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NEW RENT-TO-OWN PROGRAM INTRODUCED AT LATITUDE CONDOMINIUM IN RIVERDALE, NY

Tuesday, November 25, 2008 / Q-Real Estate Partners

Q REAL ESTATE PARTNERS

         

Release Date:              November 7, 2008

Media Contact:            George M. Cahn: gcahn@cahncomm.com

                                       CAHN Communications

                                       (201) 876-3100

 

 

NEW RENT-TO-OWN PROGRAM INTRODUCED AT LATITUDE CONDOMINIUM

IN RIVERDALE, NY

 

Program Addresses Market Concerns While Allowing Buyers to Build Equity And  

Improve Credit Scores

 

RIVERDALE, NY -- A new program offering home buyers a “rent-to-own” option has been introduced at Latitude, the new 53-home luxury residential condominium rising in the heart of New York City’s desirable Riverdale neighborhood.

The new program offers prospective buyers an opportunity to immediately move into the luxury condominium upon the opening of the buildings without having to worry about current market conditions, insufficient down payment funds or credit issues.

“We’ve essentially removed all of the risk and potential road blocks of purchasing a home today,” notes Robert Quaco, a principal of Q-Real Estate Partners, the developer of the pair of seven-story buildings at the corner of Riverdale Avenue and 236th Street.

“Residents are able to experience the upscale lifestyle we’ve created at Latitude without having to deal with all of the issues facing new homebuyers today.  If at the end of their rental agreement they decide to purchase a home, they can apply a significant portion of their rent towards their down payment which could be as much as $36,000.  Perhaps most importantly, they can use the program to ride out the current market conditions and eliminate their fears about whether or not now is the right time to purchase.”

The new program is expected to appeal to first-time buyers in particular, notes Aroza Sanjana, president of Atlantic Realty Partners, Latitude’s exclusive sales and marketing agent.

“Mortgages are still very much available to qualified buyers, but in most cases, banks and lending institutions are requiring higher down payments than before and are looking more closely at credit issues,” Ms. Sanjana points out.  “This program provides first-time buyers with an opportunity to build a sufficient down payment and/or work out their credit histories without having to wait to live in a spectacular new home.  The worst that can happen is that they’ve simply paid rent to live in a beautiful new home.  The best thing that can happen is that they’ve put themselves in a position to purchase that home at a time when they’re more financially and emotionally ready to do so.”

Under the new rent-to-own program, residents will sign a two-year lease.  One-bedroom homes will rent for approximately $2,000 a month, approximately $500 per month of which can be applied to a down payment to purchase the unit.  Two-bedroom homes will rent for approximately $3,000 a month, of which $1,000 per month will be applied towards a down payment.

Latitude’s homes are currently priced from the low $300,000’s for one-bedroom residences and from the low-$500,000’s for two-bedroom homes.  There are also a limited number of coveted duplex and penthouse homes available, starting at $724,500.

“Riverdale is a terrific neighborhood with a number of rental and coop buildings and million-dollar estate homes, but there has been very little new residential development until recently,” Ms. Sanjana points out.  “Latitude stands at the forefront of that new activity, thanks in large part to renowned architect Karl Fischer’s ability to design a variety of well-conceived floorplans that provide buyers with the flexibility to select the home that best meets their needs and tastes.  What’s more, we believe Latitude offers extraordinary value when compared with much higher prices found in other parts of the city.”  
            Andres Escobar, an outstanding leader in interior design for more than 20 years who is responsible for award-winning work throughout the world, has made his Riverdale debut with striking home interiors and common spaces at Latitude.  His approach combines rich woods and luxurious stone, which give interiors an overall feeling of classic elegance that flows from the well-appointed lobbies to the individual kitchens and baths in the homes.

            Found among the floor plans, which range in size from 604 to1,564 square feet of living space, are nine-foot tall ceiling heights, maple wood flooring, private balconies and terraces, ample closet space and individual laundry facilities in each home.  Kitchens feature CaesarStone quartz countertops, undermount stainless steel sinks with custom made faucets, rich mahogany wood cabinets with butler pantry shelves, recessed lighting and a GE Profile appliance package, while master bathrooms are notable for limestone tile floors with radiant heat, custom designed vanities, Robern medicine cabinets and frameless shower glass doors.

Residents of Latitude will also enjoy a wide range of lifestyle enriching amenities including a gym, rooftop terraces with barbecue grills, children’s playroom, attended doorman and Cyberdoorman service, and optional deeded parking.

Latitude residents will also relish the numerous cultural and recreational opportunities that are nearby, including The Botanical Gardens, Bronx Zoo, Wave Hill Gardens, good restaurants, horseback riding and golf in Van Cortlandt Park and all kinds of shopping.  There are highly rated public schools and several prominent private schools.  Commuters can take advantage of ample public transportation options for a quick ride into Manhattan; the #1 subway line is within walking distance, the MetroNorth shuttles riders from across the street to the Riverdale MetroNorth station which is little more than a 20 minute ride to Grand Central. 

For more information on Latitude, please call (718) 683-3104, or visit the website at www.latituderiverdale.com.  The on-site presentation center is located at 3585 Greystone Avenue at the corner of 236th Street. 

Q-Real Estate Partners, LLC is a New York City-based owner and developer of residential and commercial properties.  The company develops its own projects and provides a full range of development consulting and project management services to clients. 

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