Broad Street Plaza 43-53 Broad St

43-53 Broad Street presents a tremendous investment property in the booming Staten Island. Built in 2014, the portfolio includes 20 total units with eight apartments split into one- and two-bedrooms, six retail storefronts, two offices, and four garages. The property was built with both the tenants and ownership in mind. The entry to the apartments is in the rear of the building on Thompson Street, allowing retail and residential tenants to operate independently and adding privacy and security for all parties. All units are also conveniently individually metered. A tax abatement until 2038 maximizes the investor's potential for profit. Other growth opportunities include expanding to take advantage of the community facility bonus FAR and increasing rents to market value. None of the apartments are currently rent-stabilized or controlled, allowing for maximum profits.

The high-performing Staten Island Multifamily Submarket is an excellent place for investors to poach. The New York apartment market sports the lowest vacancy rate among major cities in the country, at 2.8%, and continues to be defined by many renters competing for a limited number of units. The vacancy rate in the Staten Island Submarket, at 1.2%, is tight when compared to U.S. submarkets with at least 10,000 units. The Staten Island Submarket has some stable demand drivers, including solid income levels and a sizeable public-sector workforce. The four medical facilities on Staten Island — Staten Island University Hospital-Psychiatry, South Beach Psychiatric Center, the Richmond University Medical Center-Bayley Seton Hospital, and Richmond University Medical Center — employ approximately 10,000 people, creating additional housing demand.

Stapleton is a coveted corner of Staten Island. One of the older waterfront neighborhoods of the borough, it was built in the 1830s on land once owned by the Vanderbilt family. Formerly a long-time commercial center of the island, it has recently transformed as new developments pop up through the area. The Stapleton neighborhood enjoys proximity to the Verrazzano Narrows Bridge and Staten Island Ferry. 43-53 Broad Street benefits from easy access to the Stapleton Train Station and proximity to Bay Street, a major connector for Staten Island. There is a plethora of retail nearby with a mixture of local and national names.

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