By: James Prendamano
In case you missed the Commercial Observer article written by Lauren Elkes Schram titled, “With Sales Slowing but Prices Still High, Where Does the Multifamily Investor Go?” I decided to provide you with Cliff Notes.
The article outlined the various neighborhoods throughout New York City where investors looking for multi-family properties could grow their money. Realtors from the Bronx, Brooklyn, Manhattan, Queens and Staten Island all weighed in, touting neighborhoods where they believe an investor would do well. In my opinion, Stapleton is the neighborhood where investors will get the best bang for their buck.
As I pointed out in the article, there are many reasons why Stapleton, Staten Island is the best place to invest. Chief among them is the fact that it is the neighborhood where the Mayor and City Planning are focusing their re-zoning efforts. Once the re-zoning is complete, investors will be able to create substantial vertical residences, the likes of which Staten Island has not seen in the past.
It was my honor to be the one to bring Ironstate Development Company to Staten Island to construct Urby on the former Stapleton Home Port site. David Barry and his team have done an extraordinary job creating – not only a residential complex – but a community experience where young people have an opportunity to establish their first residence. Urby doesn’t just rent residential units – it provides its tenants with a complete lifestyle. From its state of the art gym, outdoor pool, urban farm and a choice of food and beverage options, Ironstate thought way outside the box with this project causing an almost complete transformation of the Stapleton community. What was once an area struggling with urban blight, is now a community of young urban professionals who are dedicated to making their neighborhood into something special.
Just down the street from Urby is Makers’ Space – a New York Economic Development Corporation sponsored incubator for creative individuals. From sewing to metal work, the space is a veritable cornucopia of invention. These product “makers” provide education and support to others who have an idea into which they want to breathe life.
Another reason why Stapleton is my choice for the best place to invest money is because it is serviced by all forms of public transportation. The neighborhood is a stop on the Staten Island railroad and is serviced by every MTA bus enroute to the St. George Ferry Terminal.
All of these reasons make Stapleton a smart place to invest, but for those who prefer to get right to the bottom line, recent comps for investment properties in Stapleton have traded for as low as $166 per square foot, which is significantly below comps for similar product on the south shore of Staten Island that sell upward of $220 per foot.
If you are interested in investing in a property in Stapleton or elsewhere on Staten Island, give me a call at 718 816-7799 and I would be happy to show your around.