A Mount Vernon developer has broken ground on the Roosevelt at Franklin, a $14.5 million condominium development in the city priced to attract middle-class buyers.
The developer, Terrence Horton, said his company, QFI, seeks to provide housing for those making too much money for government-subsidized housing programs, but too little to afford the “luxury condo” projects appearing throughout Westchester County.
“The condo complex will have a high-end feel to it and a midrange price tag,” Horton said in a statement.
Asking prices at the 12-story Roosevelt at Franklin, which will have 42 units, will be $260,000 for a one-bedroom unit and about $375,000 for two-bedrooms, considerably less than at complexes going up elsewhere in the county.
The one-bedroom units are about 750 square feet each, and the two-bedrooms are about 1,100 square feet.
Carmen Sylvester, executive director of Mount Vernon”™s Urban Renewal Agency, said there was an adequate amount of housing affordable to low-income residents in this city of 67,900, but said certain sectors of the economy, such as the middle class, have not been served.
The median price of a single-family home in the county at the end of April was $635,000; for a condo, it was $392,000.
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