1400 ON 5TH NYC CONDOS NOW ACCEPTING APPLICATIONS

1400 5th LLC - in association with the New York City Department of Housing Preservation and Development, the New York City Housing Development Corporation, the New York City Housing Partnership and Fannie Mae - recently announced that they are now accepting applications for 1400 on 5th Condominiums. Starting June 7, 2002 applications can be downloaded from the Internet at www.1400on5th.com. Applications must be returned with a postmark of no later than July 19, 2002.

Billed as a "breath of fresh air" on upper Fifth Avenue in Harlem, construction on the condominium development began on April 27 and the project is already receiving praise for its unique mix of environmental-friendliness, technology and luxury amenities. The 128-unit development will consist of one, two and three bedroom simplex and duplex condominiums as well as three and four bedroom triplex town homes. Occupancy is slated for the Summer of 2003.

According to Carole Griffin of the Griffin Real Estate Group, the new homes are detailed with granite, marble and bamboo flooring and will offer state of the art broadband Internet infrastructure, advanced heating/cooling systems, air filtration systems and an on site health club. Griffin Real Estate Group is responsible for home sales for 1400 on 5th. The Marketing Directors Inc. (www.themarketingdirectorsinc.com) is heading the marketing effort for 1400 on 5th.

"These condominiums will be offered to qualified applicants who submit applications for the lottery, meet financial eligibility requirements, and agree to owner occupancy of the home as their primary residence," said Griffin.

1400 on 5th will have 85 income restricted and forty-three unrestricted homes. Households with annual incomes from $52,000 to $103,000 are eligible for the restricted homes, which are estimated to cost from $158,000 to $272,000. The remaining 43 unrestricted homes can be sold to households with annual incomes above $89,000. These homes are priced from $272,000 to $700,000. Down payments can be as low as 5% for qualified purchasers. Real estate tax abatements and the New York State Green Building Tax Credit will be available to qualified purchasers.

Preference will be given to residents of New York City's Community Board 10 and 11 as well as active uniformed New York City police offers, and the visually, hearing and mobility impaired.

The developers are encouraging those with Internet access to download the application at www.1400on5th.com. Applications can also be received by sending your name and address to 1400 on 5th, 55 West 116 th Street, Suite 140, New York, NY 10026 or by phoning 212-987-1400.





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