Massey Knakal Realty Services is pleased to announce the sale of senior notes for two development sites in Staten Island. The loans were non-performing, as maturity defaults occurred. The loans were sold in an all-cash transaction valued at $13,500,000.
One of the collateral development sites known as Waterfront Commons is located on the South Shore of Staten Island at the intersection of Richmond Valley Road and Arthur Kill Road. It is comprised of several contiguous land parcels containing approximately 1,300,000 square feet of M1-1 zoned waterfront property. The site is situated in the greater Charleston shopping district, which is home to several well-known national tenants including Target, Home Depot, Bed Bath & Beyond, Petco, Modell’s and Applebee’s.
According to Costar, retail is in high demand in Staten Island. The retail vacancy rate is only 2.8%, which is well below Brooklyn’s 4.3% and Queens’ 3.7%. Staten Island had over 15 million SF of retail which included 188 chain stores alone in New Springville, which is home to The Staten Island Mall. The stores added up to the most in any NYC zip code. The retail rents in Staten Island are attractive averaging almost $25/SF, whereas Queens and Brooklyn figures are $33 and $38 respectively.
The other collateral known as Liberty Towers is located on Stuyvesant Place between Hamilton Avenue and Richmond Terrace in the St. George section of Staten Island. It is comprised of 1.77 acres of land zoned C2-2/R6/HS (FAR 2.43) and permits a mixed-use or residential development of over 200,000 buildable square feet as of right. The site is within walking distance of the Staten Island Ferry, which provides residents with a 30 minute commute to lower Manhattan, and Richmond County Bank Ballpark, the home of the Staten Island Yankees. This is a unique opportunity to acquire a loan for a large development site in the heart of Staten Island’s downtown business district.
“There are very few remaining loan sale offerings, so these listings receive tremendous attention when brought to market, especially from funds looking to acquire distressed opportunities,” said Massey Knakal Partner James P. Nelson who exclusively handled this transaction with Adam Hess. “This all equity transaction closed in a matter of weeks,” Nelson added.
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Neighborhoods: Staten Island