A rare waterfront development site recently entered the market in the Stapleton section of Staten Island. The site comprises a 72,000-square-foot lot at 385 Bay Street and an 88,265-square-foot lot at 425 Bay Street. The entire site spans 3.67 acres and is zoned for both residential and commercial use.
If redeveloped, the site carries a maximum 3.0 floor area ratio (FAR), allowing for a development of up to seven stories. Today, the site is occupied by a Rite Aid pharmacy, a Western Beef supermarket, and associated surface level parking. Together, the existing retail properties account for 480,000 square feet of built up area.
“We’re excited to bring to fruition the future development of 385-425 Bay Street. The completion of this site will allow for additional housing options for Staten Island residents, in an accessible and well-sought location,” said Lee & Associates NYC executive managing director and principal Kelly Koukou. “Future residents and visitors will be able to enjoy stunning views of the water along with the convenience of shopping just steps from home, while also being a stone’s throw from an enjoyable commute into Manhattan.”
The New York office of Lee & Associates NYC is managing all marketing and sales initiatives for the site on behalf of Parisi Bay Street LLC, the owner and manager of the property. Lee & Associates has not confirmed the asking price for the development site.