Taconic starts work on $40m improvement program.

Taconic Investment Partners has begun a $40 million capital improvement program at the 1,152-unit Fairfield Towers apartment complex in Brooklyn's East New York section, reports John Weir, Taconic's senior vice president and director of development.

Taconic, in a joint venture with Apollo Real Estate Advisors, acquired 983 unsold condominium apartments at Fairfield Towers last September, with plans to create an affordable owner-occupied community with financial incentives to help current tenants purchase their apartments.

"The first step is to establish a comfortable, attractive and secure environment for working class families, and that job already is in full swing," says Mr. Weir. He notes that installation of new windows and balcony and terrace doors has begun, up-grading of elevator cabs and heating systems is almost completed, stairwells and other areas are being repainted, and large-scale landscaping and lighting improvements are underway. Major enhancements of the lobbies and other common areas, with additional security features, also are planned.

The 19-building development is situated on 21 acres along Flatlands Avenue, close to Belt Parkway, the successful Gateway shopping mall and the former Starrett City housing complex, now known as Spring Creek. Originally a Mitchell-Lama subsidized rental development, Fairfield Towers became a condominium in the mid-1990s, but only a small fraction of the apartments were sold.

Replacements of all 8,371 windows and 1,146 doors began in mid-December and will last until late summer. "These attractive, state-of-the-art aluminum products will improve the appearance and comfort of the entire community, while helping to lower energy bills," says Herb Streng, Taconic's vice president of development.

Also on the subject of comfort and energy consumption, Mr. Streng explains that boilers have been refitted with efficient heat-timer controls for reliable delivery of heat automatically, based on indoor and outdoor temperatures.

Landscaping so far has included the removal of scrub trees, installation of sod and spreading of wood chip mulch. Additional landscape improvements will be incorporated into an overall site plan, now being completed, that also will address better lighting and parking lot security.

Taconic has also hired a new security firm to patrol the community, whose guards are equipped with radios for fast communication with one another.

Lobby improvements will include the addition of digital intercom systems for front and rear entrances, rear door ramps, security cameras, and improved mailboxes, along with renovated laundry rooms that will have a security access system.