Contrary to economic trends, the developer of Belle Shores Condominium in Queens, N.Y., said he is having his busiest quarter to date as he sells the new 78-unit, beachfront property. Fifty-one of the 78 units were sold as of May 1; the property opened in April. “I think people have realized this is a great time to buy property,” says Michael Kerris, chief financial officer and founding partner of the New York City-based developer, FrameWorks Group. “The affordability factor is the best it has been in 30 years. It is unbelievable how affordable things are.”
Belle Shores is selling well for a variety of reasons, including the availability of FHA-insured loans for would-be buyers. Kerris says residents with less-than-perfect credit can qualify for a loan and that those loans allow for low downpayments. The project’s beachfront locale is a big draw, as well.
Kerris moved his family into one of the first units. “We couldn’t find anywhere else that beat the lifestyle,” he says. Belle Shores is located next to the white sand of Rockaway Beach and the second longest boardwalk in the United States. The project includes two- and three-bedroom, single-level and two-story, units ranging from 1,000 square feet to 1,900 square feet. The energy-efficient condominiums are priced from $450,000 to $1 million.
Kerris selected Grasso-Menziuso Architects of New York City to design the condo. “We definitely wanted something that allowed people to take a deep breath when they see it,” Kerris says of the $50 million, modern-style project, which features a glass curtain wall and clean lines.
Architect Chris Menziuso says he was drawn to the opportunity to develop a larger beachfront property boasting not one but three street fronts. “I am an architect who likes street frontage,” he says. “It is more of a challenge to design but the project is a better project because there really are no rear apartments so everyone has a sense of what is going on.”