1999-09-25 / Front Page

Breaking New Ground

Arverne Housing Coming in 2000

As part of New York City Department of Housing Preservation and Development’s (HPD) Homeownership Month, Commissioner Richard T. Roberts attended a celebration for Water’s Edge, the first development under the newly created Arverne Home Ownership Program, on Wednesday, September 22. Located in the Arverne Renewal area, the largest tract of vacant renewal land in New York City, Water’s Edge is the first new housing development in 25 years in Rockaway. Construction started on this project in July 1999 and is scheduled to be completed by late 2000.

Roberts said, "Water’s Edge, a $12 million project is, indeed, good news for Arverne and good news for New York City. Today we can see the fruits of our labor which demonstrates what can be accomplished when government, the private sector, and the community work hand in hand. This project represents a tremendous investment by the city in this neighborhood."

To make the homes more affordable, Borough President Claire Shulman is providing a total of $2.2 million in discretionary city capital budget funds which will be used to make the necessary infrastructure improvements, including re-paved streets and new sidewalks.

"These Water’s Edge homes will bring new market rate housing to the Rockaway Peninsula, along with infrastructure improvements," said Shulman. "They will also spur economic growth and increase the need for more schools, parks and other amenities. I am happy to support this long awaited housing development, the first in Arverne since the fiscal crisis of the mid-1970’s. These new homes are part of the Rockaway renaissance we will see in the next millennium."

Forty, two family homes are being built by the Briarwood Organization on in-fill sites between Beach 59 and Beach 61 streets. The homes are targeted to middle-income home buyers and will be sold for approximately $227,000 to families earning between $40,000 and $133,000, and will take advantage of Arverne’s unique location, offering ocean views and easy access to the beach.

These homes, which are currently being marketed by the Briarwood Organization, will feature gourmet kitchens with designer oak-faced cabinetry, ceramic tile flooring, designer vanities, off-street parking, private garage on the lower level, plush wall carpeting and a balcony on the upper level.

Vincent L. Riso, president of the Briarwood Organization, said "Since the homes have been on the market, we have had an overwhelming response. Currently, 12 homes are either under contract or about to go into contract."

Chase is providing the mortgages for the homes which are being offered with no closing costs to the buyers. The closing costs are being absorbed by Chase and the Briarwood Organization, the developer of the project.


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