Terraces to tempt the stragglers

Embelesar118, a new residential development at 152 East 118th Street, is promoting an “America Dream” opportunity to own a home at the Rogers Marvel Architects-designed building.

The modern, eight-story building has 57 studio and one-bedroom residences, some with private outdoor space, starting at $199,000.

Most of the available apartments offer subsidized funding so that working New Yorkers who make under $138,600 may qualify for a one-bedroom apartment and those making up to $96,000 may be able to purchase a studio apartment for well under market rates.

Adding to the opportunity is access to SONYMA-approved loans, ensuring low-interest, fixed-rate mortgages that require down-payments of no more than five percent for qualified homebuyers.

The co-operative project also has a 25-year 421(a) tax abatement so that residents will pay only a marginal portion of the real estate taxes for years to come. “The building is selling well because people recognize value and a quality place to put their money,” said Eric Agosto associate broker for the Corcoran Group, and one of the members of the marketing team that is spearheading the sales and marketing.

“This is a beautifully designed project near transportation, shopping and schools, which makes the prospect of living here both practical and possible.”

All of the homes have oversized, energy-efficient windows, wide oak floors, washer/dryer closets with hook-ups and individually-controlled heating and air.

Amenities include two residents terraces, fitness facility, Fresh Direct cold storage closet, package delivery room, bicycle room, on-site parking, attended lobby and live-in super.