FOR IMMEDIATE RELEASE

Press Release #41408 

June 2, 2008

Northeast Brooklyn Housing Development Corporation

Project Title: Vernon Avenue Condominiums

Location: 119-125 Vernon Avenue between Tompkins and Marcy Ave

NEBHDCo in collaboration with NYC Housing Preservation and Development will purchase and redevelop four city-owned vacant lots in the Bedford-Stuyvesant neighborhood of Tompkins Park North. The project area is primarily by low density, low-rise residential uses with local retail and services scattered at various locations along most of the adjacent north/south avenues and Myrtle Avenue, which is one block north of the project site. Vernon Avenue Condominiums are accessible to the M, J, Z, G and L trains, additionally; there are transit bus services along Myrtle, Nostrand and Tompkins Avenues. The project will involve the new construction of two 4-story residential condominium buildings, totaling approximately 7,583 square feet in each building, having a total square footage of 15,166. Both buildings are being developed under the quality-housing program. 

The main entrances for each building face Vernon Avenue. Each building will have (8) eight residential condominium units totaling sixteen (16) units and consist of fourteen (14) two-bedrooms with an average square footage of 781 to 801 square feet and two (2) one-bedrooms with an average of 601 square feet; on-site laundry room and individual storage areas for each owner on the lower level of the building. NEBHDCO future goals are to promote a “Greener” Bedford-Stuyvesant neighborhoods so they added approximately two-thousand and fifty-nine (2,059) square feet of landscaping will be provided; from the property line of each building’s entrance a decorative gate and passive landscaping will be installed along the frontage of the property as a buffer. 

The project’s prices for the homes will be affordable ranging from 96,000 for a one-bedroom to $374,000 for a two-bedroom. Project financing will be private unsubsidized financing utilizing a cross-subsidy approach to maintain affordability and a real estate tax abatement on the land as a result it will reduce the buyers/owners overall real estate tax . Construction of the Vernon Avenue Condominiums will begin this summer 2008 with a completion date project will be spring 2010.

The community views the project as a positive addition toward increasing homeownership and addressing the housing needs of middle-income households in the Bedford-Stuyvesant neighborhood.

For Information Contact: 

Johnson Edman Advertising, Inc. 

service@johnsonedman.com

Alma Cox

Northeast Brooklyn Housing Development Corp

acox@nebhdco.org