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.