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FIRST RESIDENTS MOVE INTO THE POINTE CONDOMINIUM ON STATEN ISLAND’S NORTH SHORE WATERFRONT

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New Luxury Building Passes 30% Sold Mark

STATEN ISLAND, N.Y, August 7, 2012 – The first buyers who purchased new condominium residences at The Pointe on Staten Island’s north shore waterfront have begun moving in, adding a new level of activity and excitement at the luxury building which is already more than 30% sold.

Several closings have now taken place at The Pointe, which features a collection of 57 one and two-bedroom residences, desirable outdoor space, spectacular views of the St. George waterfront and Manhattan skyline and a commuter-friendly location just steps from the Staten Island Ferry Terminal.

The homes are attractively priced from the $300,000s, with immediate occupancy available.

The new residents run the gamut of buyer types — from current renters looking to move up to homeownership to empty-nesters interested in a more manageable, maintenance-free lifestyle, according to Meadow Partners, the international real estate investor and asset manager which hired the Marketing Directors, Inc. to launch sales at the 155 Bay Street building in spring, 2012.

“Welcoming our first homeowners is an exciting and important milestone as it adds life and energy to the building while also providing new buyers with an added level of confidence in their new home purchase,” notes Jacqueline Urgo, President of The Marketing Directors, Inc.

“The availability of immediate occupancy allows us to quickly move buyers from purchase to move in, an advantage that has gained favor with the public, particularly renters who are ready to make the move to home ownership. We’re excited about the momentum we’re experiencing and believe it will continue as more residents move in and more buyers visit the building.”

Much of the success of The Pointe can be attributed to its convenient location just steps from the Staten Island Ferry Terminal and a value-laden price point that has all but disappeared from New York City’s new construction marketplace.

Also resonating with buyers is the renewed interest and reinvestment in the Pointe’s St. St. George location — known as the “gateway” to Staten Island — and adjacent north shore waterfront neighborhoods.

While a number of cultural and recreational attractions already exist, including the St. George Theater and Staten Island Institute of Arts & Sciences (SIIAS); the waterfront Richmond County Bank Ballpark which is home to New York Yankees’ class A minor league team; the St. George Historic District; the Staten Island Children’s Museum and the Staten Island Botanical Garden, a new wave of modern public amenities and services are on the way. The former U.S Navy Home Port site in nearby New Stapleton is currently being transformed into a vibrant new destination center featuring 30,000 square feet of street-level shops and restaurants 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 that will provide public waterfront access.

“Our buyers recognize the activity taking place in and around St. George and see an exciting future for this neighborhood,” Ms. Urgo points out. “They understand the potential appreciation in home values in what is already a wonderful community, and they’re acting on it.”

Residents of The Pointe can immediately start enjoying a lifestyle rich in luxury and comfort. The modern, six-story brick building features an elegant attended lobby, stylishly designed with marble flooring, artistic stone borders, and custom wall coverings.

Design distinction and comfort extend to the residences as well, where a variety of one- and two-bedroom homes range in size from 962 to 1,255 square feet of living space. The residences, equipped with top-of-the-line stainless steel kitchen appliances and sumptuous baths featuring high-end stone and ceramic tile, each include a full-size washer and dryer, along with abundant closet space. Hardwood floors are complemented by the exceptional palette of interior finishes. 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 River. Onsite garage parking is also available.

For more information on The Pointe, visit www.OwnThePointe.com, or call 718-815-0155 to make a private appointment to view the new spacious one and two bedroom homes.

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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.

 

INVESTOR SEES TREASURE ON SI SHORE

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By Linda O’Flanagan

Madison Realty Capital has taken over a distressed Staten Island condominium with plans to finish the building work and market it as a rental.

Joshua Zegen, co-founder and managing member of the institutionally backed investment firm, said he believes the area around the St George building is in line for a renaissance.

“This submarket has become an exciting part of the New York City waterfront, but remains somewhat overlooked by investors,” Zegen explained.

“We identified a great opportunity to access this well-located property at an attractive basis through the senior debt, and now we’re putting the finishing touches on construction and marketing it as a rental.

“Our vertically integrated platform, which incorporates construction management, asset management, and property management in-house, will enable us to seamlessly execute our strategy for maximizing value. Given the local fundamentals and the high quality of these units, we expect the leasing effort to yield strong results.”

Several development plans are already underway in the area. The city has issued a Request for Expressions of Interest (RFEI) for the waterfront parcels near the St. George Ferry Terminal now being used for parking.

Called a “potential game-changer” for Staten Island, Mayor Michael Bloomberg has said the development of the 6.7 acre site will be a catalyst for the further revitalization of the North Shore, as well as the entire Island.

Talks among the local community have envisioned everything from a glamourous shopping mall, to hotels and theaters, as well as shops and apartments.

The Homeport, a 35-acre decommissioned U.S. Naval Base in Staten Island, is already being re-developed as a mixed-use residential community under the New Stapleton Waterfront Development Plan.

And lronstate Development Company is transforming 7-acres into rental housing and retail stores with the city throwing in another $33 million for road improvements and a new waterfront esplanade.

 The Marketing Directors is currently selling homes in The Pointe, a new collection of one- and two-bedroom condos at 155 Bay Street. Managing director Jacqueline Urgo said, “Coupled with our attractive prices and a location that’s a Manhattan commuter’s dream, we believe this exciting residential offering will appeal to everyone from current renters moving up to home ownership to empty nesters looking to scale down to a more manageable, maintenance-free lifestyle. ”

MRC plans to finish work on 224 Richmond Terrace, known officially as The View, and launch its leasing effort soon, with Casandra Properties handling leasing for both the residential and retail portions of the property.

The original owner planned it as a condo, but defaulted on its construction financing in 2009, after which the original lender filed a foreclosure action.

MRC previously purchased the non-performing first mortgage for $8.4 million (approximately 66% of the unpaid principal balance and 52% of the payoff balance including interest) from Bank of New York Mellon, and has now taken title by completing foreclosure proceedings.

Construction is substantially complete, according to Zegen, with only some interior installations and cosmetic detailing to be done.

The building rises 11 stories above the waterfront and features unobstructed views of the Manhattan skyline and the Statue of Liberty.

In addition to the 40 apartments, The View also offers approximately 5,000 s/f of retail space and a community center, and benefits from a 15-year 421a tax abatement.

The high-quality units were originally intended for sale to Financial District commuters.

Want waterfront living? Try Staten Island

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Condominium project on the North Shore has harbor and lower Manhattan views

By JASON SHEFTELL

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.

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POINT OF VIEW

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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 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.

“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.

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

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

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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.

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Staten Island Condos Out of the Gate Running

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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.

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

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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.”

 

STATEN ISLAND CONDO RETURNS AFTER 4 YEARS

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via AMANDA FUNG/CRAIN’S

Apartments in The Pointe, a 57-unit development in St. George, are back on the market under a new owner at greatly reduced prices. A sister 101-unit project is still in foreclosure.

A long-stalled condo project in St. George, Staten Island, is back in gear. Meadow Partners, the new owners of The Pointe, a 57-unit development near the Staten Island Ferry at 155 Bay St., recently re-launched the project. And in just one week of showing the building, two units have already gone into contract, according to Angela Ferrara, vice president of sales at The Marketing Directors, which is the exclusive sales and marketing agent for the development.

“The property was fully operational and the only work that needed to be done was a cosmetic update to the lobby and corridors,” said Ms. Ferrara, adding that the building was about 95% done when Meadow Partners took over. “They just had to put the final finishing touches on the property.”

In fact, previous owner Leib Puretz, a Brooklyn-based developer who up until the financial meltdown had big plans for Staten Island, managed to sell five units at The Pointe. Those buyers currently live in the building. But in the wake of major financial setbacks, Mr. Puretz defaulted on his loans for The Pointe and his other planned project, a 101-unit condo dubbed The Pearl, at 130 Bay Landing. Capital One began to foreclose on both three years ago.

At that time, Meadow Partners bought the notes on the properties at a deep discount from the bank and took over the projects through a foreclosure. Meadow Partners paid $23 million for the $54 million in notes, according to published reports. The Pearl is still going through the foreclosure process. A number of options, including rental and condo, are being explored for that development.

Meanwhile things are going well at its sister project, where prices for the remaining apartments at The Pointe have been slashed from their pre-crash highs. The asking prices for the one- to two-bedroom apartments range from $300,000 to $485,000. That is down from the original listing price of $390,000 to $589,995 back in 2008.

“We wanted to value the homes based on today’s market,” said Ms. Ferrara.

So far, the building is drawing a mostly Staten Island crowd.

“One buyer grew up in Staten Island, moved to New Jersey and is now moving back home to be closer to her family and Manhattan,” said Ms. Ferrara.

Manhattan-based Meadow Partners is an international real estate investor and asset manager. It was founded in 2009 by Jeffrey Kaplan, a former Westbrook Partners executive, to invest in properties in the U.S. and UK. Last year, the firm, along with partner Madison Capital and CPP Investment Board, acquired two Manhattan office buildings, 655 Fifth Ave., at 52nd Street, and 100 Broadway.