First-time homeowners find bliss in the Bronx

First-time homeowners find bliss in the Bronx

Marisol Diaz

Blue sky at MeadWood at Gateway in East N.Y.

Its one of the best real estate stories in the city. Maybe the country. It doesnt include $ 60 million penthouses or big-time celebrities. Its not in SoHo or red hot Brooklyn Heights. Its about hardworking New Yorkers who understand the simple notions that owning a home is better than renting, and the Americam Dream is alive and kicking.

MeadowWood at Gateway in East New York is the story of a 19-building rental to condo conversion purchased in 2006 by New York City developer Taconic Investment Partners. Six years later, over 640 of 1,152 units have been sold. More than 85 of those purchasers come from the surrounding area; Over 90 are first-time homeowners.

In the process, the attitude in this corner of East New York on Flatlands Ave.near Gateway Center Mall, the Belt Parkway and Starrett City has changed to one of pride and friendliness.

Jeanne Noonan for New York Daily News

Potential homeowners tour the garden-style homes.

When we took over people protested gentrification and feared renters would get evicted, says Taconic vice president Dan McInerney, who handles the day-to-day operations at the complex for the company who recently sold 111 Eighth Ave. to Google for approximately $ 2 billion. That was never the intention, no r did it happen. It took time to build trust, but what you have now is a strong group of homeowners who want their homes to appreciate in value and to live in a safe, clean and quiet place.

Some of that trust came after Taconic invested over $ 40 million in capital improvements, renovating hallways, lobbies, upgrading mechanical equipment, landscaping, installing playgrounds, and replacing roofs. They also installed over 8,000 new windows and hired a real estate team from Brooklyn-based Fillmore Real Estate. From the beginning, the sales strategy was to educate potential buyers on how and why to buy and to create high-quality home ownership opportunities for New Yorks hardworking middle class. Homeownership seminars taking place in the on-site sales office draw as many as 80 people. On a recent Saturday, full families attended, asking questions on real estate tax abatements and common charges. A credit reparation person was ready in waiting.

Jeanne Noonan for New York Daily News

Kevin Ray teaches literacy at a local school and owns at Meadowood.

Fillmore vice president Jean-Paul Ho, who grew up in Bensonhurst, has made it his lifes calling to understand house purchasing programs available to middle income New Yorkers. Hes a machine, rattling off programs offering closing costs, down payment assistance or renovation aid. His team works with individual buyers to help them select the right plan.