|
(Page 2 of 3) "Owning my own apartment brings me to a place in my life where I want to be," says the educator, who's also happy to be close to her church, the 28,000-member Christian Cultural Center, which is just nearby. "It's a new beginning for me and my daughter." Formerly Fairfield Towers, MeadowWood totals 21 acres, two campuses, 19 buildings and 1,152 residences. According to Markowitz, it's Brooklyn's biggest condominium project. Located on Flatlands Ave. across the street from Starrett City and less than 1 mile to the Gateway Mall, Belt Parkway and Gateway National Recreation Area, the complex was acquired by Taconic Development and Apollo Real Estate Advisor's Urban Fund for $90 million in 2006. More than $40 million in capital improvements will be made to the complex during the conversion process. Already, new street lights, new windows, a heating system, $1.5 million in landscaping, security forces, mailboxes, intercoms, hallways, laundry rooms and lobby entrances have been added to the complex. A shuttle bus to the subways will likely begin this spring. "It was important for us to build confidence among the people who live here now," says Charles Bendit, co-CEO of Taconic Development, who with Fillmore's Ho had a huge success selling out Seaview Estates, an affordable development in Canarsie, where apartments which sold for $196,000 in 2003 are now going for $360,000. "Once we established a comfortable, safe and proud environment, we hoped people would want to make the transition to buying here." It's working. Cynthia Williams used to beg her husband every day to move out of the complex. Windows rattled, allowing cold air in through the winter months. The dark grounds of the complex were frightening. Williams felt the building's previous management ignored tenant requests. A renter in the complex for 30 years, Williams now owns a MeadowWood apartment. She feels so strongly about the turnaround, she joined the Fillmore team as an agent selling the complex. "We have seminars here teaching people how to prepare for home ownership," reports Williams, who had five back-to-back clients on a rainy Saturday. "We don't want to add to any foreclosure rate here. We want to put people in a comfort zone where they are prepared to buy." The financial incentives and area improvements helped draw buyers. A Hong Kong Shanghai Bank program pays homebuyers $6,600 for a 10-month investment of $166 per month. MeadowWood homebuyers are required to put only 3% down on the apartment price while receiving 30- to 40-year fixed loans from the SONYMA federal program. The New York City Department of Housing Preservation Development (HPD) gives up to $10,000 or 6% grants to first-time homebuyers.
|