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Cheap Co-Ops Coming to Morris Heights

May 8, 2008

Rarely do the words “affordable” and “co-op” appear in the same sentence. But at 150 Featherbed Lane, a local development company is trying to turn conventional wisdom on its head.

Construction is under way to turn this former parking lot into a 48-unit apartment complex. Prices will start at $67,000 and rise to $223,000, a relative bargain by today’s standards.

“For too long, people have rented their futures,” said Mastermind Development’s president Radame Perez at a groundbreaking ceremony on April 17. “We believe in giving them the keys to own their futures.”


Mastermind, which owns a slew of properties and empty lots in the west Bronx, are calling the project “Washington Bridge View” – although “Sedgwick Houses View” might have been a more accurate name.

According to Mastermind, more than 50 percent of apartments will be reserved for local residents. Potential buyers must earn a household income of between $40,000 and $90,000. Those interested and eligible will be entered into a lottery.

Each unit comes with its own washing machine and dryer; several units have private terraces. There will be parking, and, on the first floor, retail space.

The idea for the building – which will boast energy-efficient heating and lighting systems and other “green” initiatives – came out of a conversation Perez’s father, Jose, had with Xavier Rodriguez, Community Board 5’s district manager, a few years back.


Rodriguez told the elder Perez that the lot would be a great place for housing. “I want to thank Mastermind for listening,” said Rodriguez at the ceremony. “It means a lot for this community.”

Bronx Borough President Adolfo Carrion is helping finance the $18 million project. Speaking at the ceremony, Carrion – who once held Rodriguez’s job – said that Mastermind “believes in the Bronx.” Assemblywoman Aurelia Greene said she “can’t wait for it to be finished.”

“Everything is going to be just beautiful,” said longtime Morris Heights resident Kathy Speller.

And no one is disputing that. But affordable is always relative. And for many in Morris Heights – where the average salary hovers around $20,000 – even Mastermind’s co-ops remain sadly out of reach.

By JAMES FERGUSSON of the Mount Hope Monitor

Editor’s Note: Construction is expected to be finished in the fall of 2009. Those interested will be able to apply this fall, says Mastermind. To find out more, call the company at (718) 933-1353 or e-mail info@mastermindbxny.com.


One Response to “Cheap Co-Ops Coming to Morris Heights”

  1. Morris Heights Co-ops Still Available : Mount Hope Monitor on February 8th, 2010 7:51 pm

    [...] Related article: Cheap Co-Ops Coming to Morris Heights [...]

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