(Staten Island, NY) — Staten Island, the island home to working- and middle-class families, has recently been stirring up conversation. With the housing market pressures among several of the hot boroughs in New York City like Manhattan and Brooklyn, and major projects on the island, people are talking about the future of the Staten Island housing market.
“The growth is already starting,” says New York-based real estate appraiser Jonathan Miller, of Miller Samuel. “It’s in the early stages of housing boom already.”
According to the New York Economic Development Corp. about $1.6 billion in public and private funding is being invested in the transformation of the waterfront. Some of the major projects include the Empire Outlets, which will be the city’s first outlet center that will include more than 100 stores. There is also the long-awaited $6 million New York wheel, and the shutdown of Fresh Kills to be turned into a 2,200-acre park.
Staten Island was the most affordable borough after the Bronx in 2017, which could explain the second-largest population increase from 2015 to 2016. With the new investments, 2,000 or more jobs are expected to be created, 200,000 square feet or more of office space is expected to be built and 4,000 plus housing units are expected to constructed. With all the growth the island is experiencing, housing prices may rise faster.
Carmine Masullo, owner of Bulls Head-based Homefinders of Staten Island, said buyers are looking to purchase homes for between $350,000 and $600,000. While prices are high, realtors say that in other boroughs home prices are higher.