Tag Archives: The Marketing Directors Inc

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.

→ Leave a comment

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

Tagged , , , , , ,

PUBLIC RESPONDS TO THE VUE IN DOWNTOWN NEW BRUNSWICK BY SNAPPING UP NEW CONDOS AND RENTALS AT A HEIGHTENED PACE

Posted on May 31, 2012 | Leave a comment

The Vue lounge

NEW BRUNSWICK, N.J. – The developers of The Vue in downtown New Brunswick have successfully found their market, selling more than 40% of the building’s upscale Penthouse condominiums and leasing 60% of its luxury rental residences since the beginning of the year.

The strong activity was particularly evident in April when an impressive seven condominiums were sold and 22 residences were leased, according to the New Brunswick Development Corporation (DEVCO) and Pennrose Properties, which developed The Vue and retained The Marketing Directors, Inc. as the building’s exclusive sales, leasing and marketing agent.

Additional activity at the property includes the completion of the expansive, landscaped pedestrian walkway connecting The Vue to the westbound train platform of the Northeast Corridor Line at the New Brunswick Train station which will open to the public following New Jersey Transit approval, as well as the expected summer/fall opening of the Barnes & Noble Bookstore located at street level within The Vue and the Fresh Grocer supermarket situated across the street.

Located at110 Somerset Street, the striking new 23-story mixed-use building features 150 luxury rental homes and 42 Penthouse condominiums on the building’s prime upper floors. Residents are already enjoying all that The Vue has to offer, including spacious homes with upscale finishes and appointments, an impressive amenity offering, direct walkway access to the New Brunswick Train Station and a desirable location in the heart of downtownNew Brunswick.

“We knew there was pent-up demand in New Brunswick for an upscale downtown address that offered commuter convenience, high-end amenities and services and proximity to retail, cultural and nightlife attractions,” says Christopher J. Paladino, President of DEVCO.

“That we sold and leased so many residences in such a short amount of time provides dramatic evidence that the marketplace will respond favorably and aggressively when such a unique and desirable opportunity arises.”

The tallest building in the City of New Brunswick, The Vue is ideally situated on Somerset Street and Easton Avenue.  In addition to the residences, the building will house 57,000 square-feet of retail space in its first two stories, including a full-scale Barnes & Noble bookstore and a Brother Jimmy’s BBQ restaurant, as well as a 657-space parking garage.  The Vue is also located next to Rutgers University and is a short walk to all the entertainment and cultural attractions ofNew Brunswick.

“The Vue combines with a number of other significant initiatives underway in the area to fulfillNew Brunswick’s potential as a truly vibrant, livable city,” says Tim Henkel, Senior Vice President of Pennrose Properties.

One- and two-bedroom condominium homes at The Vue range in size from 773 to 1,216 square feet of living space and are currently priced from $315,000.  The Vue also offers a mix of one- and two-bedroom rental homes with myriad upscale features.  Monthly rents for these residences start at $1,935.

“Resort-like amenities include an attended, custom designed lobby; fully-equipped fitness center and residents-only lounge featuring a billiards table, flat screen televisions, WiFi business bar and a catering kitchen and conference room,” notes Jacqueline Urgo, President of The Marketing Directors, Inc.  “The Vue has also partnered with Verizon’s Virtual Concierge service to provide residents with additional services such as dining and building event reservations, and the ability to manage local venders (i.e. dry cleaner, florist, housekeeping service, etc.) remotely.

Designed by Manhattan-based Meltzer/Mandl Architects, PC, the building’s exterior is notable for its multi-toned red brick and white façade and distinguishing exterior

“R-U-T-G-E-R-S” clock above the street level entrance to the Barnes & Noble College Bookstore.  Additional retail and commercial space already secured at the building include offices for the New Brunswick Parking Authority and a Starbucks, while WellnessPlaza, which will include The Fresh Grocer, the first full-service supermarket in New Brunswickin more than a generation, is currently under construction across the street and slated to open in November, 2012. 

For additional information on The Vue, please call 732-828-0111 or visit www.TheVueNJ.com.  The building is located at110 Somerset Street,New Brunswick,NJ.  The onsite sales and leasing office is open Monday thru Friday from 10:00am to 6:00pm and Saturday and Sunday from 11:00am to 6:00pm. Furnished model residences are available for viewing.

→ Leave a comment

Posted in Pennrose, Press Releases, The Marketing Directors

Tagged , , , , , , ,

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!

→ Leave a comment

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

Tagged , , , , ,

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.

→ Leave a comment

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

Tagged , , , , , ,

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.”

→ Leave a comment

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

Tagged , , , , , , ,

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.

→ Leave a comment

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

Tagged , , , , , , ,

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 >>>

→ Leave a comment

Posted in Apex Condominiums, In the News, The Marketing Directors

Tagged , , , , , ,

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.”

→ Leave a comment

Posted in In the News, Ironstate Development, The Marketing Directors

Tagged , , , , , , , ,

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.

→ Leave a comment

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

Tagged , , , , , , , , ,

It’s a boom with a view

Posted on April 26, 2012 | Leave a comment

Buyers have returned, bidding wars are raging, and competition is fierce to nab the perfect NYC pad

 By MAX GROSS/The New York Post

Late last month, the sales team at 422 W. 20th St., the Brodsky Organization’s new condo building, arrived early to set up for its first open house.

It was Saturday morning at about 8 a.m., and the Corcoran Sunshine Marketing brokers had sunny expectations for this 37-unit building, with units ranging from $670,000 one-bedrooms up to $2.095 million three-bedrooms.

It turns out their best expectations might have been too low. Prospective buyers were lined up outside. By the time they opened their doors at 11:30, 80 people were waiting. More than 700 people came through over the weekend. As of last week, 75 percent of the building was in contract.

Do our eyes deceive us, or is the market strong again?

Noble Black, a broker with the Corcoran Group, got a taste of the buzz when he picked up a listing for a renovated prewar three-bedroom for about $2 million. “We [got the listing on a] Thursday evening. And by Friday morning there were so many requests, we were setting up an open house for Saturday,” he says. On just 24 hours notice, 27 potential buyers came through the apartment, and an offer was accepted above asking price.

Not even bad weather will slow buyers down. Last Sunday, with the rain pounding down, Mitchell Speer, a broker with the Corcoran Group, scheduled an open house for a $1.995 million, two-bedroom condo. More than 35 people ventured out in the punishing weather to check out the 1,522-square-foot piece of Flatiron real estate. (One of the visitors plans to put in a bid, Speer says.)

“We’ve noticed that there are not many apartments,” says Kathy Boyanovich, a prospective buyer at Speer’s open house. “We’ve been looking actively for the past two or three months.” So far, she hasn’t found anything.

While the buyer pool might be hungry, it’s not going to just gobble up anything.

Overpriced properties continue to sit on the market. (The 5,912-square-foot penthouse at 350 West Broadway, which has been for sale since 2009, finally saw a $5.35 million price chop to $20.65 million less than two weeks ago.)

“Buyers are smarter than sellers,” says Paul Purcell, co-founder of Rutenberg Realty. “The buyer’s whole job is looking at apartments. Sellers are selling one apartment.”

“I had the exclusive on an apartment that I just got an accepted offer on, and the buyer came back 17 times,” says Dolly Lenz, vice chair of Prudential Douglas Elliman. “For every one deal, you’re doing 10 deals worth of work.”

Guy Soreq, a buyer from Tel Aviv who is starting the MBA program at Columbia in the fall, had never set foot in New York City before he began searching for an apartment in Harlem.

But he did enough homework to make his future professors proud.

“I wanted to maintain walking distance from Columbia, so I started to go over the works and did an Excel sheet that calculated the ups and downs [of nearby properties],” Soreq says.

He put size, proximity, taxes and monthly service fees into his spreadsheet and ranked each category with a point system: “It was less a gut feeling, more of a numbers thing.”

Guy Soreq purchased a one-bedroom at the APEX in Harlem.

Two days after coming to New York to look at the properties that made the cut, Soreq purchased a one-bedroom for approximately $500,000 at the Apex condo building with broker Khadeejah Johnson of The Marketing Directors.

Foreign buyers — like Soreq — are one of the major drivers of the market.

“If you buy over here [in Bogota] probably in a year, prices are going to go down pretty hard — that’s my assumption,” says Manuel Merizalde, a buyer from Colombia who just purchased two 1,500-square-foot units for $2.5 million each in the Aldyn on the Upper West Side. Merizalde will use one as an investment — another will be his pied-a-terre.

“Colombia is right now going through a very positive economic time,” says Maria Velazquez-Sanclemente, a broker with Prudential Douglas Elliman who worked on Merizalde’s Aldyn purchases. “Venezuelans have to get their money out of the country. Brazil is very strong right now. Mexico has always been a very strong market.”

“I don’t think we have enough properties for the number of people out there buying,” says Jacky Teplitzky, managing director of Prudential Douglas Elliman. She recently took a client to look at a $25 million townhouse. An offer was made and a contract went out. But the deal blew up.

“Someone else swooped in with $200,000 more,” Teplitzky says.

→ Leave a comment

Posted in Apex Condominiums, In the News, The Marketing Directors

Tagged , , , ,