Staten Island’s North Shore has gained world-wide notoriety thanks to several large scale projects on track for completion in the coming years.
The construction of Empire Outlets, The New York Wheel, Lighthouse Point and Urby Staten Island – all with easy access to the free Staten Island Ferry – have caused a buzz that has been heard by investors beyond Staten Island’s shores.
Local real estate experts agree that these projects have contributed to the rise in real estate prices on the North Shore. James Prendamano told the Wall Street Journal that since 2012, residential and commercial prices have risen an average of 30% on the North Shore.
“There are investors with cash willing to take a chance on the North Shore,” Mr. Prendamano said. The average price of a buildable lot is $80 a square foot, compared with more than $400 in other parts of New York City. [read more]