contact Megan Raphael at megan@mediashoppr.com  or 212-867-8778 x232 or visit: www.beacontowersliving.com.

About Strategic Development and Construction Group:
Strategic Development & Construction Group (SDCG) has been actively engaged in the acquisition, financing, development and marketing of residential and commercial projects since 1985. SDCG has built over three thousand residential units and earned numerous awards for its achievements from organizations such as the Associated Builders and Owners of Greater New York, Inc., the Brooklyn Chamber of Commerce, NYSAFAH and the New York State Senate. For more information, please visit: http://www.strategic-construction.com

About Lemle & Wolf, Inc.:
Lemle & Wolff, Inc. is a real estate management and development firm that was established in 1938 and is today one of the foremost providers of affordable housing in upper Manhattan and the Bronx. A full service organization, the firm is committed to the preservation and upgrading of the housing stock in the areas it services. L&W currently manages more than 300 buildings and, since 1974, L&W has completed the construction and/or rehabilitation of over one hundred buildings. L&W is a past recipient of an award for national excellence for community development partnerships. For more information, please visit http://www.lemlewolff.com/.

About Halstead Development Marketing:
A division of Halstead Property, Halstead’s Development Marketing Division is the exclusive sales and marketing firm for more than 65 new developments representing over 3,500 units in the tri-state area. The Halstead Development Marketing Division consults with developers on every aspect of the development process, including: pre-development planning such as comprehensive market research, detailed unit mix and layout analysis and amenities planning, all of which enables their clients to maximize sales prices, increase absorption rates and provide an overall superior product benefiting the consumer and developer. In addition, the division directs and coordinates the selection of all on-site personnel, conducts extensive sales training and monitoring, designs exceptional sales environments, and creates integrated communications planning including marketing, advertising, public relations and branding. For more information on the Halstead Development Marketing Division, please visit: http://www.halsteadpdm.com/home

As the first firm in New York to bring real estate sales out of office buildings and into retail storefronts, Halstead is one of the largest residential real estate brokerage firms in the metropolitan area. For more information on Halstead, please visit: http://www.halstead.com.

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