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Mentioned in this Article:
Stephen G. Kliegerman

Stephen G. Kliegerman
President of Development Marketing

Neil Tilbury

Neil Tilbury
Village Office

Realestaterama

Sales At The Shelton Launch On The Open Market Bringing High End Affordable Coops To Bedford Stuyvesant

by Amy Nizwantowski

Now 30% Sold, Development Includes Top Amenities and Green Features

NEW YORK, NY – February 7, 2012 – (RealEstateRama) — TNS Development Group Ltd., Great American Construction Corp. and Halstead Property Development Marketing today announced that sales have launched on the open market at The Shelton, a newly constructed 14-story development offering affordable co-op living with high-end features.


Thirty percent of the units at The Shelton were sold through an HDC-supervised lottery process, which concluded in January 2012. All of the remaining units are now available on the open market on a first come, first served basis to buyers with total household incomes varying between $39,612 and $166,075. This gives qualified buyers an opportunity to purchase affordable homes without going through the lottery system.

Located at 775 Lafayette Avenue between Throop Avenue and Marcus Garvey Boulevard in the Bedford Stuyvesant neighborhood of Brooklyn, The Shelton (http://www.thesheltonnyc.com) features 83 income-restricted one-, two- and three- bedroom homes. The remaining one- bedrooms are priced from $115,000 to $249,500, two- bedrooms from $142,000 to $456,500 and three- bedrooms from $387,500 to $455,000. The higher prices include one- and two- bedroom penthouses with private roof terraces.

“This property has value-added qualities not only for its residents but for the community,” said Samuel G. Gaccione, executive vice president of TNS Development Group Ltd. “The Shelton offers the kind of quality design and amenities you expect when you talk about luxury living, but without the platinum pricing.”

The Shelton’s top-of-the-line features and finishes begin with its grand lobby entrance, which makes a substantial impression with a double-height ceiling, hanging chandeliers and porcelain tile floors. All residences feature ample closet space, oversized windows and oak hardwood floors. Kitchens are designed with solid wood cabinets, granite and Ceasarstone countertops and bathrooms include tiled floors with tiled wainscoting. Each unit also features a washer and dryer and is wired for in-wall sound systems. Buyers living above the sixth floor will enjoy sweeping views of the Manhattan and Brooklyn skyline and area bridges, while the four units on the 14th floor have private roof decks.

Amenities at The Shelton include a part-time doorman; a landscaped common courtyard; a fitness room; a private events room; a common lounge with kitchenette, sofas, card tables, hand shuffleboard table, and a big-screen television with a Wii console, as well as bicycle storage, storage lockers and underground parking available for rent. Energy-saving amenities include solar panels; Energy Star stainless steel appliances; individual water-saving fixtures; and PTAC heating and air conditioning systems.

“With the development’s remaining units now available on the open market, we expect significant interest from the buying public,” said Stephen G. Kliegerman, president of Halstead Property Development Marketing.

As part of the terms of the purchase of the property from St. Phillip’s Christian Church, the developers have built an 8,600 square-foot multi-purpose community center with a full-size basketball court, two classrooms, office space and a kitchenette area. The church plans to use the facility and will also make it available to the local community for events.

Along with equity contributed to the project by the developer, TNS Development Group Ltd., funding for the project has been provided by Banco Popular, NA, the New York City Housing Development Corporation (HDC), the New York City Department of Housing Preservation and Development (HPD) and the New York State Affordable Housing Corporation (AHC) The Housing Partnership Development Corporation.(HDC)

For more information, please visit: http://www.thesheltonnyc.com or http://www.halsteadpdm.com/.

Tuesday, February 07, 2012