A development site at 533-539 Bay Street and 40 Sands Street, located on the corner of Bay and Sands Streets in the Stapleton neighborhood of Staten Island’s North Shore, was sold in an all-cash transaction.
The site currently consists of five buildings on an approximately 100’ x 165’ lot. It holds over 56,000 buildable square feet, and was purchased by The Arker Companies for affordable housing development. The sale price equates to approximately $35 per buildable square foot.
In addition to being close to two hospitals, these properties are also conveniently located near various transportation options such as the Staten Island Ferry, Staten Island Expressway, and the Staten Island Railway at Stapleton Station.
“The demand for development is surging on the North Shore of Staten Island,” said Massey Knakal’s Michael Schneider, who exclusively handled this transaction with Senior Associate William Cheng. “Since the announcement of major developments such as the New York Wheel, New York City’s first outlet mall, the new Stapleton Waterfront, and Lighthouse Pointe Museum, the North Shore of Staten Island is receiving national attention. The demand for parking and housing, including affordable options, are rapidly increasing as these developments get underway,” Michael continued.
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Neighborhoods: Staten Island