Sales at Bed Stuy Affordable Co-op Pass Halfway Mark
This week The Shelton, the affordable co-op development off Marcus Garvey Boulevard in Bedford Stuyvesant, passed the 50 percent mark. 30 percent of the building was filled through an HDC lottery process in January of this year, then the remaining units hit the open market in February. The one bedrooms are priced from $207,500 -…
This week The Shelton, the affordable co-op development off Marcus Garvey Boulevard in Bedford Stuyvesant, passed the 50 percent mark. 30 percent of the building was filled through an HDC lottery process in January of this year, then the remaining units hit the open market in February. The one bedrooms are priced from $207,500 – $249,00; two bedrooms from $325,000 – $456,500; three bedrooms from $387,500 to $455,000. The units are available to buyers with total household incomes varying between $39,612 and $166,075. As per a deal with St. Phillip’s Christian Church, which used to own the property, there’s a 8,600 square-foot multi-purpose community center included in the development that houses a full-size basketball court, two classrooms and office space for the church.
Bed Stuy’s The Shelton Hits the Open Market [Brownstoner]
The Shelton [Main Site]
The Shelton Gets Bricked [Brownstoner]
Bed Stuy’s The Shelton Tops Off [Brownstoner] GMAP
Can anyone (else) weigh in on the “affordable” rules? These seem rather unaffordable for the income caps, to me. For example, if you pay $456,000 for an apartment, their mortgage calculator assumes your down payment is $91,000, but the apartment has an “Asset cap of $98,418.” How does that work? If you only put down 10%, your monthly payment is $2,800 — does that make sense to you if your household income is $100,000? That is certainly more than I would want to pay!
Can anyone (else) weigh in on the “affordable” rules? These seem rather unaffordable for the income caps, to me. For example, if you pay $456,000 for an apartment, their mortgage calculator assumes your down payment is $91,000, but the apartment has an “Asset cap of $98,418.” How does that work? If you only put down 10%, your monthly payment is $2,800 — does that make sense to you if your household income is $100,000? That is certainly more than I would want to pay!