THE SHELTON, AFFORDABLE CO-OP DEVELOPMENT IN BEDFORD STUYVESANT, ANNOUNCES TOPPING-OFF

New York, NY – May 17, 2010 – (RealEstateRama) — Halstead Property Development Marketing, TNS Development Group Ltd., and Great American Construction Corp. today announced the topping-off of The Shelton, a newly constructed 14-story affordable cooperative development located at 775 Lafayette Avenue between Throop Avenue and Marcus Garvey Boulevard, in the Bedford Stuyvesant neighborhood of Brooklyn.

The topping-off was completed this week after the 14th floor was added to the 83-unit new construction residential development.  The Shelton offers a mix of one, two and three-bedroom residences ranging in size from 667 – 1,180 square feet.  Construction of The Shelton is slated for completion in March 2011 and occupancy is expected in May 2011. For more information, please visit: http://www.thesheltonnyc.com or http://www.halsteadpdm.com/.

“We are excited to celebrate this significant milestone in the development of our project,” said Sam Gaccione, executive vice president of TNS Development Group Ltd. “The Shelton adds affordable luxury to the neighborhood and offers buyers great value and top of the line amenities.”

All units at The Shelton are income-restricted and will be sold through an HDC-supervised lottery, which is expected to begin in June of this year.  Pricing is estimated between $126,500 for a one-bedroom to $442,500 for a top floor, two-bedroom residence with a private roof deck.

The Shelton was designed with many high-end amenities and finishes.  The building’s grand lobby entrance features a double-height ceiling with hanging crystal chandeliers and granite floors.   The residences are wired for in-wall sound systems and finished with solid wood cabinets, granite countertops, oversized windows, oak hardwood floors, and will have washers and dryers in each unit.  Residences above the sixth floor will feature sweeping views of the Manhattan skyline and area bridges, and the top floor features four units with private roof decks.

Amenities at The Shelton include a part-time doorman, common landscaped courtyard, fitness room, private events room, common lounge with sofas and a big screen television, bicycle storage, storage lockers, and underground parking which is available for rent.  The Shelton also features several energy saving amenities including: solar panels, Energy Star stainless steel appliances, individual water saving fixtures and PTAC heating and air conditioning systems so that unit owners can control their own utility usage.

“Halstead Property Development Marketing is proud to be partnered with this exceptional development team to bring The Shelton to market in Brooklyn,” said Stephen G. Kliegerman, executive director of Halstead Property Development Marketing. “Our expert affordable team members and experienced brokers Neil Tilbury and Tony Von Meyers look forward to working with the applicants to guide them through the lottery process.”

As part of the purchase of the property from St. Phillip’s Christian Church, TNS Development Group Ltd. is building an 8,600 square foot multi-purpose community center that will contain a full size basketball court, two classrooms, office space, and a kitchenette area.  The Church plans to use the facility and will also make it available to the local community for events.

Along with equity contributed to the project by the developer, TNS Development Group  Ltd., funding for the project is being provided by Banco Popular, NA, the New York City Housing Development Corporation (HDC), the New York City Department of Housing Preservation and Development (HPD), and the New York State Affordable Housing Corporation (AHC).

For photos and floor plans, please contact Nicole Amato at nicole (at) mediashoppr (dot) com or 212-867-8778 x226.

About TNS Development Group Ltd.:

With more than twenty years of real estate development experience, TNS Development Group Ltd. (“TNS”) and Great American Construction Corp. (“Great American”) are experienced developers and builders in the New York City metropolitan area.  TNS and Great American have successfully rehabilitated or built over 3,000 multi-family dwelling units in the New York City metropolitan area.  The companies are presently involved in the development and construction of over 1,000 new and rehabilitated units in New York City with construction costs in excess of $200 Million.

Through its development arm, TNS, the company purchases, provides equity, secures financing, plans and designs, obtains municipal approvals, and markets a variety of residential and commercial real estate developments.  Great American, the construction arm, acts as the general contractor for its own and others new construction and rehabilitation projects.  For more information, please visit: http://www.gaccorp.net.

About Halstead Property Development Marketing:
Halstead Property Development Marketing is the exclusive sales and marketing firm for numerous new developments in the tri-state area.  They consult 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 Property Development Marketing Division, please visit: http://www.HalsteadPDM.com/.

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