Sample Projects
George Walker Homes
East New York, Brooklyn was one of the worst neighborhoods in New York City.The neighborhood had a reputation as one of the poorest and crime-ridden neighborhoods in the City.
Problem
East New York, Brooklyn was one of the worst neighborhoods in New York City.The neighborhood had a reputation as one of the poorest and crime-ridden neighborhoods in the City. The neighborhood had experienced a severe population decline. Abandoned housing existed throughout the community.
During the 70's and 80's, New York City, through the in-rem foreclosure process, become one of the largest landlords in the area. Vacant or abandoned buildings were demolished and today many vacant blocks and lots populate the neighborhood.
Solution
Horsford & Poteta Realty was designated by the City to develop and sell 24 homes in East New York. These two and three family homes are priced between $275,000 and $325,000 and are affordable to working class families making 80% of median income. These high quality homes are partially subsidized by City and State funds and epitomize quality affordable housing.
The company has received more than 300 inquiries for 24 homes. Our firm has structure mortages with Citibank and HSBC to minimize both the down payment and closing cost for the buyer. This development will be complete in 2005.
Scope of Work
New construction of 24 homes in East New York, Brooklyn
Total Project Cost
$10,000,000
Reference
Diane Nowlin
New York City Housing Partnership
(212) 493-7400