Eight buildings complete in Coney Island.

In an effort to rebuild "Mom & Pop" stores as an anchor of the community, eight buildings with ground-floor retail space and two residential units on the upper floors have been completed on Mermaid Avenue in Coney Island.

Located between West 24th and West 25th Streets, residents are scheduled to be completely moved in by the end of the month. The units were sold to entrepreneurs who will operate a neighborhood retail outlet on the ground floor and live in one of the units on the upper floors.

The project was developed by R. Randy Lee, along with Seymour Sadkin, as Mermaid Commons, LLC. It is part of the Alliance for Neighborhood Commerce, Home Ownership and Revitalization ("ANCHOR")/ Partnership Plaza Program -- a joint initiative of the New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Partnership. Through the ANCHOR program, the city has provided upwards of $320,000 in cash subsidy and other benefits to assist in keeping these units affordable.

"These buildings offer entrepreneurs a wonderful opportunity to live and work in a self-owned property," said R. Randy Lee, CEO of Leewood Real Estate Group. "We are pleased to be working with the city in the redevelopment of Coney Island and look forward to the success of the revitalized Mermaid Avenue," he added.

As part of the program the community sponsor, Astella Development Corporation, is providing entrepreneurial training to the new owners. Most of the buyers are first time business owners. They have attended workshops given by the Business Outreach Center. They will also receive individual training on operating their business. Each buyer has prepared a business plan with assistance from Astella and the Business Outreach Center to increase the likelihood of success.

Each building is three stories high with a 1,200-SF, three-bedroom owner's unit on the second floor connecting to a 1,000-SF, ground floor storefront retail space. In addition, there is a 1,200-SF, three-bedroom rental unit on the top floor.

The properties were sold for $274,000. Including the rent from the third floor apartment, it is estimated that the monthly carrying costs to the owner for both the apartment and retail space will be $1,055. The annual income range for qualified purchasers is about $48,000.

Financing was provided by Staten Island Bank & Trust and Ridgewood Savings Bank.