From the June issue: While almost all developers in the city are
feeling the impact of the recession, Staten Island developers — even
one of the largest in the borough — have seen construction come to a
virtual standstill. “You don’t want to say it’s come to a halt
island-wide, but it’s as close to a halt as it can get,” said James
Prendamano, a broker with Casandra Properties, a firm that represents
high-profile developers and projects on Staten Island. Take St. George,
which was on the short list of potentially up-and-coming neighborhoods
because of its proximity to the Staten Island Ferry. A quick ride to
Lower Manhattan made it inviting to luxury condo developers when the
market was hot. [more]