Sales Begin at FHA-Approved Condo Building in Brooklyn
- May 01, 2009
New York–Sales have begun at 111 Monroe St., a six-story ground-up residential building in Brooklyn, N.Y. “This property offers comfortable living at an incredible price point,” says David Behin, executive vice president of The Developers Group, the exclusive sales and marketing firm for the project. “111 Monroe is an FHA-approved building, which means that loans are granted with more flexibility and protection for buyers, and only a 3.5 percent down payment is required. To buyers, this means that for less than a $20,000 down payment, and monthly expenses around $2,500 per month, they can now own for prices that are cheaper than rent. We think that this is a great opportunity to buy.”The 29-unit 111 Monroe, designed by KSQ Architects, features one-bedroom units of 685-sq.-ft. and two-bedroom units of 950-sq. ft. Each unit features wide white oak plank flooring and soaring ceilings up to 10-ft.-high designed by N+ Architecture. Gourmet kitchens are outfitted with custom walnut cabinetry and glacier-white CORIAN countertops, feature stainless steel Frigidaire, Summit and GE appliances.111 Monroe is located close to public transportation within blocks of the seven-acre Herbert Von King Park, originally known as Tompkins Park, one of the first parks established by the City of Brooklyn in 1871. In addition, the Brooklyn Museum, Brooklyn Children’s Museum, Botanic Gardens, Prospect Park and the Center for Art and Culture of Bedford-Stuyvesant are in the same neighborhood. Prices range from $375,000 to $550,500. Occupancy is slated for early summer 2009.