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02/16/2009 02:39 AM

St. George Properties Offer Great Views For A Great Price

By: Tara Lynn Wagner

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Conventional wisdom says a stellar view of the New York City skyline should cost a fortune, but there's one place in the city it be found for a relative bargain: St. George on the North Shore of Staten Island.

"You can find anything here from a Victorian, to a beautiful condo that overlooks the water, to a very sexy apartment building on St. Marks," says Kamillah Hanks, executive director of the Downtown Staten Island Council. "This is really undiscovered."

Like any undiscovered area, St. George is poised for buyers with a pioneer spirit. The assets are in place – panoramic waterfront views, a free ferry ride to Manhattan, but the neighborhood is suffering from a chicken and egg dilemma.

"There's no supermarket in St. George and that's the first thing people would ask for," says James Miraglia of the Department of City Planning.

"Without the density than how to keep the stores open? We need the patrons first," adds Hanks.

In an effort to attract people and business, the city has rezoned the area for tall mixed-use structures, which will allow builders to maximize the view.

While all 40 units in the Richmond Terrace property called The View, and many of the 57 in a nearby property called the Point, come with waterfront views, only about 10 to 15 percent have been sold. Brokers with Cassandra Properties say they have not lowered the asking price, but they are open to negotiation.

They say they are confident there is a market for these and the 500 future units they have planned for the neighborhood.

"People are a little bit more hesitant when it comes to Staten Island, but because of price, now they are coming around," says Michael Prendamano of Cassandra Properties.

Realtors say the time to buy in St. George is now, while the great views still only cost less than $750,000. But they say those prices won't last forever.

"We want to create a neighborhood not unlike a Hoboken or a Red Bank or a Bay Ridge," says Miraglia.

If that happens, experts say you can expect the prices to rise.

"We have contracted on units as high as a $1.9 million in St. George already, so there's no doubt that that will continue," says Prendamano.