Condominium project on the North Shore has harbor and lower Manhattan views
North Shore Staten Island real estate market won’t play second fiddle to the south anymore. People seem to be listening to the slogan for the Pointe, a 57-unit St. George condominium with harbor and lower Manhattan views. The phrase goes, “View it. Love it. Own it.” and that’s just what buyers are doing. The Marketing Directors, the real estate arm in charge of selling the units, reports more than 15 units sold in 10 weeks.
Just in time too, as the city and Ironstate Development plan a public plaza and rental/retail complex on the Stapleton waterfront. Buyers must be thinking appreciation as the market near the Staten Island Ferry Terminal can’t go anywhere but up. It’s still a buyer’s market, with large one-bedrooms with balconies, water views, two-baths and a chef’s kitchen with a dining area listed for just above $300,000. That could be the best waterfront deal in all of New York City.
“There is something very exciting going on over here, and Manhattan brokers and buyers are starting to show interest,” says Jacqueline Urgo, president of the Marketing Directors. “Every other neighborhood on the water has shown incredible success. This is a chance to get in on the ground floor for a new waterfront opportunity. Think of buying in Hoboken 20 years ago, or Williamsburg. This is no different, and it might take less long for this area to fully mature.”
The building has a 421-A tax abatement, meaning real estate monthly taxes won’t exceed $50 for several years. With FHA loans, interested buyers can put down 3.5%, or slightly more than $10,000 for a $335,000 two-bedroom. Different from Brooklyn, Manhattan or Queens, parking spots are included in the purchase price.
The Pointe sits across the street from Tompkinsville Square, steps from the Staten Island train and a fair walk to the ferry terminal. A 24-hour doorman and common deck round out the amenities.
This area has a future. If the Rockaways can be compared to Venice Beach, who says the North Shore of Staten Island can’t be the next Greenpoint? For Wall Street-area workers, this is an easier commute than from Queens or uptown neighborhoods. You just have to like boats and have patience.
YOU SHOULD KNOW:
What: The Pointe, a condomnium on Staten Island’s North Shore in walking distance to ferry. It has a common terrace with harbor views and complimentary parking. Ownthepointe.com
How much: One-bedrooms left from $315,000 to $365,000. Two-bedrooms $335,000 to $475,000. See the one-bedrooms now. Only a few are left.
Why: Probably the best price you’ll pay for a waterfront home anywhere in the five boroughs, or New Jersey. This part of Staten Island has major development coming.