Now 30% Sold, Development Includes Top Amenities and Green Features
NEW YORK, NY – February 7, 2012 – (RealEstateRama) — TNS Development Group Ltd., Great American Construction Corp. and Halstead Property Development Marketing today announced that sales have launched on the open market at The Shelton, a newly constructed 14-story development offering affordable co-op living with high-end features.
Thirty percent of the units at The Shelton were sold through an HDC-supervised lottery process, which concluded in January 2012. All of the remaining units are now available on the open market on a first come, first served basis to buyers with total household incomes varying between $39,612 and $166,075. This gives qualified buyers an opportunity to purchase affordable homes without going through the lottery system.
Located at 775 Lafayette Avenue between Throop Avenue and Marcus Garvey Boulevard in the Bedford Stuyvesant neighborhood of Brooklyn, The Shelton (http://www.thesheltonnyc.com) features 83 income-restricted one-, two- and three- bedroom homes. The remaining one- bedrooms are priced from $115,000 to $249,500, two- bedrooms from $142,000 to $456,500 and three- bedrooms from $387,500 to $455,000. The higher prices include one- and two- bedroom penthouses with private roof terraces.
“This property has value-added qualities not only for its residents but for the community,” said Samuel G. Gaccione, executive vice president of TNS Development Group Ltd. “The Shelton offers the kind of quality design and amenities you expect when you talk about luxury living, but without the platinum pricing.”
The Shelton’s top-of-the-line features and finishes begin with its grand lobby entrance, which makes a substantial impression with a double-height ceiling, hanging chandeliers and porcelain tile floors. All residences feature ample closet space, oversized windows and oak hardwood floors. Kitchens are designed with solid wood cabinets, granite and Ceasarstone countertops and bathrooms include tiled floors with tiled wainscoting. Each unit also features a washer and dryer and is wired for in-wall sound systems. Buyers living above the sixth floor will enjoy sweeping views of the Manhattan and Brooklyn skyline and area bridges, while the four units on the 14th floor have private roof decks.
Amenities at The Shelton include a part-time doorman; a landscaped common courtyard; a fitness room; a private events room; a common lounge with kitchenette, sofas, card tables, hand shuffleboard table, and a big-screen television with a Wii console, as well as bicycle storage, storage lockers and underground parking available for rent. Energy-saving amenities include solar panels; Energy Star stainless steel appliances; individual water-saving fixtures; and PTAC heating and air conditioning systems.
“With the development’s remaining units now available on the open market, we expect significant interest from the buying public,” said Stephen G. Kliegerman, president of Halstead Property Development Marketing.
As part of the terms of the purchase of the property from St. Phillip’s Christian Church, the developers have built an 8,600 square-foot multi-purpose community center with 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 has been 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) The Housing Partnership Development Corporation.(HDC)
For more information, please visit: http://www.thesheltonnyc.com or http://www.halsteadpdm.com/.
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. Together, they have successfully rehabilitated or built more than 3,000 multi-family dwelling units in the New York City metropolitan area. The companies are presently involved in the development and construction of more than 800 new and rehabilitated units in New York City with construction costs in excess of $200 million. Through its development arm, TNS 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 New York and New Jersey. 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 enable 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/.