GFI Realty Services, LLC announced the $11.9-million sale of 100 Belmont Place & 101 Daniel Low Terrace, two six-story elevator apartment buildings occupying a single lot, in the St. George section of Staten Island. The asset is comprised of 112 apartments and 47 parking spaces. GFI Realty Senior Managing Director Matthew Sparks, headed the team that represented the buyer, while Robert Fitzsimmons of Gateway Arms Realty represented the seller. The seller and buyer are local investors.
Constructed in 1966, the 120,000-square-foot property features a mix of a 76 one-bedroom units, 24 two-bedroom units and twelve three-bedroom units.
“The buyer is a local investor with whom we have a long standing relationship. This asset is right in line with his acquisition criteria and he saw the opportunity to create and maintain affordable housing” said Matthew Sparks. “The property is also ideally located within minutes of the Staten Island Ferry.”
St. George, Staten Island is situated along the waterfront and is the most populated area of the borough. The neighborhood has undergone significant development in recent years including the completion of the Empire Outlets mall in 2019 and the National Lighthouse Museum, completed in 2015.