The Real Deal New York

Long-stalled S.I. development opens to tenants

August 07, 2012 12:00PM

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From left: Joshua Zegen, managing member of Madison Realty and 255 Richmond Terrace (credit: NYO)

Staten Island is slated to get a new 40-unit housing development at 255 Richmond Terrace when the View, a stalled project, opens to tenants this month, DNAinfo reported.

Developer Leib Puretz was previously behind the project, but left the residential building unit empty after defaulting on his loans in the thick of the mortgage crisis in 2009. As previously reported, the 95 percent-complete building hit the market in February with Massey Knakal. Madison Realty Capital bought it out, paying $8.4 million for the debt, and took over ownership late last month.

The View will be a rental building, not a condominium. The property has a mix of one- and two-bedroom units that will go for neighborhood market rates — roughly $1,200 for a one-bedroom, DNAinfo said. There is ground-level retail space, but there is no final word on who the tenant will be.

The View joins another stalled ex-Puretz property, the Pointe, which relaunched in March under new ownership by Meadow Partners[DNAinfo] 

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