New Affordable Condominiums for Sale at 70 West 139 Street
Harlen Park Development LLC, is pleased to announce that applications are now being accepted for 42 affordable new condominiums now under construction at 70 West 139 Street in the West Harlem section of Manhattan. Sponsor has applied for a real property tax exemption under Section 421-a of the Real Property Tax Law (the “421-a Program”). The 421-a Program is administered by the New York City Department of Housing Preservation and Development (“HPD”) and provides new multiple dwellings with an exemption from real property taxes based upon the increase in value due to the new multiple dwelling that is being constructed on the property. These benefits equal up to three years of construction period benefits (100% exemption) and between ten and twenty-five years of post-construction period benefits (which start at 100% and phase-out over the post-construction benefit period). HPD issued a Preliminary Certificate of Eligibility for 70 West 139th Street for construction period benefits on November 9, 2016. To continue to be eligible for 421-a tax exemption benefits, which for 70 West 139th Street would include twenty-five years of post-construction real property tax exemption benefits, the developer must comply with any additional requirements of the 421-a Program and receive a Final Certificate of Eligibility from HPD that the developer must thereafter file with the Department of Finance. Otherwise, 70 West 139 Street may lose all of its 421-a tax benefits all the way back to the benefits granted by the Preliminary Certificate of Eligibility.
The amenities will include an expansive lobby with virtual doorman, onsite parking for 32 cars and 34 bicycles (with 220V electric outlets for car charging), 54 private storage rooms and an indoor & outdoor fitness and recreation center.
The estimated sales prices, unit sizes, and income requirements are as follows:
421-a Units at 90%, 125%, 150%, and 165% of Area Median Income (AMI)
* Subject to occupancy Criteria
** Income guidelines subject to change
Eligible buyers should have 10% of the purchase price available for down payment. Buyers must occupy the condominium as their primary residence. Please note that the quoted sales prices, maximum household income, amenities etc., are estimated and are subject to change.
CLICK HERE TO DOWNLOAD APPLICATION
OR REQUEST BY MAIL:
Parkadon Condo, c/o Housing Partnership Development Corporation
242 W. 36th Street, 3rd Floor
New York, NY 10018
Include a self-addressed and stamped envelope.
Informational sessions will be held on:
Thursday, January 12, 2017 and Thursday, January 26, 2017 at 6pm at Morija SDA Church, 314 West 120th Street, New York, NY 10027. Seminar attendance is not mandatory to purchase a home.
Qualified applicants will be required to meet income guidelines and additional selection criteria. Completed applications must be returned by regular mail only (no priority, certified, registered, express, oversized, or overnight mail will be accepted) to a post office box number that will be listed on the application, and must be postmarked by February 22, 2017, the deadline date. All applications postmarked after the deadline date will be set aside for possible future consideration. Applications will be selected by a lottery; applicants who submit more than one application may be disqualified. General preference will be given to New York City residents. 5% of the units are set aside for mobility-impaired applicants. 2% of the units are set aside for visual or hearing impaired applicants. Preference for a percentage of units goes to: Residents of Manhattan Community Board 10 (50%) and Municipal employees (5%).
EACH BUYER MUST OCCUPY THE HOME AS HIS PRIMARY RESIDENCE. Any prospective applicant who currently owns or previously has purchased a residential property is ineligible.
No Broker’s Fee. No Application Fee. Owner Occupancy Required.
This advertisement is not an offering. It is a solicitation of interest in the advertised property. No offering of the advertised units can be made and no deposits can be accepted, or reservations, binding or non-binding, can be made until an offering plan is filed with the New York State Department of Law. This advertisement is made pursuant to Cooperative Policy Statement No. 1, issued by the New York State Department of Law, file number CP16-0039. Sponsor: Harlen Park Development LLC, c/o Parkadon Development LLC, 15 Charles Street, New York, New York 10014.