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PHOENIX FALL REAL ESTA TE/HOMEGroundbreaking HeldAn enthusiastic crowd gathered at the historic triangle building located at the intersection of Fulton Street with Grand and Putnam Avenues on July 21 for a ground breaking ceremony hosted by the Improvement Association of Fulton Street (IAFS).The triangle building was recently purchased by the Improvement Association and will be its headquarters and community development anchor. IAFS, a not-for-profit local development corporation, has over the past four years worked to upgrade the commercial activity on Fulton Street from Clermont to Franklin Avenues. According to Robert Viscount, president of the organization, IAFS's revitalization plans will bring much needed goods and services to the community in addition to improving the safety and appearance of the shopping strip.For information about IAFS and its activities, contact Atchudta Barkr, executive director, at 789-4680/4692.Ribbon Is SnippedThere was a ribbon-cutting ceremony July 28 at 585 E. 21st Street in Flatbush to mark the completion of a three-year construction project of a building which will provide much needed housing for low income tenants. The six-story building is located between Ditmas and Newkirk Avenues.Bernard Brodsky and Sidney Silverstein, principals in Ditmas Arms Associates, purchased the building four years ago, and the Flatbush Development Corporation (FDC) became community sponsor and provided marketing sendees, tenant screening, personal home visits and credit checks for prospective tenants. Local residents, senior citizens and the homeless were given priority for the rentals. FDC Housing Management, Inc. provides management services.\tional investments and rehabilitation on the block. The work on the block has had a notable and visible effect in the area,%u201d says Mark I^evy, FDC%u2019s deputy director and director of housing services. Shari Imperato is in charge of the E. 21st Street project.FDC%u2019s housing programs have gained national attention over the past 11 years. 585 E. 21st Street is one of 22 buildings that the agency manages in the North Flatbush area. Funding was provided by Housing and Urban Development (HUD) and the NYC Housing Development Corporation (HDC). The NYC Department of Housing Preservation and Development (HPD) provided the Section 8 subsidies.Senior Rooms OpenedNewly-renovated, single-room residential units are now available for permanent occupancy by older adults at 683 Dean Street, between Vanderbilt and Underhill Avenues in Brooklyn. Sponsored by Progress of Peoples Development Corporation, an affiliate of Catholic Charities, Diocese of Brooklyn, the St. Joseph-Dean Street elevator building consists of 54 residential hotel units located in a 3-story, fireproof, concrete structure formerly used as a school.Every furnished unit was designed to provide both sitting and sleeping areas as well as storage space in single rooms ranging from 175- to 226-square feet. All units have windows.Building services feature 24-hour security, room-to-service-desk intercoms, individual mailboxes, a fully-equipped cafeteria (to provide at least one meal per day), a dining area, a common lounge and kitchenette for residents%u2019 use, and coin-operated laundry facilities on each floor. Residents may install private telephones and have their own refrigerators, but no cooking is permitted in their rooms. Each of the 18 bathroom/shower facilities will be sharedby no more than three residents.To be eligible, single men and women without children must be 55 years of age or older and have a total annual income of less than $10,000 per year. Funding for this project was provided by the City of New York and the Federal Deparment of Housing and Urban Development (HUD).Applications should be made in person at the Catholic Charities%u2019 St. Ixiuis Senior Citizen Center, 230 Kingston Avenue (located in the David Chavis Apartments), every Tuesday morning between 9am and noon. Any person interested in applying should be prepared to submit a birth certificate, a social security card and income verification.A sample room at 683 Dean Street.Grenadier In StarredGrenadier Realty Corporation has resigned management of ten condominium and cooperative apartment buildings in New York and New Jersey, effective in July. Unaffected by these changes, are several large coops Grenadier will continue to manage. Grenadier, says its president, Robert Rosenberg, will now concentrate on its portfolio of government assisted housing, as well as on rental housing, commercial leasing and conversions, areas %u201cwhere there is much better potential for profitable growth.%u201d In addition, it is participating heavily in the growing development activities of Starred Housing Corporation, its parent corporation, he says.Rosenberg said that after an exhaustive study, the organization concluded that management of the properties, which his firm resigned, containing over 2500 apartments, was not profitable. %u201cIn order to continue to provide the quality and range of services to these owner occupied properties that we have done in the past, we would have had to raise management fees considerably,%u201d he said. %u201cWe do not believe that such fees are achievable in this market.%u201d%u201cI became increasingly aware of this during recent endeavors to expand our management company by purchasing other firms,%u201d stated Rosenberg. %u201cWe couldn%u2019t find a company to acquire that was sufficiently profitable to be worth the investment. The best of them seem to be just covering salaries.%u201d He cites the increasing sophistication of co-op boards, who demand more services from their agents and market competition to keep fees unrealistically low as contributing factors. %u201cUnfortunately our basic expenses in small buildings are almost as high as they are in large buildings. Writing monthly reports, attending meetings, etc. take the same amount of time no matter how large the building.%u201dI f yo u own a house built before 1920 - and you want to restore its original charm and character, you should be reading:TheOld-House JournalThe Old-House Journal is the award-winning national how-to magazine produced right here in Brooklyn. Subscriptions: $18/yr. All back issues from 1976 are also available.The Old House Journal, 69A Seventh Ave.. Brooklyn 11217(718j 636 4514CENTURY 21 KLAHR REALTY isopening doors in yourneighborhood,25 years of vison has made Michael Klahr the driving force in Real Estate development in the Brownstone Neighborhoods of Brooklyn.Rentals %u2022 Co-ops %u2022 Residential %u2022 CommercialBefore you invest money in Real Estate,spend a few hours with us.Gnluijc.T n i Z j T i Z |KLAHR, %u2022 41 Sehermerhorn St.(718) 624-6084P a u l GertzRealty Com panyPropertiesBought %u2022 Sold %u2022 Rented211 Court Street1[ U O I V V , f f J U/IL4 r r w i ^ i i /(718) 625-3700your brooklyn heightsneighborhood real estate office25 years of serviceour professional staff is available to serve youseven days a w eekheights cranford incbrownstones %u2022 co-opsapartment rentals %u2022 sub-letsbrooklyn heights %u2022 cobble hill carroll gardens %u2022 park slope144 montague street (718) 624-7000September 11, 1986, THE PHOENIX, Page 27