Condos Reach Middle-Income Residents

(Read more on the multifamily market.)

BROOKLYN, NY-Roughly 983 apartments are now available at MeadowWood at Gateway Condominium Apartments, where its $40-million renovation program is entering its final stages. Located in southeast Brooklyn, the condominium homes are being offered at price levels aimed at middle-income buyers. Taconic Investment Partners acquired the 983 unsold condominium apartments at MeadowWood at Gateway last September in a joint venture with Apollo Real Estate Advisors.

The $40-million capital improvement program began in November and is on course to be completed this fall at the condo development. The apartments for sale range from studios to three-bedroom homes, and encompass both high-rise buildings and townhouses. They are priced from $100,000 to $340,000, with an insider’s discount offered to current tenants. Also, a limited number of unoccupied apartments are available immediately to non-residents.