Beacon Ribbon Cutting Ceremony

Marc Jahr, president of NYC Housing Development Corporation; Frank Anelante, CEO of Lemle & Wolff, Inc.; John J. Frezza, president of Strategic Development & Construction Group; Alison Badgett, executive director of The New York State Association for Affordable Housing; and Marian Zucker, Executive Vice President of State of New York Mortgage Agency.

In a ribbon cutting ceremony today in Harlem, city officials gathered together to celebrate the completion of Beacon Towers and Beacon Mews, two residential developments that offer both rental and homeownership opportunities to New Yorkers with a range of incomes.

Built on the site of a formerly vacant lot at 29 West 138th Street, Beacon Towers (www.beaconaffordable.com) is an eight-story newly constructed cooperative development in Central Harlem. Average prices are $260,000 for a one bedroom home and $350,000 for a two bedroom home. Next door at 34 West 139th Street, Beacon Mews is a 125-unit rental building that caters to the low and middle income residents.  Rents for low-income residents for one bedroom homes start at $782 and two bedrooms start at $943 per month.  Construction of both projects is complete and occupancy is immediate. Sales and marketing are handled by Halstead Property Development Marketing.

Beacon Towers is offering a Tax Credit will give buyers $8,000 cash upon closing. Every purchaser will qualify and there are no restrictions. The credit will be available on new contracts signed between now and July 31, 2010.

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