Melrose Court will be located on three square blocks in the Bronx, bound by Brook Avenue, E. 156th Street, St. Ann's Avenue and E. 159th Street. Not only is it centrally located in a growing community of the Bronx, it also offers easy access to public transportation, schools, medical services, shopping and recreational facilities. The prices prove irresistible to moderate and middle income New Yorkers who are searching for a feasible and economical way to afford private home ownership. At a minimum purchase price of $52,000 for a two-bedroom home and $73,000 for a three-bedroom, it's no surprise that within two weeks of accepting reservations, 46 units have been sold. In the words of Reginald Williams, "I've looked and I've looked for a great opportunity like this, but this is the first time I've found a home I can really afford."
One of the reasons why Melrose Court is so affordable is its effort to help create housing at an affordable price for people with an annual income between $25,000 and $50 000. With this in mind, the State's affordable Housing Corporation, the City of New York and the Borough of the Bronx have provided subsidies which substantially reduced the purchase prices. But it is not only the prices that are making this development an enormously popular investment for many families, the location, the building features and the creative approach to its architecture are also very important factors. "We bought a 3-bedroom duplex apartment off the courtyard and I can't wait to move in," says one of Melrose Court's enthusiastic buyers.
Each home at Melrose Court has a private entrance built around a beautifully landscaped courtyard with benches and trees.
There are 10 different floor plans available to choose from for the prospective buyers. The kitchens feature Euro style cabinets, frost-free refrigerators and gas ranges. Each home has a laundry closet with a washer and dryer connection. There are security gates and an intercom system throughout the courtyards. Gas heating, thermopane windows and ceramic tile bathrooms are among the many other standard features. Scaled models of the development along with a model kitchen and bathroom can be seen at the Sales Office.
Melrose Court has been developed by efforts or the New York City Housing Partnership, the Department of Housing, Preservation and Development, the Bronx Shepherds Restoration Corporation and Procida Construction Corporation. Procida is a Bronx-based construction firm that has been designated as the builder for Melrose Court.
According to Christine Procida, the Director of Sales and Marketing: "What makes this a truly exciting development is that home ownership is now affordable for people who rent. The minimum monthly cost to own a two-bedroom residence at Melrose Court is only $655.00 and the down payment is as low as $2,600." Ms. Procida has set up a full-service and bilingual staff to assist buyers in understanding all the complexities of home buying. This is of particular importance to first time buyers who may find the details of these transactions intimidating. There can be no doubt that Melrose Court is providing quality housing that is in great demand. From the way sales are moving, the families themselves recognize the quality and affordability in Melrose Court. This community of 263 affordable and highly attractive 2 and 3 bedroom residences was developed to meet the needs and incomes of families that never expected to own their own homes. It is the ideal place for a family to grow and fulfill many of its hopes for the future.
For more information call 212-299-7000.