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Q: Why are Staten Island real estate values increasing?

Staten Island residential real estate values are soaring. We previously reported on how The New York Wheel project is anticipated to lure Manhattan tourists’ attention and money here. But there are many other reasons why Staten Island is really becoming the place to be for residents and businesses alike.

Staten Island commercial real estate is also booming. In fact, the commercial growth is what is driving the rise in residential real estate values, with numerous commercial projects contributing to residents’ desire to live here.

The 10 commercial real estate projects generating Staten Island’s growth and desirability include:

  1. The Boulevard shopping center development
  2. The Staten Island Mall 240,000 ft. expansion and parking lot in New Springville
  3. Charleston’s Bricktown Commons expansion 90,000 sq. ft. theater over 45,000 sq. ft. in retail stores
  4. Lighthouse Point on the St. George waterfront–a residential and retail mixed use project, including some affordable housing
  5. Empire Outlets, also on the St. George waterfront – – 100 designer outlet retailers, a hotel, parking garage and multiple restaurants
  6. Broadway Stages film production projects at the former Arthur Kill prison–a project expected to create 1,500 jobs.
  7. Riverside Galleria complex with a cinema, retail shops, and restaurants.
  8. Sea View Health community– a housing and wellness services mixed use project on the site of the former Sea View Hospital
  9. Urby on the St. George waterfront–“curated social spaces” includes apartment buildings, fitness center, pool, and “on-site farm” with a chef and a communal kitchen for residents
  10. The New York Wheel on the waterfront

With all the different projects, Staten Island truly offer something for everyone–traditional home-ownership as well as apartment living, including affordable housing. All of it is so close to Manhattan, yet also a destination in its own right.

If you are looking to buy or sell residential real estate in Staten Island, or are a business seeking a commercial tenancy in any of the many new projects, the Law Offices of Merlino & Gonzalez can help. Call us today at 718-682-7015 for a consultation. We serve clients in all types of residential and commercial real estate transactions throughout Staten Island, and the New York City area, as well as New Jersey.