Out-of-towners flocking to Staten Island for its urban environment

More on the SI real estate scene. Tracey Porpora reports for The Staten Island Advance.

William Yost and his wife, Aerin, on the balcony of their condo in The Pointe in St. George. (Staten Island Advance/Bill Lyons)

Many former Staten Islanders are being drawn “back home” by the North Shore waterfront’s urban environment.

  “I have a growing family, with new twin boys and a daughter, so (Manhattan) is getting too small. My wife and I looked at different areas, and prices in Manhattan are out of control,” said Patrick McCarthy, 34, a West Brighton native who is relocating from Manhattan’s upper Upper West Side to The Accolade, a condo complex in St. George’s Bay Street Landing.

“My wife and I looked at Brooklyn, where the prices were good a few years ago, but now the prices there are just as high as Manhattan,” added McCarthy, who noted his wife is a native of California.

The mortgage loan officer said St. George is appealing to him because he wants a short commute to his job in Midtown, allowing him to spend less time traveling to work and more time with his family. 

“I can live in The Accolade and take a two-minute walk to the ferry, hop on and get to work in less than an hour,” said McCarthy.

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NEWS SALES ACTIVITY PUSHES THE POINTE TO 60% SOLD ON STATEN ISLAND’S NORTH SHORE WATERFRONT

The Pointe Terrace SMALLMeadow Partners and The Marketing Directors announced today that 60% of The Pointe’s luxury condominium residences have been sold, signaling another marker of success for the boutique building conveniently situated just steps from the Staten Island ferry terminal in St. George.

The new milestone was reached after three new sales were recorded last week at the six-story building located at 155 Bay Street on Staten Island’s burgeoning north shore.  The steady sales pace reflects the widespread appeal of The Pointe, which features expansive condominium residences, desirable outdoor space, spectacular views of the St. George waterfront and Manhattan skyline and attractive prices.

Available one- and two-bedroom residences range in size from 962 to 1,255 square feet of living space at prices starting from $340,000, with immediate occupancy available.  The building is approved for FHA financing and has a 421a tax abatement.

“We’re delighted to have reached this point in our sales program,” notes Jacqueline Urgo, President of The Marketing Directors, which was retained by Meadow Partners as The Pointe’s exclusive marketing and sales agent.  “We’re delivering a unique living experience in a convenient waterfront location that’s on the rise, and both the marketplace and brokerage community are responding favorably.”

Residents of The Pointe enjoy a lifestyle rich in luxury and comfort.   The modern, brick building features an elegant attended lobby, stylishly designed with marble flooring, artistic stone borders and custom wall coverings.

Design distinction and comfort extend to the residences as well, which feature top-of-the-line stainless steel kitchen appliances, sumptuous baths adorned with high-end stone and ceramic tile, a full-size washer and dryer and abundant closet space. Hardwood floors are complemented by the exceptional palette of interior finishes.  Each home also offers private outdoor space, while the building features an expansive common landscaped terrace – all of which maximize the spectacular views of the Manhattan skyline and Hudson River.  Onsite garage parking is available.

Homeowners at The Pointe also enjoy the added convenience and long-term benefits associated with the operation of the building thanks to My Green Condo, a unique online management platform offering tools for condominium associations to carry out all their management responsibilities in an efficient and effective manner, while also facilitating and promoting a green environment.

The Pointe’s location in an area targeted for major reinvestment, including new retail and recreational attractions, is also resonating with buyers. Fine Fare Marketplace is scheduled to open in April in the base of The Pointe, featuring a full line of groceries, gourmet deli, bakery, full-service fish and butcher shop and a grab-and-go prepared foods section.  Other neighborhood enhancements include the recent announcement to develop a 350,000 square-foot mall consisting of 100 retail outlets and the transformation of the former U.S. Lighthouse Depot into a $140-million waterfront enclave featuring stores, restaurants, a hotel and housing.  And in nearby Stapleton, work is underway to redevelop the former Navy Homeport site into 30,000 square feet of street-level shops and restaurants which will combine with a new public plaza and a six-acre waterfront esplanade.

For more information on The Pointe, visit www.OwnThePointe.com, or call 718-815-0155 to make a private appointment to view the new spacious one- and two-bedroom homes.

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About Meadow Partners

With over 40 years of combined real estate experience, Meadow Partners brings the assurance of a reliable, well-funded ownership team that is firmly committed to the development and success of The Pointe and the redevelopment of the Staten Island waterfront. Their demonstrated talent, long-range perspective, and financial strength has set to redefine the standards of quality and excellence of North Shore living.

About The Marketing Directors

For more than 30 years, The Marketing Directors has been the preeminent development advisory and marketing and sales force in luxury residential development. Its team works exclusively on behalf of elite owners and builders of residential housing to develop, market and sell customized, architecturally-superior spaces. The Marketing Directors’ sophisticated professionals are industry leaders, respected partners and market innovators. Headquartered in New York City with offices and sales teams across North America, The Marketing Directors has $30 billion in collective sales and has led its clients to successfully sell out more than 1,000 new developments. Past projects include The Sheffield, Linden78, Platinum and The Visionaire.  For more information on The Marketing Directors, call 212-826-8822 or visit www.themarketingdirectorsinc.com

Staten Island development draws grocery chain

Real Deal

 

 

 

 

via The Real Deal

RD POinteSt. George, Staten Island will see a full-service supermarket enter what was becoming a food-desert this spring, the Staten Island Advance reported. Fine Fare Marketplace, a 60-store chain across the Tri-State area, is taking more than 10,000-square-feet on the ground level of  Leib Puretz’s the Pointe condominium, located at 155 Bay Street on the corner Victory Boulevard.

“Why are we so giddy about a supermarket?” Theo Dorian, president of the St. George Civic Association, asked. “Because we’ve been underserved in this area for so long, the opening of a supermarket is actually big news.”

Supermarket owner Mofeed Said said that is was BFC partners plan to develop a hotel, outlet mall and the world’s largest Ferris wheel in the neighborhood that caused him to select the location.

“The last couple of years, there’s been a lot of redevelopment and revitalization,” Said, said. The store will open in late March or early April. [SI Advance] –Christopher Cameron

The Pointe weathers hurricane Sandy

via Staten Island Advance

While Hurricane Sandy battered much of Staten Island’s coastline, The Pointe condominium on the north shore waterfront in St. George fared exceptionally well, much to the delight of its residents.

Power was restored in less than 24 hours and no damage was sustained to the new 57-home condominium building, which is located at 155 Bay St., just steps from the Staten Island Ferry Terminal.

“The systems performed as planned and the building was virtually unaffected,” notes Jacqueline Urgo, president of The Marketing Directors, Inc., The Pointe’s exclusive marketing and sales agent. “One homeowner sent ownership an email praising the building’s quality construction and commenting on how happy she was that they fared so well during the storm.”

Brought to market earlier this year by real estate investment firm, Meadow Partners, The Pointe is a modern, six-story building featuring a variety of one- and two-bedroom homes ranging in size from 962 to 1,255 square feet of living space. More than 50 percent of The Pointe’s 57 residences have already been sold, with closings underway.

Attractively priced from the $300,000s and available for immediate occupancy, the residences are equipped with top-of-the-line stainless steel Kitchen appliances; sumptuous baths featuring high-end stone and ceramic tile; a full-size washer and dryer; abundant closet space. Hardwood floors are complemented by an exceptional palette of interior finishes. Each home also offers private outdoor space, while the building features an expansive common landscapea terrace – all of which maximize the spectacular views of the Manhattan skyline and Hudson River. Onsite garage parking is also available.

Residents also enjoy an elegant attended lobby, stylishly designed with marble flooring, artistic stone borders, and custom wall coverings. The Pointe is located in an area with extensive plans for exciting new retail and recreational attractions, including the recent announcement to develop a 350,000 square-foot mall housing 100 retail outlets and the transformation of the former U.S. Lighthouse Depot into a $140-million waterfront enclave featuring stores, restaurants, a hotel and housing.

For more information on The Pointe, visit www.Own-ThePointe.com, or call 718815-0155 to make a private appointment to view the new spacious one and two bedroom homes.

 

Staten Island buyers have different Pointe of view

 

 

The Pointe on Staten Island’s north shore waterfront is quickly approaching the 50% sold mark, an impressive milestone for the new luxury condo at 155 Bay Street near the Staten Island Ferry Terminal.

A number of buyers have already moved in to the building, a collection of 57 one- and two-bedroom units all with outdoor space that give residents Manhattan views that rival anything along the Gold Coast. The homes are priced from the $300,000s, with immediate occupancy available.

And, says Jacqueline Urgo, president of The Marketing Directors, as both the rental and sales markets have begun to tighten, buyers are starting to take more notice of the oft-overlooked ‘other’ island.

“The sales success of The Pointe demonstrates the widespread appeal and exceptional value of this unique residential offering,” said the president of The Marketing Directors, which was retained by Meadow Partners, the international real estate investor and asset manager, as the building’s marketing and exclusive sales agent.

“A commuter-friendly location with convenient ferry service to downtown Manhattan, spacious homes with upscale finishes and appointments, and a price point that has all but disappeared from the New York City new construction marketplace are proving to be a winning formula here.”

The new residents at The Pointe run the gamut of buyer types — from current renters looking to move up to homeownership to empty-nesters interested in a more manageable, maintenance-free lifestyle.

“The availability of immediate occupancy allows us to quickly move buyers from purchase to move in, an advantage that has gained favor with the public, particularly renters who are ready to make the move to home ownership,” Urgo points out.

CONTINUE READING THIS STORY AT REAL ESTATE WEEKLY >>>

 

FIRST RESIDENTS MOVE INTO THE POINTE CONDOMINIUM ON STATEN ISLAND’S NORTH SHORE WATERFRONT

New Luxury Building Passes 30% Sold Mark

STATEN ISLAND, N.Y, August 7, 2012 – The first buyers who purchased new condominium residences at The Pointe on Staten Island’s north shore waterfront have begun moving in, adding a new level of activity and excitement at the luxury building which is already more than 30% sold.

Several closings have now taken place at The Pointe, which features a collection of 57 one and two-bedroom residences, desirable outdoor space, spectacular views of the St. George waterfront and Manhattan skyline and a commuter-friendly location just steps from the Staten Island Ferry Terminal.

The homes are attractively priced from the $300,000s, with immediate occupancy available.

The new residents run the gamut of buyer types — from current renters looking to move up to homeownership to empty-nesters interested in a more manageable, maintenance-free lifestyle, according to Meadow Partners, the international real estate investor and asset manager which hired the Marketing Directors, Inc. to launch sales at the 155 Bay Street building in spring, 2012.

“Welcoming our first homeowners is an exciting and important milestone as it adds life and energy to the building while also providing new buyers with an added level of confidence in their new home purchase,” notes Jacqueline Urgo, President of The Marketing Directors, Inc.

“The availability of immediate occupancy allows us to quickly move buyers from purchase to move in, an advantage that has gained favor with the public, particularly renters who are ready to make the move to home ownership. We’re excited about the momentum we’re experiencing and believe it will continue as more residents move in and more buyers visit the building.”

Much of the success of The Pointe can be attributed to its convenient location just steps from the Staten Island Ferry Terminal and a value-laden price point that has all but disappeared from New York City’s new construction marketplace.

Also resonating with buyers is the renewed interest and reinvestment in the Pointe’s St. St. George location — known as the “gateway” to Staten Island — and adjacent north shore waterfront neighborhoods.

While a number of cultural and recreational attractions already exist, including the St. George Theater and Staten Island Institute of Arts & Sciences (SIIAS); the waterfront Richmond County Bank Ballpark which is home to New York Yankees’ class A minor league team; the St. George Historic District; the Staten Island Children’s Museum and the Staten Island Botanical Garden, a new wave of modern public amenities and services are on the way. The former U.S Navy Home Port site in nearby New Stapleton is currently being transformed into a vibrant new destination center featuring 30,000 square feet of street-level shops and restaurants and a public plaza. In addition, the City plans to invest $32 million for infrastructure improvements and construction of a new six-acre waterfront esplanade that will provide public waterfront access.

“Our buyers recognize the activity taking place in and around St. George and see an exciting future for this neighborhood,” Ms. Urgo points out. “They understand the potential appreciation in home values in what is already a wonderful community, and they’re acting on it.”

Residents of The Pointe can immediately start enjoying a lifestyle rich in luxury and comfort. The modern, six-story brick building features an elegant attended lobby, stylishly designed with marble flooring, artistic stone borders, and custom wall coverings.

Design distinction and comfort extend to the residences as well, where a variety of one- and two-bedroom homes range in size from 962 to 1,255 square feet of living space. The residences, equipped with top-of-the-line stainless steel kitchen appliances and sumptuous baths featuring high-end stone and ceramic tile, each include a full-size washer and dryer, along with abundant closet space. Hardwood floors are complemented by the exceptional palette of interior finishes. Each home also offers private outdoor space, while the building features an expansive common landscaped terrace – all of which maximize the spectacular views of the Manhattan skyline and Hudson River. Onsite garage parking is also available.

For more information on The Pointe, visit www.OwnThePointe.com, or call 718-815-0155 to make a private appointment to view the new spacious one and two bedroom homes.

###

About Meadow Partners

With over 40 years of combined real estate experience, Meadow Partners brings the assurance of a reliable, well-funded ownership team that is firmly committed to the development and success of The Pointe and the redevelopment of the Staten Island waterfront. Their demonstrated talent, long-range perspective, and financial strength has set to redefine the standards of quality and excellence of North Shore living.

INVESTOR SEES TREASURE ON SI SHORE

By Linda O’Flanagan

 

Madison Realty Capital has taken over a distressed Staten Island condominiumn with plans to finish the building work and market it as a rental.

Joshua Zegen, co-founder and managing member of the institutionally backed investment firm, said he believes the area around the St George building is in line for a renaissance.

“This submarket has become an exciting part of the New York City waterfront, but remains somewhat overlooked by investors,” Zegen explained.

“We identified a great opportunity to access this well-located property at an attractive basis through the senior debt, and now we’re putting the finishing touches on construction and marketing it as a rental.

“Our vertically integrated platform, which incorporates construction management, asset management, and property management in-house, will enable us to seamlessly execute our strategy for maximizing value. Given the local fundamentals and the high quality of these units, we expect the leasing effort to yield strong results.”

Several development plans are already underway in the area. The city has issued a Request for Expressions of Interest (RFEI) for the waterfront parcels near the St. George Ferry Terminal now being used for parking.

Called a “potential game-changer” for Staten Island, Mayor Michael Bloomberg has said the development of the 6.7 acre site will be a catalyst for the further revitalization of the North Shore,
as well as the entire Island.

Talks among the local community have envisioned everything from a glamourous shopping mall, to hotels and theaters, as well as shops and apartments.

The Homeport, a 35-acre decommissioned U.S. Naval Base in Staten Island, is already being re-developed as a mixed-use residential community under the New Stapleton Waterfront Development Plan.

And lronstate Development Company is transforming 7-acres into rental housing and retail stores with the city throwing in another $33 million for road improvements and a new waterfront esplanade.

The Marketing Directors is currently selling homes in The Pointe, a new collection of one- and two-bedroom condos at 155 Bay Street. Managing director Jacquline Urgo said, “Coupled with our attractive prices and a location that’s a Manhattan commuter’s dream, we believe this exciting residential offering will appeal to everyone from current renters moving up to home ownership to empty nesters looking to scale down to a more manageable, maintenance-free lifestyle. ”

MRC plans to finish work on 224 Richmond Terrace, known officially as The View, and launch its leasing effort soon, with Casandra Properties handling leasing for both the residential and retail portions of the property.
The original owner planned it as a condo, but defaulted on its construction financing in 2009, after which the original lender filed a foreclosure action.

MRC previously purchased the non-performing first mortgage for $8.4 million (approximately 66% of the unpaid principal balance and 52% of the payoff balance including interest) from Bank of New York Mellon, and has now taken title by completing foreclosure proceedings.

Construction is substantially complete, according to Zegen, with only some interior installations and cosmetic detailing to be done.
The building rises 11 stories above the waterfront and features unobstructed views of the Manhattan skyline and the Statue of Liberty.

In addition to the 40 apartments, The View also offers approximately 5,000 s/f of retail space and a community cepter, and benefits from a 15-year 421a tax abatement.

T’he high-quality units were originally intended for sale to Financial District commuters.

VIP EVENT CELEBRATING THE OPENING OF THE POINTE IN ST. GEORGE ATTRACTS BOROUGH PRESIDENT MOLINARO AND AREA PROFESSIONALS

Developer Meadow Partners and The Marketing Directors, Inc. hosted an exclusive party at The Pointe recently to celebrate the opening of the new luxury condominium building overlooking the St. George waterfront on Staten Island’s north shore. The VIP event was held on the building’s outdoor landscaped terrace and attracted a host of dignitaries and area professionals from Staten Island, Brooklyn and Manhattan, including Borough President James. P. Molinaro. Guests enjoyed cocktails and passed hors d’oeuvres while taking in The Pointe’s spectacular views of the Manhattan skyline, Verrazano Bridge and Hudson Bay. When not marveling at the picturesque vistas, attendees toured the building’s furnished model homes which, along with a convenient location at 155 Bay Street just steps from the Staten Island Ferry Terminal, have helped inspire buyers to purchase more than 20% of The Pointe’s 57 homes. “This was the perfect opportunity to shine a spotlight on The Pointe and showcase what makes it such a unique offering in the marketplace,” noted Jacqueline Urgo, President of The Marketing Directors, Inc., the building’s exclusive marketing and sales agent. “It’s an exciting new development that represents a renewed interest in St. George and the surrounding north shore waterfront.”

The Pointe features 57 one- and two-bedroom condominium residences priced from the $300,000s. The homes range in size from 962 to 1,255 square feet of living space and feature hardwood floors, top-of-the-line stainless steel kitchen appliances, sumptuous baths with high-end stone and ceramic tile, a full-size washer and dryer and abundant closet space. Each home also offers private outdoor space, while the building features an expansive common landscaped terrace – all of which maximize the spectacular views of the Manhattan skyline and Hudson Bay. The modern, six-story brick building also features an elegant attended lobby, stylishly designed with marble flooring, artistic stone borders, and custom wall coverings, as well as available onsite garage parking.

Immediate occupancy is available. For more information on The Pointe, visit www.OwnThePointe.com, or call 718-815-0155.

About Meadow Partners With over 40 years of combined real estate experience, Meadow Partners brings the assurance of a reliable, well-funded ownership team that is firmly committed to the development and success of The Pointe and the redevelopment of the Staten Island waterfront. Their demonstrated talent, long-range perspective, and financial strength has set to redefine the standards of quality and excellence of North Shore living.

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