what is happening with The Pearl condo at 130 Bay Street Landing?

Asked by Benedict, 20814 Wed Jun 11, 2008

is it finished and up for sales? has it been withdrawn from the market until prices go up?

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Joseph Runfo…, Agent, Staten Island, NY
Tue Jul 21, 2009
According to the RealDeal units at the Pearl are not yet on the market due to sewer and legal issues. The SI Advance reported Capitol One Bank is foreclosing on $34 million in mortgages for the Pearl, which has 101 units, after the developer was unable to get enough financing to pay the note when it came due last year.
Web Reference:  http://www.clovelake.com
2 votes
Joseph Runfo…, Agent, Staten Island, NY
Thu Nov 25, 2010
It appears a real estate investment firm called Meadow Partners, based in Midtown has purchased notes on the Pearl which is about 90% completed. There have been no sales at the Pearl. Meadow Partners is apparently in charge of completing the Pearl and preparing it for sales in the near future.
Web Reference:  http://www.clovelake.com
1 vote
Ed, , 10314
Thu Nov 25, 2010
Any updates on the situation?
1 vote
Joseph Runfo…, Agent, Staten Island, NY
Sun Apr 22, 2012
0 votes
Joseph Runfo…, Agent, Staten Island, NY
Sun Mar 25, 2012
There is an article which has many in the area upset, check this link;
0 votes
Joseph Runfo…, Agent, Staten Island, NY
Mon Oct 3, 2011
New York, NY, September 27, 2011 - PCCP, LLC announced today it has provided $24 million in two loan structures to a private institutional investor for the refinance and construction completion of 155 Bay Street and 130 Bay Street Landing, two residential condominium properties totaling 153 units. The properties are located within blocks of each other and are in the St. George area on the northeast coast of Staten Island, NY.

“PCCP recognized the value of the opportunity to originate two loans for these well-located properties to a successful investment management firm who understands the local market,” said John Randall of PCCP, LLC.

The properties are located on Staten Island’s North Shore waterfront, with unobstructed views of Manhattan, Brooklyn, and New Jersey. They are within walking distance of the Staten Island Ferry, which offers direct, 30-minute access to Manhattan, and the Tompkinsville Staten Island Railroad station which provides access to the southern portion of Staten Island.

155 Bay Street is nearly complete and is a six-story ground-up development that is comprised of 52 units of a 57-unit condominium property (five units have been sold) with 19,000 square feet of ground floor retail space and two levels of below-grade parking containing 108 spaces. The first floor contains a retail area and the residential lobby, with one- and two-bedroom residential units on the second through sixth floors. Located at the intersection of Bay Street and Victory Boulevard, the property is situated one block from the water, providing water views from many of the units in the building.

130 Bay Street Landing is approximately 75 percent complete and is a 101-unit, warehouse conversion and redevelopment project consisting of approximately 132,500 square feet of residential space, 4,000 square feet of community space and 197 planned outdoor parking spaces. On-site amenities will potentially include a gym, library, game room and storage area. Prior to its redevelopment, the property was a dry storage cocoa warehouse. The six-story warehouse has since been converted with three additional floors being added.
Web Reference:  http://www.clovelake.com
0 votes
Arlene Trunzo…, Agent, Staten Island, NY
Sun Jun 29, 2008
I can see your question has been answered. Saint George with those beautiful views and easy NYC access is in the mist of a wonderful property value transformation with all those great High rise upscale buildings. It is so nice to see it all happening. Investors should be out there is droves. I have had the pleasure to have shown the Point which was very well presented. At that time which was a few months ago the pearl was still being worked on.

Arlene Trunzo, CRS,GRI,SRES / Broker Owner
(BCREP) Board certified
718-317-0949 0R 917-359-1985
0 votes
Caesar Galin…, , Staten Island, NY
Thu Jun 12, 2008
The Pearl from what I know is still in progress, including as you know "The Pointe" , "The View". Moreover, the developer Puretz, hired a laundry list of top consultants to prepare plans, seek approvals and design the site, where more than 60 stores, a 14-screen movie theater and restaurants are planned. It is a complex process, so it may take some time. He has invested an great amount of capital to this projects and they are still going full force.

The Pointe, located at the foot of Bay Street and Victory, is nearly complete and will be the first test of Puretz's ability to attract people to St. George. If you are interested in taking a look at those apartments, I can email you some condos available there, although I know many have already sold.

Hope this helps, if you have any more questions you can contact me directly at Cgalindo@prosperityREG.com
(718) 698-2179 Office
(646) 302-1470 Cell
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