The Central New Jersey Home News from New Brunswick, New Jersey • 23

THES Real Estate New Home Repairs ome News Outdoor Living Gardening UNDAY ins NEW BRUNSWICK, N. SUNDAY, SEPTEMBER 10, 1961 23 Tenants Eventually wn I owers DISOOp families in cooperatives insured by the FHA, as is the case with Bishop Towers. A local example of the successful cooperative project is the Pine Grove Manor garden apartment development, promoted in this area by FCH, the Foundation for Cooperative Housing, which is also handling sales for and organization of Bishop Towers. Incidentally, FCH is now handling 24 cooperative projects in 18 states, including multi-story apartments in Elizabeth, East Orange and Atlantic City. What is more, the general history of the cooperative is such with FCH that in 10 years of handling such projects none have failed in formation and operation, according to Henry F.

Shipherd, local FCH director. Great Interest Shown In the case of Bishop Towers, interest has been great and some 30-odd potential cooperative members have already signed ur. Shipherd reports. The next few weeks should see memberships climb sharply as prospective members return from summer vacations or other activities away from the area. However, it will not be until 90 per cent of the apartments are "sold" that the cooperative can be formed.

In the meantime deposits are held in escrow. of the property is entrusted to this board. The board, in turn, selects a general manager for the apartment and he is held responsible for all phases of operation and maintenance of the project. Monthly carrying charges, which include not only interest, amortization and insurance, but also taxes, reserves, administration and maintenance and operating costs, are set by the FHA after carefully studying the proposed budget for the apartment project. In most instances budgets have been set up in such a realistic manner that within four to five years reserved have been built up to a point that a reduction in the percentage is possible, according to Shipherd.

FHA Retains Interest Board membership meetings held when necessary, plus twice-annual general membership meetings usually suffice to take care of mast problems. But, just in case a board of directors should not function properly or be injudicious in its actions, the FHA retains an active interest through five preferred memberships permitted under pertinent legislation. Seldom, if ever, are these mcmlwrships utilized but they are assurance to cooperative members that their interests will be protected, Shipherd explains. Diversity of Buyers Interest in Bishop Towers has been displayed by a diversity of people. Among first to buy into the new cooperative are several Rutgers faculty members, a city official, a pair of roentgenologists, a doctor, a retired teacher, an industrial executive, a retired welfare worker, a public relations man and a saleswoman.

With facilities ranging from studio apartments to threa bedroom apartments, with or without balconies, the apartments will probably be of most interest to single men or women, young newly married couples or older couples with children no longer living at home, Shipherd predicts. Objections thus far have been few. Mostly they have dealt with the prospect of improving the balance of Memorial Parkwayparticularly that to the north. When this is assured in the very near future Bishop Towers will realize its full potential, Shipherd believes, introducing a new form of living the cooperative apartment to the -New Brunswick scene. In the not-too-distant, future some 168 individuals or families will be on their way toward owning the apartment building in which they are living, the new and ultra-modern Bishop Towers the area's first multi-story cooperative apartment project.

Now nearing completion on a four-acre tract between Commercial Avenue and Bishop Street, and adjoining Memorial Parkway, the new 10-story apartment building will bring to New Brunswick something that is an important part of big-city life in major metropolitan centers, the cooperative apartment. Without Disadvantages In essence, living in a cooperative apartment is like owning your own hou.se without many of the disadvantages such as cutting the grass, trimming the hedge and the many other chores well known to the average homeowner. Just as, in the case of buying a house, you make a down payment and pay off the mortgage in monthly installments in the cooperative apartment project you make a down payment and the monthly carrying charges not only go to pay off the new "old homestead," but also to pay for its maintenance and operation. Insured By FHA Actually throughout the United States more than 100,000 families are owners of cooperative apartments, with about 33,000 Elect S-Man Board But with the necessary number of members signed up, a -Hi i general membership meeting is held, a five-man board of di rectors is chosen in an open election, and the management Levitt Hemes In Matavvan On Schedule Excellent progress has been sit i. 1 Ws A reported for the new Strathmore community being built by Levitt and Sons in Matawan Township, Monmouth County, and the timetable for the job is going right on schedule.

A i i i Company President William J. Levitt announced this week that construction has already started on five houses in the Exhibit Center fronting on Route 34, and the exhibit houses will be opened in mid-November. Initial occupancy is scheduled for early fall of next year. CORRIDOR WALL-Something different for apartment dwellers is this corridor featured at Bishop Towers cooperative apartments. Resembling huge honeycombs, these corridor walls give light, air and a view of downtown New Brunswick.

Layouts Differ Each of the five houses being built has a different layout, Levitt said. There will be a one- CLIN TWP. LOT SOLD Npw Ranrli W.U Rnnmc SM FRANKl story ranch design, a Cape Cod, two Colonials and a large, luxuri ous story-and-a-half model in the FRANKLIN TOWNSHIP-A va- EAST BRUNSWICK The new utility room, half bath and the lot 100 b' 250 feet at the cor" nine-room Colonial raised ranch rage on the first level. The house mT of Walnut Street and 9th pattern of the company's fa-1 mous Country Clubber houses. The prices will range from aboutlith two-car attached garage at i is on an irregular lot with four Mrccl llas been sol(1 Mr- an" $16,000 to $25,000 and all the 8 Snowden Road in the 1'nner houses will be centrally air-con-; Brunswick develonment off Rues VIEW FROM THE TOWERS This picturesque down-river scene from an upper balcony is one of many features by Bishop Towers, the area's first multi-story cooperative apartment now nearing completion.

i --u ii. i sides measuring 186, 130, 39 JPn UDlaK Jr- 01 215 fcot. Charles Metuchcn, to Mr. and Bellettiere is a driver for Burko! Mrs. Ignp Grialzky of 148 Hale Truck Rentals of Newark.

New Brunswick, Griatzky is his wife Helen took title Aug. operator at the Algro Knitting and moved in immediately. IVIills in Milltown. He and his wife Broker in the transfer was thejMary Ann tf)ok liUe to the PP" David B. Marshall Co.

of on wlich they plan to build -at-Matawan, disclosed this Co- of HaIet- thc builder, by Levitt, will be a Bath and to Mr. and Mrs. John Bellettiere Tennis Club to be owned and op-jjr. erated by the residents The club The bi.level has th 'ill nnva civ nil i 1 1 ltav Innmc 1 courts, a large swimming poolbedmoms with bath, living room a home, Aug. 31.

aimer in cne with separate diving area, a com dining room and large eat-in 'Route 38, with the sale being kitchen on the main level, and a made by Mrs. Gertrude M. conveyance was George W. Miller of New BrunswicK, with Lawrenca H. Suydam as salesman.

pletelv separate shallow pool for small children, and a snack bar. fourth bedroom, recreation room, I Howell. LL FORECAST FQf? luxury 1 SS i I. (. I DU it 0 1 MM Sffl V.

i i i 1 1 3rd 1 25 HOUSES SOLD LAST SECTION i 1 :,7 GRAND OPENING THIS WEEK END! 4 "The IAAYFA18 Split-level HERE li everything fn location, environment end convenience one could otic for. The beautiful wooded setting the spacioui, magnificently designed homes THE BALANCED RESIDENTIAL AND INDUSTRIAL GROWTH IN THIS FINE COMMUNITY GIVES THE HOMEOWNER A SUBSTANTIALLY LOWER TAX RATE THAN THE MAJORITY OF NEW JERSEY TOWNS. YOU SAVE li ON TAXES. SPLIT HilCH HUT EiAWWlM the easy accessibility lo every need oil add up to the last word In wonderful suburban living. Nearby are Edison Township's fine schools (Oak Tree School Is fust across the street) parls and playgrounds all houses of worship the Menlo Park and other shopping centers swim clubs golf courses and country clubs.

Within a few minutes are the Garden State Parkway, N. Turnpike, U. S. Route 1, Route 27 and the new East-West Freeway. Excellent commuting to Newark and New York City is available via express bus or the electrified Pennsylvania Railroad.

Who could ask for anything more CUSTOMED STYLED COLONIAL SPLIT LEVEL BI-LEVEl RANCH HOMES ON LANDSCAPED, WOODED PLOTS OF 7,500 SQ. FT. TO ONE ACRE 8 ROOMS 2Vi BATHS 4 5 BEDROOMS 2-CAR GARAGES RECREATION ROOM OR ALL-PURPOSE ROOM INTRODUCTORY PRICE TILL OCT. 15 i I Room 2 Car Garage Wood Windows 4 Bedrooms Paneled Recreation 100 Amp Service MINIMUM V3 ACRE LANDSCAPED PLOTS i Mir' nil frm $124.50 MONTHLY- PAYED ROADS, SIDEWALKS IN AND PAID FOR luxury features galore Including brick and frame exteriors targe living rooms with picture or bay window separate, full-size dining rooms ultra-modern kitchens with eating space, built-in even, counter-top range, wood cabinets with Formica counters colored ceramic lite bathrooms with colored fixtures, Vanitory, stall shower full basements gas-fired forced oir heating. YEAR HOUND AIR CONDITIONING IS OPTIONAL IN Ail MODES.

i VIRGINIAN 523,990 From 1- 1 II I I I II 10 rooms, center hall, rnnu ttvla liuinn mnm 1 8,990 k. aster bedroom, finished 0 bol- master A. dressing room off CITY SEWERS ALL UTILITIES INSTALLED BY BUILDER its 1 1 '11 recreation room, 4th bedroom, powder room 1 3wer level. Storage room and laundry room. GEORGIAN 8 large rooms, $1Q QQA ti 21j en- 1 i KS3 "51 14 trance ho" ond living room have inlaid 1 a parquei noors, DUin-in uininy uui in kitchen, laundry room, private master 3th ond stall shower.

i i i rzr II COZZENS LANE, NORTH BRUNSWICK -a I 111 1 mums-mD momi homes open daily Sundays DIRECTIONS: Garden Slat Parkway te U.S. 1, txit 130. Talc Rt. 1 ill 2 milt past North Brunswick Traffic Cirel (Landis Ford). Turn right at Cozitn's Lan (Adamt Station turnoff) to models.

Model 20 mun rrm 40 mnmis nm vvn yck cn OtRtaiONS: CareJon Slata Parkway urt to Eit 131 J. loufe 27); Wfl on Route 27 firt liaht and turn en Oak Tre Rood; tofitinu on Ook Tre Eoad tc Mofiei Kon of Edison Oaks. Off: F60M PtAiNriaD euf fok Ave. to Cuk Ttee lotl en Oak Tr Sood to MoHst hsmps. phone CH 7-3733.

Sales Agents: The Jelin Agency, CH 3344. Prircipal, Interest. Th end Iniurnr i. a4 CO, IUSLM si.