Real Estate News

The Real Deal reported that Benjamin Rusi purchased The View Luxury Apartments for $20 million.  The building is located at 224 Richmond Terrace, St. George, Staten Island. The property provides unobstructed panoramic views of the New York Harbor and Manhattan skyline. It is located just steps away from the New York Wheel and within walking distance of the Richmond County Bank Ballpark (home of the Staten Island Yankees) Empire Outlets, St. George Ferry Terminal and Lighthouse Point.

The building is 11 stories (58,792 sf) containing 40 residential units and 3 commercial units.  The 16 one bedroom and 24 two bedroom units each contain a gourmet kitchen with stainless steel appliances, hardwood floors, in-unit dishwasher, washer dryers and a private balcony.  Building amenities include a virtual doorman, gym, recreation lounge, roof deck and parking garage. The building is pet friendly.

The seller is Madison Realty Capital. Casandra Properties Brian McGowan & Robert Nixon were the selling agents. John Pitera of Casandra Properties was the listing agent. Financing was arranged by Jon Cruz, Senior Lending Advisor & Russell Nova, Senior Vice President of The Cornerstone Group of NY. The Loan was secured and closed within 27 days.

St. George is one of New York City’s up and coming neighborhoods. It will be home to Empire Outlets, New York City’s only outlet center set to open in fall 2018.

Said Benjamin Rusi, “We are very excited to join the transformative developments on the North Shore of Staten Island by adding this asset to our portfolio.”

Said Josh Zegen, seller  “We have great confidence in Staten Island. Several years ago we were presented with a terrific opportunity to purchase the debt and complete construction on The View and we achieved great success. Since the day we opened our doors, occupancy has been strong. Working with the Casandra Properties Team, and John Pitera, we were able to generate a great return on our investment. We believe in the St. George neighborhood and look forward to our next successful project.

Said Brian McGowan, selling agent Casandra Properties, “A rising tide should lift all boats.  That’s precisely what’s happening here.  Not long ago, I sold Edgewater Plaza for the highest price ever for an office building on Staten Island.  We continue in that vein with the sale of The View Luxury Apartments.  There should no longer be a discussion about what the renaissance of St. George is going to look like – it’s happening now.  The proof is in these game-changing comps and we are just getting started.”