2001-05-26 / Front Page

Lottery Drawing At Waters Edge

Lottery Drawing At Waters Edge

By Gary G. Toms

The Briarwood Organization held its lottery drawing for new homes at Waters Edge on Thursday, May 10, and the response was overwhelming.

"Interest in this opportunity well exceeded our expectations, said Vincent L. Riso, President of The Briarwood Organization. "After the first 40 homes at Waters Edge were purchased, demand reached a point where we felt that the only equitable way to make our latest phase available was through a lottery."

According to Larry Fasciano, Director of Sales for The Briarwood Organzization, there are two phases involved in obtaining these homes. Phase I of the plan focused on giving area residents an opportunity to own one of these homes through a lottery process. This phase is completely sold out. Out of the 40 homes that were available, twenty-five of the homes have been delivered and are currently occupied. The apartments are renting from $900 to $1,100 per month.

Phase II should start in July and will be completed by Spring of 2002. In this phase of the plan, The Briar wood Organization will be building 60 more all brick two-family homes in Arverne, Queens, and this will allow more residents to have a chance at home ownership.

Conveniently located just steps from the ocean, and within walking distance of a New York City subway station, Waters Edge offers a wealth of architectural advantages and amenities. These homes are constructed of solid brick with poured concrete foundations. Some of the features include gourmet kitchens with designer oak-faced cabinetry and gas ranges, ceramic tile baths with designer vanities and medicine cabinets.

The community is part of the New York City’s Urban Development Action Assistance Program, which means that homeowners will reap significant tax breaks for years to come. These homes are exempt from real estate taxes for the first 11years.

"Taxes are only payable on the land you own," said Mr. Riso. "On the 12th year, the home is ninety percent exempt. With the exemption being reduced every year thereafter by ten percent. By the time this tax break totally expires, a homeowner could conceivably save up to $31,000 or more."

Building homes since 1912, The Briarwood Organization is noted for the quality and value it has provided homeowners in every type of residence, from single-family homes to multi-story condominium towers.

Those who attended the drawing included Chase Manhattan Bank’s Lawrence Hamilton, Mujeeb Rahman and David Forbes. Also taking part in the festivities was Assemblywoman Audrey Pheffer, Pauline Rhodd-Cummings from the New York State Senate, Johnathan Gaska of Community Board 14, Liz Sulik from the Rockaway Chamber of Commerce, JoAnn Shapiro, Valerie West, Annabel Marte, from Audrey Pheffer’s office, Vincent L. Riso, President of the Briarwood Organization, Larry Fasciano and some of the home owners. All lottery participants will be called to set up an appointment.

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