Staten Island Real Estate News, Advice & Information

Here is a report of commercial property sales from the beginning of the year to June 2008. This information was collected from the New York City Department of Finance. Just a reminder, all property sales in New York City are a matter of public record. N/A means the property transferred, but the sales price did not reflect cash considerations or was unavailable at the time of the report.

Here are some commercial real estate deals of note…One of the largest deals according to the report was in Port Richmond where 1579 Forest Ave. was sold for nearly 9.5 million. The location is where the current Walgreen’s sits. In the spirit of competition (CVS sits nearby) Walgreen’s surely laid out the green to acquire that property. However, I’m scratching my head with that one. Another large commercial real estate deal took place nearby in March of this year with 2031 Forest Ave in Mariners Harbor, fetching 3.3 million. The 2 story 15576 sq. feet building and 21250 sq. feet property is a mixture of retail storefronts and office space.

If you looking for commercial property, You can find commercial real estate listings on Staten Island here. Below, is the reported commercial sales data for Staten Island.

ARROCHAR                 OFFICE BUILDINGS  144 MC CLEAN AVENUE         $730,000 - 9/21/2007
MARINERS HARBOR     OFFICE BUILDINGS  144 SIMONSON AVENUE         N/A - 6/5/2008
PORT RICHMOND         STORE BUILDINGS   438 PORT RICHMOND AVE.   $1,700,000 -5/8/2008
CLOVE LAKES             STORE BUILDINGS   977 VICTORY BOULEVARD    $1,800,000 - 4/16/2008
CASTLETON CORNERS OFFICE BUILDINGS  1910 VICTORY BOULEVARD  $1,589,006 - 4/15/2008
PRINCES BAY              OFFICE BUILDINGS  5810 SEGUINE AVENUE        $2,122,809 - 4/15/2008
SOUTH BEACH            OFFICE BUILDINGS   1492 HYLAN BLVD.              $1,537,314 - 4/15/2008
STAPLETON                STORE BUILDINGS   442 BAY STREET                 $350,000 - 4/15/2008
STAPLETON                STORE BUILDINGS   170 BROAD STREET              N/A - 4/15/2008
TOTTENVILLE              STORE BUILDINGS  137 BARNARD AVENUE        $1,150,000 - 4/10/2008
CASTLETON CORNERS STORE BUILDINGS   2001 VICTORY BOULEVARD $1,750,000 - 4/9/2008
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When it comes to New York City real estate, St. George Staten Island is usually not one of those places people consider as the new “place to be.” No, neighborhoods like Fort Green, Williamsburg, Long Island City, and even Bedford Stuyvesant seemingly became the neighborhoods of choice when it came to finding an alternative to the high cost living in some of New York City’s more expensive neighborhoods. However, things have been taking shape in St. George, even considering the sluggishness of today’s real estate market.

A view of the Manhattan Skyline from St. George

A trip down to St. George reveals some of the unique character of this community. Colonials, Tudors, art deco apartments and now newly constructed condos are part of the housing stock here. However, the one advantage over many communities (yes, even those new “in places” around town), is the panorama afforded to the residents of whom have taken residence here. Quite frankly, there is no single community within the city limits that can afford someone the ability to take in the skyline from Bayonne New Jersey, past Jersey City and lower Manhattan, right down to the mouth of New York Harbor, all standing at ground level.

(Top left) Commercial St. George and St. George Theater Along Hyatt Ave. (left) A view of the St. Peters Church from Belmont Place.

The real wonder here is why Saint George has been hidden in obscurity. My personal belief is much of this area has not been reveled to yearning New Yorkers looking for an affordable, yet urban setting, which has been the making of other communities around the city. Some say development interests have taken a look at Saint George, yet found limited ability to attain the right level of commercial mixed use property to make a particular project financially worthwhile. To a degree the latest plan, known as the Special Saint George rezoning district, address that need. However, that’s, a zoning thing that I will address in at a later date. So let me stick to my plan here and show you around some of the landscape in Saint George. Read the rest of this entry »

(Above)The promenade along Richmond Terrace in Saint George offers an unprecedented view of Lower Manhattan, Downtown Brooklyn and Jersey City, New Jersey.

 (Below)Wall St. Staten Island offers a bit of a different view than the Wall St. in Lower Manhattan. The Staten Island Ferry sits in the backdrop as it approaches the Staten Island Ferry Terminal in this photo.

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First time home buyers are eligible for $7,500 tax credit under the new federal housing bill. Under the bill, new home buyers will be eligible for a federal tax credit of $7,500. The best part of the plan is it’s retroactive to April 9th, 2008. This will allow home purchasers who bought prior to the bills signing the ability to apply for the tax credit. However, the tax credit is set to expire on July 1, 2009, giving potential new homeowners a window of 10+ months to take advantage of the credit. Remember, this is on homes that close before that date.
New refinancing provisions under the Housing Bill.

Another provision in Housing Bill looks to provide mortgage refinancing assistance to homeowners, allowing homeowners’ suffering from high cost mortgages an ability to refinance into a lower-cost FHA insured mortgage. The one drawback is the lenders participation in the program is not mandated, and do have a choice in not allowing a homeowner to opt into a FHA insured mortgage. The program is available only to existing mortgage holders and only on mortgages originated on or before January 1, 2008. Here are several key refinance provisions under the new bill:

• Owner-occupancy is required.
• New FHA mortgage conversions can only be for fixed rate 30 year mortgages.
• FHA mortgage refinances, and cannot exceed 90% of the estimated property value.
• Borrower’s debt-to-income ratio cannot exceed 31%.

Housing Bill provides a bailout of Fannie Mae and Freddie Mac.

In order to shore up confidence and liquidity for mortgage lenders, another provision of the housing bill allows the Treasury Department to extend an additional line of credit to Fannie Mae and Freddie Mac. The purpose is to allow Fannie Mae and Freddie Mac the authority to purchase mortgages. However, mortgages purchased by Fannie Mae and Freddie Mac cannot exceed 115% of local median home price, and limited to markets with traditionally high housing costs. Additionally, mortgages purchased by either company cannot exceed $625,000. The housing bill takes an unprecedented step of allowing the Treasury Department to lend money and (or) to make stock purchases of Fannie Mae and Freddie Mac until the end of next year. Note: Fannie May (FNMA) and Freddie Mac (FMC) buy and sell bundled federally insured mortgages as a security on the open market.

New regulatory provisions for the lending industry fall under the bill. Read the rest of this entry »