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.