Staten Island’s Record Commercial Real Estate Sale Completed by Brian McGowan of Casandra Properties
1 Edgewater Plaza, home to North Shore LIJ/Staten Island University Hospital, the New York City Police Department, the city Board of Elections and Community Board 1 was sold to Steven Wu for a record $21.5 million.
LNR Property sold the 268,000 square foot building which sits on a 796,000 square foot lot adjacent to other notable projects such as Ironstate Development’s “Urban Ready Life” project at Navy Pier, a mixed use residential complex comprised of 875 units and 35,000 square feet of retail geared toward young professionals that is expected to open next year which is also represented by Casandra Properties.
“We are pleased to have completed the purchase of Edgewater Plaza at a time when so many projects are taking place on Staten Island,” said Wu.
“With the first phase of Navy Pier (the residential development at the site of the former home port) nearly complete only steps away from our property and the groundbreaking for Empire Outlets just last month, we feel secure that our investment in the borough is sound. We look forward to working with Casandra Properties and the North Shore community on future endeavors,” he added.
“My clients purchased this property because they understand that Staten Island’s North Shore is the next emerging market in New York City,” said Brian McGowan, selling agent for Casandra Properties Inc., which brokered the deal with Colliers International, the listing agent for the building.
“With so many positive changes on the horizon, this purchase demonstrates that investors from around the world are taking notice and eager to take part in the renaissance,” he added.