Real Estate Developers Hope to Cash in on North Shore Revitalization

The Accolade/ Photo: NY1

The Accolade/ Photo: NY1

via NY1

With nearly $200 billion of private investment planned for Staten Island’s North Shore waterfront in the coming years, real estate developers are hoping to cash in on the boom, too. As Borough Reporter Amanda Farinacci  reports, at least one new building is already attracting buyers who can’t wait for what’s in store.

There’s plenty to see from a fourth floor balcony of the Accolade, St. George’s newest condominium building set to open next month.

To the right is the Verrazano Bridge and to the left is the lower Manhattan skyline.

It’s that view, and the building’s closeness to the St. George Ferry terminal, that sold Hawaii native Jennifer Roar the moment she stepped inside.

“For the price and value compared to Manhattan, you couldn’t go wrong,” said Roar.

Roar has lived in various Manhattan neighborhoods for the last five years. She and her husband heard about the Accolade from her sister, who also bought a unit.

Her tour of the building was her first trip to Staten Island.

“A lot of people are like, ‘Staten Island?’ A lot of people say, ‘I’ve never been to Staten Island and I’m a New Yorker.’ So they’re a little hesitant, but what’s coming down the pipeline of new development, the waterfront, the restaurants and the ferry, it’s gonna be great,” said Roar.

NY1 2The 101-unit building is the latest development drawing residents to Staten Island’s booming north shore. The apartments range from $300,000 to $1 million and a recent soft opening was so successful, developers already starting hiking prices.

“We were able to raise prices consistently. So I’ll say that, but I’ll also say that there’s still an excellent value to be had here,” said Angela Ferrara of The Marketing Directors.

“As the other things start to develop, the wheel obviously, and the shopping center, as those things develop I think it’s just going to get better and better,” said Sandy Krueger of Staten Island Board of Realtors.

The Accolade is neighbors with Bay Street Landing, another condominium apartment complex. The two buildings will share some amenities, as part of a plan to create a real sense of community along the waterfront.

That includes use of a dog run, basketball and tennis courts and an outdoor barbecue. Add that to a gym, a lounge area and children’s play room in a building that was raised to conform to new FEMA flood standards and Roar says there are plenty of reasons she can’t wait to call the Accolade home.

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