Building: The Atlantic Terrace

The building is a Condop with commercial space (75% of “Atlantic Condominium Association” is owned by “Atlantic Terrace 12 Apartments Corporation”). The Coop was incorporated in 2007. It was developed with public and private funding and it is subject to regulatory agreements with the NYC Housing Dev. Corporation, NYC Dep of Housing Preservation and Development and other public institutions.

The Coop owns the residential portion of the Condo with 75% interest in the common elements of the Condo.

The Coop (residential part) consists of a total 79 shareholders (79 unites).
9 apt. must be sold to purchasers whose annual income is not greater than 65% of the area median income.

31 apt. must be sold to purchasers whose annual income is not greater than 80% of the area median income.
19 apt. must be sold to purchasers whose annual income is not greater to 130% of the area median income.
The remainder of the residential apt. may be sold at market values.

Building Description Provided by Rami Rabayah