315-325 Saint Marks Place

A prospective twin residential project will have stunning views of the Manhattan skyline from approximately 90% of the units, plus outstanding views of the Verrazano Bridge from all East facing units. It is located 3 short blocks from the Staten Island Ferry and the newly announced developments adjacent to the ferry including New York City’s 1st Outlet Mall (scheduled to open late 2015), World’s Tallest Ferris Wheel – New York Wheel (scheduled to open 2016), new hotel, additional retail complexes and housing (in the Lighthouse area). Normally such a project would be an 18-20 story steel structure, but As Of Right it is possible to utilize the whole 190,000 square feet, building only approximately 12 stories on top of a 4-story parking garage (1 story underground). This should allow concrete slab construction allowing for a reduction in construction costs. It also allows for a very large recreation area, including a pool on the concrete roof of the parking garage to the rear of the residential. It is possible to obtain 25-year 421a tax abatement benefits, yet build part of the project as free market luxury rentals or condos. With the highly anticipated development coming to St. George, a 10,000 square foot commercial development on Hyatt facing the new courthouse would fill a tremendous local need for retail establishments, such as a restaurant, a pharmacy, and a bank. If the choice is to build to the maximum 200’ height allowed under the Master Plan, additional air rights are available.