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Bronx buyers purchase 50% of 2-family complex.

Homebuyers in The Bronx have snapped up half of the 59 two-family homes offered at Captain Manuel Rivera Jr. Brook Commons, according to L&M M Equity Participants, Ltd., developers of the community.

Much of the strong public response is attributed to City and State grants totaling $58,000 per house which were arranged by the New York City Housing Partnership and the New York City Department of Housing Preservation and Development, reports Sandy Lowentheil, a principal in the development firm.

"The financial aid program makes it possible for families earning between $25,000 and $55,000 a year to purchase a $210,000 two-family home for only $150,000." said Lowentheil. "What's more, they can put down only $7,500 - which includes all closing costs - and pay out only $600 a month."

A convenient location between the Hub (Third Avenue and 149th Street) and St Mary's Park in neighborhood experiencing tremendous growth has also stimulated buyer interest, noted Lowentheil. A $120-million mixed-used shopping center with movie theaters, retail outlets and department stores has been completed nearby, while a new police academy, housing court and a $26 million renovation of he IRT subway station at Third Avenue and 149th Street is underway.

The Brook Commons homes feature parking and landscaped grounds in front, and private rear yards. Amenities in the townhomes include wall-to-wall carpeting, slate entry foyers, rear decks with spiral stairs to the back yard, intercom systems, washer/dryer hookups in the home, custom-designed kitchens with oak cabinets, vinyl flooring, frost-free refrigerators and continuous-clean gas ovens, and designer bathrooms with ceramic tile and wood vanities.

The two-family houses, distinguished by detailed brick facades, are priced from $149,000. Initial occupancy for the houses currently available for sale is expected in September.

The Captain Manuel Rivera Jr. Brook Commons is named after a U.S. Marine aviator who became the first Bronx resident to lose his life in the Persian Gulf War. The community sponsor is the South Bronx Community Corporation. Chase Manhattan Bank is providing construction funding, while Howard Lowentheil and Pete Murray serve as construction managers. Michael Reed is the marketing agent.
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Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Bronx, New York
Publication:Real Estate Weekly
Date:Jul 8, 1992
Previous Article:Tenant reps become owner's ace.
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