River North Development Site

178 Richmond Terrace, Staten Island, NY, 10301, US & 2 Stuyvesant Place, Staten Island, NY 10301

Description

Jones Lang LaSalle (“JLL”) has been exclusively retained for the disposition of The River North Development Site (the “Site”), a 58,898 square-foot, development site with 353,388 zoning floor area (ZFA). The project, vested under the lapsed 421a program (Option B), provides significant tax advantages compared to the current 485x program. With a proposed 504 units and 4,444 SF of commercial space (above grade) the Site is poised to be the flagship residential building along the North Shore Waterfront. The Site is subject to Mandatory Inclusionary Housing (MIH) requirements (Option 2) and will also be eligible for Brownfield Tax Credits. While the Site is subject to MIH Option 2, the building will only require 16 MIH units in total (one per floor), as the Site benefits from having the remainder of the MIH requirement satisfied by the neighboring affordable development. This results in a blended MIH/affordable requirement of 30% at 110% of AMI. This project will leverage the momentum created by the institutional groups that have and continue to invest significant capital within the submarket.

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Attributes

Land area gross

58,898 sf

Building area net

353,388 sf

Number of units

504

Zoning

R7-3/C2-4 (SG)

Media

Investment Highlights

Expansive Scale in Undersupplied Market

The River North Development Site offers an exceptional canvas for a large-scale residential vision along the Staten Island Waterfront. Through the City of Yes, the development has preliminary plans for 504 units across 353,388 ZFA. With a total footprint of 58,898 SF and 454’ of frontage along Richmond Terrace and Stuyvesant Place, the Site ensures unparalleled visibility and accessibility in this dynamic neighborhood.

Vested Affordable New York

The Property (with fully stamped and approved plans) is vested under the lapsed 421a program (Option B), providing significant tax advantages compared to the current 485x program (and no prevailing wages for construction regardless of unit count). Crucially, the completion deadline for 421a benefits has been extended from June 15, 2026, to June 15, 2031, offering an additional five years to complete the project while retaining these valuable tax incentives.

Brownfields Tax Credits

The River North Development Site stands to receive ~$42.3 million in Brownfield Tax Credits, providing a crucial advantage through offsetting Site remediation costs. This substantial tax incentive will reduce overall development costs and enhance the project’s economic viability and investment potential.

Waterfront Revitalization

Staten Island’s North Shore is slated to receive a $400MM investment geared towards transforming a former 35-acre United States naval base into a new mixed-use community on the Waterfront, set within a framework of open space and esplanades. In total, this commitment will bring over 2,100 mixed-income residential units, ground floor retail, a 600-seat public school, additional community facilities, and 12 acres of interconnected public open space to Staten Island’s North Shore.