New York Wheel and Empire Outlets increase value and demand for Staten Island real estate

via SILive.com

With the Renaissance of the North Shore waterfront in the pipeline, Realtors are already seeing area real estate — particularly in St. George — turning into gold.

Whether you’re the owner of a detached St. George home or have recently snatched up one of the condos in the newest Bay Street Landing building, your real estate values are rising with the New York Wheel, Empire Outlets, and Lighthouse Point projects on the horizon.

“Over the past 1 1/2 years, there has been a huge uptick in the demand for residential homes in the St. George area,” said John Pitera, associate broker with the St. George-based Casandra Properties, the leasing and marketing agent for Empire Outlets.

Even before ground is broken on the upcoming projects, St. George real estate prices are already on the rise.

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The Accolade, Bay Street Landing's newest addition features spacious rooms like this fourth floor model condo. (Photo/Bill Lyons)

The Accolade, Bay Street Landing’s newest addition features spacious rooms like this fourth floor model condo. (Photo/Bill Lyons)

WATERFRONT CONDOS

However, much of the demand in the St. George area is for condos on the waterfront — and some new units are commanding prices as high as $1.1 million.

With over 100 new condos added to St. George’s housing stock over the last year, and more than 1,000 units in the pipeline, the area is poised for a large housing growth spurt, said Pitera.

“There has been a drastic increase as far as the volume of sales, interest and prices in the condo and co-op market in St. George,” said Fitzsimmons.

“While the products (condo buildings) speak for themselves and although nothing has changed in the interior, it’s part of the hype that’s taking place with the outlets and the Wheel…This is the closest you’ll get to Manhattan-style living on Staten Island,” he added.

Meadow Partners, which built The Pointe, a sold-out 52-unit condo building in St. George, will officially launch sales later this month at The Accolade, which features a new collection of 100 luxury condominiums priced between $300,000 to more than $1 million.

Not even open for sale to the public, The Accolade is already 13 percent sold, said Jacquline Urgo, president of the Manhattan-based Marketing Directors, which is responsible for marketing and sales of The Pointe and The Accolade.

“We are doing individual previews to The Pointe residents and homeowners of Bay Street Landing,” said Ms. Urgo.

“This is the last opportunity to purchase a home in the (Bay Street Landing) enclave. There are spectacular views of the Manhattan skyline,” she said.

And waterfront condominium resales are scarce as well.

FULL ARTICLE

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