Opportunity doesn’t come knocking often- don’t let it pass you by! A lot zoned for condo development just hit the market in the most talked about neighborhood in Staten Island: St. George.
This hillside property at 59 Hamilton Avenue features R6 zoning with over 17,400 buildable square feet just three blocks away from the St. George Ferry Terminal to Manhattan. Currently on this land plot is an income-producing Victorian two-family home. This lot could potentially offer greater income for a developer who transforms the property into a mid-rise apartment building with 22-24 units.
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The hottest real estate area in Staten Island, St. George is poised to experience a real estate boom. Highly sought after by developers, this up-and-coming neighborhood is already in the process of major transformation. Upward of $1.6 billion is being invested North Shore revitalization!
Among the projects in the pipeline are The New York Wheel and Empire Outlets Shopping Center. The largest observation wheel in the US, The New York Wheel is slated to attract tourists from all over the world seeking a bird’s eye view of the entire city.
To keep visitors sticking around, Empire Outlets and Lighthouse Point shopping centers will soon provide service to the neighborhood too. Empire Outlets is already under construction. Once completed, this shopping center will be the first and only outlet center in New York City.
Lighthouse Point will feature a mixed-use development with retail, coffee shops and cultural attractions such as The National Lighthouse Museum. These projects, as well as other developments, are projected to add 4,000 housing units and over 2,000 jobs.
By NYCEDC estimates, these projects will attract 2 million tourists annually. Not only is 59 Hamilton Avenue in the midst of the excitement, but proves invaluable for its location. The free Staten Island Ferry takes commuters and tourists to the Financial District of Manhattan, where rent is more than double the price of Staten Island! This peaceful 25 minute boat ride is by many standards the best way to travel.
For all these reasons, tenants clamor for rental units in the St. George area. A land investment in the new “Downtown Staten Island” is an investment in the future North Shore of this NYC borough- with huge return potential.
Interested in learning more about this property? Give our office a call at 718-966-9669 and we will put you in touch with the listing agent, Nadia Kovaleva.
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