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CONDO DEVELOPER IN GREENWICH, CONN. 'PASSES' TAX CREDIT

        CONDO DEVELOPER IN GREENWICH, CONN. 'PASSES' TAX CREDIT
    GREENWICH, Conn., Feb. 4 /PRNewswire/ -- One residential developer


in the area apparently isn't waiting for Congress to approve President Bush's proposed $5,000 tax credit for first-time homebuyers. In effect, he has already "passed" the plan himself.
    At Hawthorne, an 80-unit condominium, in Greenwich, Conn., developer Steven Schacter is giving anyone buying for the first time an immediate $5,000 reduction in the home price, and then asking that the money be returned after the tax credit becomes law.
    "If the credit never passes, we won't ask for the money back," says Schacter.  "We think the proposal's such a great idea that if Congress doesn't act on it, we'll do it ourselves."
    Under Schacter's plan, Hawthorne buyers who have not owned a home for the past three years (President Bush's definition of first-time homebuyers) will sing a contractual note at closing promising to return the $5,000 when they realize their tax credit.  In return, the money will be deducted from the price of Hawthorne's townhomes -- currently ranging from $229,000 to $329,900.
    Hawthorne's residences range in size form 1,000-square-foot, two bedroom apartment to two- and three-level townhouses with two or three bedrooms and up to 1,550 square feet of living space.
    The classic townhouse styles are consistent with the quality, spaciousness, privacy and value one expects in a luxury housing community in Greenwich.  The apartments -- located in a two-and-a-half- story building designed to resemble townhouses -- offer a townhome feeling plus the practicality, security and convenience of an elevator building with underground parking.
    The six-and-a-half-acre Hawthorne tract is part of a 30-acre parcel one dominated by a cotton mill, which has been recreated and turned into rental apartments, shops and a restaurant.
    -0-         2/4/92
    /CONTACT:  Joel Cahn of EC&O, 201-836-3636, for Glenville Associates-Hawthorne/ CO:  Glenville Associates-Hawthorne ST:  Connecticut IN:  FIN SU: TS -- NY063 -- 6716 02/04/92 12:50 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Feb 4, 1992
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