Queens development underway.Construction has begun on Ocean Pointe at Bayswater, a new community of affordable, one and two-family homes in Far Rockaway, Queens Far Rockaway is one of the four neighborhoods on the Rockaway Peninsula in the New York City borough of Queens in the United States. It describes the easternmost section of the Rockaways, usually the area east of Beach 77th Street, comprising the neighborhoods of Bayswater, , announced Leewood Real Estate Group. Located between Beach 37th Street and Beach Channel Drive Beach Channel Drive is the main thoroughfare in the Rockaway Peninsula in the New York City borough of Queens. It extends from the Nassau County border at Inwood westward to the Marine Parkway Bridge at the end of Jacob Riis Park. , the 79 homes will create a lively, beachfront beach·front n. A strip of land facing or running along a beach. adj. Situated along or having direct access to a beach: beachfront hotels; beachfront property. Noun 1. community in Far Rockaway. Leewood estimates that construction will be completed by Fall 2002. "This 79 home community will enable couples and families to purchase the home they've dreamed of owning, in one of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's most upcoming neighborhoods," said R. Randy Lee, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Leewood Real Estate Group. "I am excited about bringing this new development to Queens, and making homeownership a reality for many families," he added. Ocean Pointe at Bayswater is geared to couples and families with incomes in the $50,000 to $75,000 range, making them affordable "starter homes" that also are eligible for long-term tax exemption tax exemption, immunity from the requirement of paying taxes. Federal, state, and usually local law provide exemption from taxation for a wide variety of organizations, usually not-for-profit, such as churches, colleges, universities, health care providers, various . Participants who meet the income requirements can purchase their home for as little as $9,800 down, including closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, . Each home will feature three large bedrooms with lots of closet space, eat-in kitchens, 1 1/2 baths, a private backyard, on-site parking and wall-to-wall carpeting. Owners of the two-family homes will have the benefit of a lovely one-bedroom apartment to rent out. In addition, tenants will enjoy the luxury of a five-minute walk to the Far Rockaway beach and boardwalk, and the convenience of nearby shopping and transportation. Four models are available. Potential homeowners will choose from, The Claremont, an attached one-family home; The Dorchester, a detached one-family home; The Bedford, a semi-attached two-family home; and The Ashley. a detached two-family home. The $25 million community is being developed by Leewood Real Estate Group under the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Housing Partnership (NYCHP)/New York City Department of Housing Preservation and Development (NYCHPD) Homeownership Program. Margert Community Corporation is the community sponsor for Ocean Pointe at Bayswater. Construction financing for the development is being provided by S.I. Bank and Trust Co. together with Ridgewood Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , with generous Homeownership Subsidies being provided by both NYCHPD and the New York State Affordable Housing Corporation. Permanent Mortgages will be provided by JP Morgan Chase Bank. "Along with our many partners, we are helping city residents purchase their own homes and we're increasing homeownership opportunities for families citywide," said New York City Housing Preservation and Development Commissioner Jerilyn Perine. S.I. Bank and Trust has worked with Leewood Real Estate Group on at least 15 other development projects throughout the city. "S.I. Bank and Trust in partnership with Ridgewood Savings Bank is honored to participate in this most worthwhile project which will provide affordable housing to the Edgemere community," said executive vice president of S.I. Bank and Trust, John Brady. |
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