Bed Stuy’s The Shelton, an affordable co-op building that launched sales in 2012, is now 90 percent sold, according to a press release. The 14-story building at 775 Lafayette Avenue between Throop Avenue and Marcus Garvey Boulevard still has four units available, all two-bedroom, two-bath units, starting at $424,500.
There is no lottery for the co-op units, but purchasers cannot have incomes exceeding $145,250 per household.
Thirty percent of the units in the 83-unit building were sold through a lottery process in 2012. The middle-income co-op units range from one-bedrooms to three-bedrooms. The units have oak floors, granite and Caesarstone counters, and washers and dryers. The building has a part time doorman, gym, bike storage and underground parking. St. Philip’s Christian Church owns community and office space in the building.
Developer TNS Development Group Ltd. contributed equity to the project. Funding came from Banco Popular North America, the New York City Housing Development Corporation (HDC), the New York City Department of Housing Preservation and Development (HPD), the New York State Affordable Housing Corporation (AHC) and The Housing Partnership Development Corporation (HDC).