Brooklyn-based developer Manor Properties Group is selling its vacant
residential building site on the northern portion of Staten Island blocks from the
ferry terminal for $9 million.
The L-shaped parcel at 315 to 325 St. Mark’s Place at Hyatt Street is located
within the Special St. George District zoning area, and has 190,000 square feet
of development rights, giving it an asking price of about $47 per square foot.
Manor Properties, owned by Barry Gottehrer, its president, has built residential
projects in Manhattan such as the 16-unit Casa Loma in
Harlem and the nine-unit Catalpa at 208 West 96th Street on the Upper West Side.
The property, currently a parking lot, can be developed as affordable or
subsidized housing, as well as market-rate apartments with a retail component,
the marketing materials from Eastern Consolidated say.
The site is across the street from the new $220 million State Supreme Court
complex which is under construction and is expected to be completed in 2013.
Developing large projects has not been easy in Staten Island.
The notes on two nearby residential projects built by Brooklyn developer Leib
Puretz, for example, sold for almost have off their face value in 2010. The $54
million mortgage on the 57-unit condo the Pointe at 155 Bay Street Landing and the 101-
unit residential conversion Pearl, a 101-unit at 130 Bay Street Landing, were purchased
by a company called Meadow Partners for $23 million. TRD