New York, NY – February 4, 2010 – (RealEstateRama) — Halstead Property Development Marketing and RGS Holdings, LLC, in conjunction with Goldman Sachs Urban Investment Group and JP Morgan Chase Community Development, today announced that 2280 Frederick Douglass Boulevard has been approved by the Federal Housing Administration’s mortgage program. The 12-story new construction condominium development in Harlem, will now allow qualified buyers to purchase a new home with a down payment between 5 and 10%.
2280 FDB is among several FHA approved developments in New York City, and qualified buyers will benefit from a low fixed rate mortgage guaranteed by the FHA. Benefits of FHA-backed loans include:
- A low down payment
- Easier qualifying
- Down payment that can be gifted to the borrower
- Lower closing costs and interest rates than with a conventional mortgage
- Protection against foreclosure
“This opportunity is something we are pleased to be able to offer our buyers,” said Hans Futterman, founder of RGS Holdings, the developer for 2280 FDB. “Qualified buyers who may have found it difficult to obtain mortgages recently now have the opportunity to benefit from FHA backed mortgages.”
FHA-backed mortgages offer more opportunities for buyers, and with new regulations announced this month, they will also offer greater protection for taxpayers. FHA loans and financing through Fannie Mae and Freddie Mac have helped bolster the New York City real estate market and will continue to throughout 2010.
“The rich materials and sophisticated finishes, coupled with this new opportunity for FHA loans, make this development a first-class value in today’s market,” said Stephen G. Kliegerman, executive director of Halstead Property Development Marketing.
Construction of 2280 FDB is slated for completion in March 2010 and occupancy is expected in April 2010.
Located in Harlem at 2280 Frederick Douglass Boulevard at 123rd Street, 2280 FDB is a newly constructed development with a total of 89 units. The remaining residences are a mix of one, two and three-bedroom condominiums ranging in size from 460 to 1,417 square feet and in price from $395,000- $1.329 million. Amenities at 2280 FDB include a 24-hour concierge, common roof terrace with an outdoor fireplace, outdoor recreation space, onsite parking, and 25-year tax abatement. For a full list of available units and floor plans, please visit: http://www.2280fdb.com/.
Harlem is one of the fastest growing areas in Manhattan for real estate development.
2280 FDB is located blocks from the forthcoming W (aLoft) Harlem and Uptown Grand, Central Park and Morningside Park, fashionable boutiques, trendy restaurants and transportation. For photos and floor plans, please visit http://www.2280fdb.com/ or contact Nicole Amato at nicole (at) mediashoppr (dot) com or 212-867-8778 x226.
About RGS Holdings, LLC:
Founded in 2001 by Hans Futterman, RGS Holdings, LLC is a privately funded real estate development firm with a current focus exclusively in Harlem. Committed to new construction and renovation projects that enhance the neighborhood and help to bring a strong economic base of owners and renters to Harlem, RGS Holdings, LLC works with both private and public property owners to put property to its highest and best use. With a strong community commitment, the principals of RGS Holdings, LLC strive for the continued revitalization of Harlem and the enhancement of its distinctive position as a living landmark.
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/.
About Goldman Sachs Urban Investment Group
The Goldman Sachs Urban Investment Group is part of the Merchant Banking Division within the Goldman Sachs Group, Inc. (NYSE:GS). It invests the firm’s capital in real estate projects and operators in emerging or transitional urban areas. The investments range from $5 million to $75 million. Since 2001 UIG has invested over $250 million of equity capital representing over $1.3 billion of urban real estate. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm. The firm is headquartered in New York and maintains offices in Los Angeles, San Francisco, and Washington, D.C. To learn more about the Goldman Sachs Urban Investment Group, visit their Website: http://www2.goldmansachs.com/uig/
