Could a neighborhood in Staten Island be the next NYC hipster haven?
It just might be. The Stapleton area in Staten Island is getting a facelift due to Ironstate Development’s “Urban Ready Life” project. The project will include 900 apartments with amenities amid surrounding retail areas aimed at young adults. The first 571 new luxury apartments are set to be available during the next few weeks. The City is investing $32 million into public roads and an esplanade in the area to boost the development. The proximity of the neighborhood to the Staten Island Ferry and better public transportation in general add to the area’s attractiveness.
What will it mean for Staten Island? A population explosion could be in store for the waterfront area around Stapleton, similar to what has happened in Williamsburg, Astoria, and Bushwick during the last decade or so.
During the two decades between 1990 and 2010, Staten Island increased more rapidly than any other NYC borough (24%) and became increasingly diverse as well, both in terms of ethnicity and age.
These trends are poised to continue and are closely tied with rising Staten Island real estate prices.
The New Stapleton Waterfront, as the greater area around the new development is being called, is an important part of the trend. The land is part of 35 acres of decommissioned U.S. Naval Base that had been under-utilized for generations.
Putting this land to good use is good news for Staten Island real estate, and good news for Staten Island.
Questions? As always, please contact me today.
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This information, based on New York law, was provided courtesy of The Law Office of Christopher J. Arrigali, P.C. It is intended to inform, not to advise. No one should try to interpret or apply any law without the assistance of legal counsel.