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BROOKLYN, NY-Roughly 983 apartments are now available at MeadowWood at Gateway Condominium Apartments, where its $40-million renovation program is entering its final stages. Located in southeast Brooklyn, the condominium homes are being offered at price levels aimed at middle-income buyers. Taconic Investment Partners acquired the 983 unsold condominium apartments at MeadowWood at Gateway last September in a joint venture with Apollo Real Estate Advisors.

The $40-million capital improvement program began in November and is on course to be completed this fall at the condo development. The apartments for sale range from studios to three-bedroom homes, and encompass both high-rise buildings and townhouses. They are priced from $100,000 to $340,000, with an insider's discount offered to current tenants. Also, a limited number of unoccupied apartments are available immediately to non-residents.

"Our objective is to put ownership within the comfortable reach of middle- income residents," says John Weir, director of development for Taconic, sponsors of the condo offering in partnership with Apollo. "We've created a modern, secure and energy-efficient living environment in a community that offers its residents a growing list of advantages."

MeadowWood at Gateway is situated about a mile from Belt Parkway and the expanding Gateway National Recreation Area. The property is within a half-mile of Gateway Center, Brooklyn's largest shopping mall, and is a short drive from a public riding academy, a wildlife preserve, and the beaches of the Rockaway Peninsula and Coney Island.

"The Gateway neighborhood is emerging as one of Brooklyn's most distinctive communities, combining a high level of vitality with a more open-space environment," says John Reinhardt, president of Fillmore Real Estate, sales agent for MeadowWood at Gateway. "It's Brooklyn, but it's semi-suburban."

In addition to the insider's discount, current residents who meet certain moderate-income qualifications may be eligible for financing incentives from the New York State Affordable Housing Corp., arranged by the Housing Partnership Development Corp., New York City's leading nonprofit affordable homeownership intermediary. "HomeFirst" grants may also be available from the New York City Department of Housing Preservation and Development, arranged by Neighborhood Housing Services of Bedford Stuyvesant.

The capital improvement program for MeadowWood at Gateway includes replacement of all 8,371 windows and 1,146 balcony doors, an energy-efficient heating system, remodeled lobbies with enhanced security features, digital intercom systems for the apartments, new elevators, renovated laundry rooms, extensive landscaping improvements, exterior lighting and security cameras, and redesigned parking lots to enhance the safety and efficiency of traffic flow. "We've created a comfortable, attractive and secure environment, one that encourages a strong sense of community to which working-class families would want to commit, both financially and emotionally," Weir says.

Housing Partnership president Daniel Martin adds "The Housing Partnership and its partners at MeadowWood at Gateway are working not only to help first-time homebuyers finance their purchase, but also to educate them on the process of buying a home and how to maintain that investment for years to come. We are giving residents the opportunity to build personal wealth and contribute to the revitalization of their community."

Instant Insights /

Condos Reach Middle-Income Residents

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