Interiors at 155 Bay Street on Staten Island
A stalled 57-unit condominium project in Staten Island has relaunched under new owner Meadow Partners, Crain’s reported. Meadow Partners, the new owners of the Pointe, at 155 Bay Street, said that sales will officially launch in one week with the Marketing Directors, according to Crain’s. [more]
The Pointe
Several Staten Island projects abandoned by developer Leib Puretz after the credit bust are gearing up for a revival, giving hope to locals that the borough is set for a resurgence of its own.
According to Staten Island Advance, the lender who took control of the View, a 95 percent complete 40-unit condominium at the corner of Richmond Terrace and Nicholas Avenue on the North Shore planned by Puretz, has finally hit the market with Massey Knakal Realty Services, meaning it could soon be on the road to completion. [more]
SI Hotel Holding filed for Chapter 11 bankruptcy protection yesterday in an effort to stave off a foreclosure sale on the Staten Island Hotel. The 187-room Graniteville hotel is one of several projects by SI Hotel Holding principal Leib Puretz that are currently in foreclosure, according to the Staten Island Advance. Puretz is reportedly in foreclosure for over $86 million in loans for projects planned for development in the borough. The Staten Island Hotel has approximately 50 to 99 creditors, according to documents filed in federal court, and has liabilities of over $10 million, the Advance reported.
The city’s Economic Development Corporation is talking to developers about redeveloping a prime stretch of Staten Island waterfront — a project that’s been discussed by local business leaders and city officials for years, but has seen little action. The EDC isn’t ready to disclose any details, however, about the proposed makeover of the former Navy Homeport on a 36-acre site in the Stapleton section on Staten Island’s northeastern side. “We’re talking to the development community,” said Janel Patterson, spokesperson for the EDC, declining to comment further. The Applied Development Company of Hoboken, NJ, which built the W Hotel and Residence on the Hudson in New Jersey, has been mentioned as a possible developer of the site, as the Staten Island Advance reported. Applied is considering building at least 350 units of housing and is reviewing a contract as part of a 30-day review period, the Staten Island Advance reported last month. Officials from Applied did not return calls for comment. [more]
