Category Archives: In the News

POINT OF VIEW

Posted on June 1, 2012 | Leave a comment

ST. GEORGES WATERFRONT AREA-SITE OF A REAL ESTATE BOOM NOT SEEN IN NEARLY A CENTURY— IS NOW HOME TO A MID-SIZED LUXURY APARTMENT COMPLEX AIMED DIRECTLY AT POTENTIAL BROOKLYN HEIGHTS AND WILLIAMSBURG BUYERS

BY REGINA MOLARO

Imagine living in a spacious, modern luxury home with spectacular views of the soaring Manhattan skyline and a charming outdoor terrace or basking in the sunshine. Although you have this escape – a retreat from the thrum of Manhattan – you can easily be a part of the “scene” if you’re yearning for that vibrant pace that keeps the city pulsating.  Staten Island’s historic St. George area,  home to the iconic St. George Theater, Snug Harbor cultural center and Richmond County Bank Ballpark, offers an ideal lifestyle for those who yearn for the best of both worlds. A short walk to the nearby St. George Ferry Terminal will whisk you off to downtown Manhattan or you can opt to remain local, embracing the community as you soak in the culture that has long been a part of St. George’s storied past.

Due to its proximity to Manhattan and inexpensive commute via the ferry, many real estate experts and investors believe that the St. George area has the potential to become another Hoboken, Jersey City, or Brooklyn Heights. The area also offers local train service to other parts of the island for those who yearn to explore our own borough’s vibe,  and real estate prices have been rising more or less steadily since 2000.  More than any other area of the borough, perhaps. St. George has seen its share of market booms and busts, and it’s easy to see evidence of both — in the latter case by the still-imposing edifices of Carrere and Hastings-designed New York Public Library branch, Borough Hall, and Richmond County Courthouse, all built in the 1910s, along with forgotten glories such as the profusion of spectacular hotels that once lined St, Mark’s Place— the greatest of which was Hotel Castleton, destroyed by fire in 1907.

The frenzy of real estate deals in and around the neighborhood in the last few years is only appropriate, given the history of the neighborhood. And no, it was not named for the famous dragon-slayer. but rather for George Law, who acquired a massive portion of the waterfront in the 19th century, relinquishing part of his rights onlv in exchange for this nomenclature canonization. Ego it seems, truly knows no bounds.

 One of the more fascinating and evolving developments in the ongoing waterfront renaissance is The Pointe —a luxury condominium development at 155 Bay Street. its 57 spacious one-and two-bedroom residences feature such coveted comforts as stainless-steel kitchen appliances and baths embellished with high-end stone and ceramic tiles. The homes range from 962 to 1,255 square-feet, and are also equipped with hardwood floors, a private outdoor space, abundant closets, full-size washer and dryer, and on-site garage parking. Prices currently range from $335,000 to $475,000, with tax abatement and reasonable common charges. As anyone who has attended more than a handful of open houses in areas of the city offering water views will attest, these figures mark the low-end of such opportunities, and interest thus far has been brisk.

The Pointe apartment interior

“The opening of The Pointe represents a renewed interest and reinvestment in St. Geroge, known as the gateway to Staten Island, as well as the extended Staten Island North Shore waterfront,” said Jacqueline Urgo, president of The Marketing Directors—the exclusive marketing and sales agent for the development.

The Pointe’s modern building was originally developed by another company in 2008, but the sales of the luxury residences were off to a slow start in the wake of the financial crisis. Unable to continue with the original plans. The project, though fully-operational. was no longer actively being marketed until recently when Meadow Partners—an international real estate investor and asset manager (with offices in New York City and London) purchased the property from the bank. Featuring an updated lobby and corridors the complex re-launched in March of this year.

The Pointe
155 Bay Street
Staten Island, NY 10301
718.815.0155
www.ownthepointe.com

“Buyer interest was high, and we already have 11 homes sold to date.” added Urgo. Initial buyers from Staten Island, Brooklyn, Manhattan, and New Jersey are lured by The Pointe’s proximity to the ferry—a key selling point, “We’re seeing a combination of younger buyers moving out of rentals and taking advantage of the attractive prices and historically-low interest rales, to empty-nesters who just want a maintenance-free lifestyle and to be closer to their children on the Island. We’re also seeing professionals who commute by ferry to downtown Manhattan.”

Industry insiders, investors, and residents see the the area evolving into a vibrant downtown neighborhood with chic shops, stylish restaurants, and galleries. This strong arts and entertainment fabric will soon be enhanced by a coming wave of modern public amenities and services, as work is underwav to transform the former U.S Navy Home Port site in nearby Stapleton into a vibrant new destination featuring 30,000 square-feet of street-level retail space 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.

“Like most emerging neighborhoods, you need a combination of multiple committed developers, sound planning that combines quality housing, retail, amenities, public open space, and good timing. We’re seeing tangible signs of all of that today,” concluded Urgo.

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

Posted on May 31, 2012 | Leave a comment

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.

CLICK FOR PICS!

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Staten Island Condos Out of the Gate Running

Posted on May 30, 2012 | Leave a comment

By Dees Stribling, Contributing Editor

New York—The appetite for condos in New York has been reviving lately, with new product moving at a quicker pace than since before the recession, according to brokers in the trenches. Not everyone has been turned off to buying their own homes, it seems. “Despite the downturn in the for-sale market and the subsequent push to rentals in recent years, there are still many people in the marketplace who prefer home ownership,” Jacqueline Urgo, president of The Marketing Directors Inc., tells MHN.

As an example, Urgo cites The Pointe. Marketing Directors is the sales and marketing agent for the property, which is on Staten Island near the Ferry Terminal (155 Bay Street), and since its marketing effort began two months ago, about 20 percent of The Pointe’s 57 one- and two-bedroom condos have been sold.

The property’s units range in size from 960 square feet to 1,250 square feet of living space, and come equipped with stainless steel kitchen appliances and baths featuring stone and ceramic tile. Each unit also offers private outdoor space, while the building features a common landscaped terrace–all of which maximize the views of the Manhattan skyline and Hudson River.

The location might be good, but there’s more to it than that, says Urgo. “There’s also a deep-rooted confidence in New York City real estate, including the outer-boroughs like Brooklyn and Staten Island,” she notes. “The early success we’re experiencing at the Pointe speaks to that.”

Urgo adds that in this particular case, The Pointe’s St. George location and adjacent north shore waterfront neighborhoods are enjoying a renewed interest and reinvestment from various private entities and city agencies. The former U.S Navy Home Port site in nearby New Stapleton is currently being transformed into a retail property with 30,000 square feet of shops and restaurants and a public plaza. In addition, the city of New York plans to invest $32 million for infrastructure improvements and construction of a new six-acre waterfront esplanade that will provide public waterfront access.

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Posted in In the News, Meadow Partners, The Marketing Directors

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St. George Buildings That Stood Empty Since Recession Get New Life

Posted on May 29, 2012 | Leave a comment

By Nicholas Rizzi, DNAinfo Reporter/Producer

The Pointe in December 2011. The condo building was left unfinished for three years until Meadow Partners invested in it this year. (DNAInfo/Nicholas Rizzi)

STATEN ISLAND — They sat empty and unfinished for years, but two huge housing units that stood like a North Shore monument to the recession are finally being filled.

The Rail in Stapleton and The Pointe in St. George have been planned for seven years, but development stalled before they could be occupied.

Both opened their doors to potential residents two months ago.

The Rail offers 91 rental units, with a part of the building set off for affordable housing, while The Pointe is a 57-unit luxury condominium building.

The Pointe was nearly completed with five apartments sold when its owner, Leib Puretz, defaulted on his loans in 2009, according to Crain’s New York.

The building sat unfinished for three years, until earlier this year when Meadow Partners bought Puertz’s $56 million debt for $26 million, according to Crain’s.

Since then, The Pointe has attracted plenty of interest, said Jacqueline Urgo, president of The Marketing Directors, which is the sales agent for The Pointe.

“People are responding incredibly well to the value property that we’re offering,” Urgo said. “I think the buyers respect the financial commitment that’s being made to the area. It’s resonating to them.”

Since offering one- and two-bedroom condos, which start at $300,000, The Pointe has sold 12 units, and two more units are likely to sell soon, Urgo said.

Most of the sales were generated by signs placed in front of the 155 Bay St. building.

Urgo said buyers have been excited to get into the early stages of St. George’s redevelopment, which they think has the potential to become the next exciting New York neighborhood.

“They see an exciting future and they know they’re buying in at the right the time,” Urgo said. “It really represents a very good opportunity and a vibrant new destination that’s going to be here.”

Community Board 1 chairwoman Leticia Remauro said the transformation of the North Shore has already begun, with the help of these buildings, and young artists and professionals are moving into the neighborhood, changing it from simply being a hub for government and the Staten Island Ferry Terminal.

“It goes from being an ancillary community circling a government hub — it only operated from 7 [a.m.] to 7 o’clock at night — to being a 24-hour community, and that’s very important,” she said.

The Rail’s construction stalled seven years ago, not just because of the bad economy, but because of community opposition over losing parking spaces, said Joseph Ferrara, owner and partner of BFC Partners, the developer of the building on Prospect Street.

“There was a lot of community opposition to my building because I took over a municipal parking lot,” Ferrara said.

Construction for the building was completed two months ago, and residents have followed, Ferrara said.

“It’s going very well for us over there,” he said.

He said that while the project has been successful since it opened, he has been having a hard time finding tenants whose income is less than the maximum limit required for affordable housing. The income limits vary based on the unit.

“I’m not going to tell you that it’s been a breeze trying to fill it,” Ferrara said. “It’s been a challenge, but we’re getting through it.”

And while the community initially opposed the building, residents have recognized the The Rail’s potential to kickstart the nearby economy, Remauro said.

“It looks beautiful. It is a fabulous addition to the community,” she said. “It seems to me that the surrounding buildings have primped themselves up.”

The North Shore buildings have also started to attract empty-nesters and young professionals who don’t want to move off the Island but can’t afford — or don’t want to buy — a house, Remauro said.

“We’re providing them with the opportunity to have rental housing, and that’s something that I think is important for young people and old people,” Remauro said. “They need to be able to have a rental space until, if, and when they want to purchase.”

Ferrara said about 90 percent of the Rail’s residents are from Staten Island, but Urgo said residents are a mix from Staten Island, Brooklyn, New Jersey and Manhattan.

The Rail, unlike other storefronts on Bay Street, also locked in the Deal$ bargain store to rent the ground-level retail space, something other building owners near it have had trouble doing, Ferrara said. The Pointe has not gotten a tenant for its ground-level retail space yet, Urgo said.

While things are looking up for the revitalization of the North Shore, Ferrara said it’s still hard to attract tenants to live there because people still think the neighborhood is dangerous.

The biggest problem has been the stigma that Stapleton has behind it,” he said. “When people think of Stapleton, they’re thinking of one of the worst neighborhoods to live in on Staten Island.”

Several other projects in the neighborhood have been left unfinished since the recession, but Remauro said several developers have already expressed interest in the buildings.

“There’s just so many positive things happening in the area,” she said. “We the community are anxiously awaiting.”

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First Group of Harrison Station Rentals Are Fully Leased

Posted on May 22, 2012 | Leave a comment

Via GlobeSt.com/ANTOINETTE MARTIN

Harrison Station
is now 100% occupied.

HARRISON, NJ-All 275 units are now leased and occupied at the first Harrison Station complex, Greg Russo, a principal of Ironstate Development, tells GlobeSt.com. Debuting last September as the first rental project in a planned mixed-use community on 245 acres around a PATH Station, the building leased quickly from the start.

“We were able to stop offering concessions by March, and are now seeing some decent rent increases,” says Russo. Because the project was the first luxury rental building to go up in a raw post-industrial area where abandoned warehouse buildings still stand on surrounding streets, a month’s free rent was originally offered as enticement.

The development features an Olympic-size outdoor pool and deck, a fitness center, and other amenities. The exclusive marketing and leasing agent for the property was The Marketing Directors, which is based in New York and which has long been active selling and leasing apartments on New Jersey’s Gold Coast.

Ironstate, which has Pegasus Group as a partner in Harrison, is to begin work within a few months on a 136-room Element by Starwood hotel adjacent to the rental complex and PATH station. Also, by the end of the year, the companies will break ground on a second residential complex, Russo says.

The partners are only two of six development companies at work on projects under way at the massive redevelopment site. Russo Development, headed by Edward Russo – no relation to Greg – has begun construction of a 300-unit rental apartment building.

Heller Industrial has nearly completed demolition of buildings across Frank E. Rogers Boulevard from the PATH station, which is itself scheduled to be rebuilt starting next year. Heller expects to begin work on a mixed-use structure including 65 rentals by the end of the year.

The Ironstate/Pegasus building includes almost 13,000 square feet of street-level space, and Russo says this is also filling up. A Five Guys restaurant is now open at the site, and Russo reported recent lease-signings with a Pronto Gourmet market, Fakara restaurant and the hair salon Pro Cut.

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Posted in In the News, Ironstate Development, The Marketing Directors, The Peninsula at City Place

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Developers Cease to Offer Condo Incentives

Posted on May 14, 2012 | Leave a comment

By JULIE SATOW

The optimism that has washed over the New York real estate market this spring has swept up new developments in its wake. As recently as late last year, buyers could expect to negotiate with developers on price and closing costs like taxes and legal fees. But these incentives are rapidly drying up, buyers, brokers and developers say.

{SNIP}

Incentives have also ended in many neighborhoods not considered the choicest in Manhattan or Brooklyn. Joelle Deroy and her family had lived in Manhattan for 20 years before returning to France about two and a half years ago. “We miss New York and wanted an investment property that could eventually become a pied-à-terre,” said Ms. Deroy, an artist. She recently signed a contract for a studio at the Apex, a 44-unit condominium at 2300 Frederick Douglass Boulevard in Harlem, above the Aloft hotel.

“They were very firm about the price,” said Fabienne Lecole, a senior vice president of Corcoran, which represented Ms. Deroy. “This is pretty new, especially in Harlem. I knew the apartments had been on the market for a while, so we were hoping to get some kind of negotiation. But all of a sudden the market accelerated and there were three offers on the unit, so we paid very close to asking price and were given zero incentives.”

The deal has not yet closed, but studios in the building have gone into contract for $325,000 to $370,000, said Martin D. Brady, the vice president for sales of the Marketing Directors, which is representing the Apex.

“We signed nine contracts in April,” Mr. Brady said, “and two were for the full asking price, while the others were within 2 to 3 percent of the asking price.”

READ FULL ARTICLE >>>

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Rethinking the 55-Plus Market

Posted on May 11, 2012 | Leave a comment

The New York Times reports on the 55+ market in New Jersey and spotlights Byron-Hill Homebuilders Villagio in South Brunswick.

SOME would-be buyers who visit Villagio, a 55-plus housing development in South Brunswick, think they’ve arrived at the wrong place.

“When they come here, they say: ‘This isn’t an adult community. The bedrooms are on the second floor,’ ” said Luther Gueyikian, president of Byron-Hill Homebuilders, the Marlboro company that built this grandly styled development off Route 1.

To members of a market segment said to avoid stair-climbing, second-floor bedrooms are not the only surprise. Villagio has a basketball court and a jungle gym, but at least so far, it lacks a clubhouse, which at a typical development of this type is usually among the first elements built. READ MORE >>>

A PLACE TO NEST Some visitors to the Villagio in South Brunswick are surprised to find bedrooms on the second floor.

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HARRISON PREPARES FOR APARTMENT BOOM

Posted on May 8, 2012 | Leave a comment

via Liz Burlingame/Northeast Real Estate Business

There was a time when Harrison in Hudson County, New Jersey, was dominated by views of aging warehouses and commuter parking lots. That landscape is changing, however. The former industrial center has become a hotbed of residential development, including a $750 million, mixed-use project known as Harrison Station.

The first completed building in the project opened last September and included 275 apartment units and 12,814 square feet of retail space. By April, the apartment units were fully leased, while Five Guys Burgers & Fries; Pronto Gourmet; Pro-Cuts; and Sakara, a Japanese restaurant, have each inked leases for retail space.

Ironstate Development Co. and the Pegasus Group are developing a $750 million mixed-use project in Hudson County, Now Jersey.

“The absorption has been very consistent, which is a sign that you haven’t tapped out that demand,” says Greg Russo, a senior vice president of Ironstate Development Co., one of the site’s developers.

Ironstate and its joint venture partner, the Pegasus Group, were initially attracted to the area’s transit access. The new building is just steps from the PATH station, with quick access to the New Jersey Turnpike.

The developers partnered in 2000, and after acquiring several parcels and completing environmental clean-up work on the site, they constructed a four-story parking deck before starting construction on apartments and retail space. This June, they will break ground on the project’s next phase, a 136-room Element hotel, to be built around and atop the parking garage.

When completed, Harrison Station will ultimately include 2,600 residences and 80,000 square feet of retail.

The developers have noticed strong demand from those who work along the PATH line in Hoboken, Jersey City, or New York City

Young professional singles and couples, ages 20 to 39, are the target demographic for rentals, says Jacqueline Urgo, president of The Marketing Directors, the development’s exclusive leasing and marketing agent.

Urgo says many renters are attracted to living in luxury housing without the Hoboken price tags. “The well-designed homes, full suite of amenities, and supportive street-level retail complete the desirable urban lifestyle experience,” says Urgo. “It’s all at a price point that is extremely favorable when compared to areas like downtown Jersey City and Hoboken.”

Rents in the Harrison Station building average $1,450 for a studio, $1,675 for a one-bedroom unit and $2,150 for a two-bedroom unit. The development also includes a beach volleyball court and outdoor pool.

The project is also across the street from a 600-unit, mixed-use development by Heller Urban Renewal. Crews began demolition on the site last November.

The Heller development shares the same name, Harrison Station. Local developers reached an agreement to call the neighborhood Harrison Station to avoid name confusion. “Our project will be called Harrison Station 300 Somerset St.,” says Russo. “The neighborhood should have a name, and we’ll both build off that brand.”

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St. George Condos Latest Piece Of Revitalization Puzzle

Posted on May 7, 2012 | Leave a comment

By AMANDA FARINACCI

 Eight years after a condominium project went up in Staten Island’s St. George neighborhood residents finally have a chance to buy homes there, and is part of a plan to breathe new life into the borough’s downtown. NY1′s Amanda Farinacci filed the following report.

When you think of St. George, chances are you think of the Staten Island ferry, not luxury housing. But marketers at The Pointe, a one and two bedroom condominium project with breathtaking views that’s within walking distance of the ferry slips, are hoping to change that.

“There’s nothing like it on the island. The young professionals have a viable alternative that they never had before on Staten Island,” said Jacqueline Urgo of The Marketing Directors.

But it hasn’t been an easy road for the Pointe. Construction of the six-story building began eight years ago, with plans for 57 condos and a steak house and drug store on the first floor.

But the timing couldn’t have been worse. The market collapse of 2008 drew little interest in the building, and when the developer went under in 2009, just five condos had been sold. Since then, area residents have wondered what would become of the waterfront property. They got their answer when a real estate investor bought the debt, and re-launched the sale, with prices starting at $300,000.

Since its sales office opened to the public just seven weeks ago 12 condos have already been sold, and several others are in the process of being purchased as well.

The Pointe is just the beginning of what’s expected to the renaissance of the downtown Staten Island area. Nearby, the redevelopment of the Staten Island Homeport is underway, creating a residential and retail village at the U.S. Navy’s former home.

Sixty million dollars in infrastructure improvements and a waterfront esplanade are planned – all of which are designed to attract young professionals to the area and give St. George a much needed shot in the arm.

“People from here will have the benefit of that. By getting in on the ground floor, they’re going to find themselves in a position that they’ve made the best value decision for themselves today versus waiting until all of that comes through,” Urgo said.

The Pointe is also hoping to attract retailers to the building – a market or drug store – though no tenants have signed on just yet.

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Harrison Station To Get An ‘Eco-Wise’ Element Hotel By Starwood

Posted on April 30, 2012 | Leave a comment

 

 

By ANTOINETTE MARTIN

HARRISON, NJ-Starwood Hotels & Resorts Worldwide is to open a 138-unit hotel at Harrison Station in 2014 with its “eco-wise” Element brand, the Stamford, CT-based company announced today.

The hotel will be developed and owned by Ironstate Holdings, the Hoboken-based company which opened a 300-unit residential complex in the redevelopment area around the station last year.

The Element Harrison will be the brand’s second hotel in New Jersey, after the Element Ewing Princeton. The Element brand, launched in 2008, was the first major hotel brand to designate that all its buildings would be built “green,” meeting the US Green Building Council’s Leadership in Energy and Environmental Design (LEED) certification standards.

“Element Harrison will provide a fresh, new update on lodging that will appeal to travelers to the bustling Newark metropolitan area,” said Brian McGuinness, a senior vice-president with Starwood. “The Element brand offers guests a bright, energizing environment that’s conducive to both work and play.” The hotel will be managed by Crescent Hotels & Resorts.

Element Harrison will have a 24-hour fitness center, indoor pool, and a 1,500-square-foot meeting space with state-of-the-art technology. Rooms designed to accommodate business travelers will have swiveling flat-screen televisions and large desks with open shelving, spa-inspired bathrooms, and fully equipped kitchens.

“We’re very excited to introduce Element to Harrison and expect the brand’s fusion of style, personal wellbeing and sustainability will resonate with guests,” says James Ronga, the vice-president of Ironstate Holdings. “Our location adjacent to the PATH Station and so close to Newark Liberty International Airport will also make Element Harrison a highly attractive choice for travelers on the go.”

The Harrison Station PATH station offers a direct connection to Newark Penn Station and the city’s business district, and also quick trips to Jersey City, and lower Manhattan. The hotel will be situated a short walk from the Red Bulls professional soccer team stadium in Harrison. The Prudential Center in Newark, which is home to the New Jersey Devils professional hockey team, college basketball, concerts, family shows and special events, is also nearby.

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