NEW YORK CITY-First comes the world’s largest Ferris wheel. Then new multifamily buildings and a 200-room hotel. Now, the retail.
In another sign that Staten Island’s North Shore is becoming the new frontier for investors and developers, Madison Realty Capital has taken ownership through foreclosure proceedings of 364 Bay Street, a stalled 55,000-square-foot, two-story retail center near the St. George waterfront that the firm plans to complete and lease up with new retail tenants, GlobeSt.com has learned exclusively.
“Our belief here is that given the tourists, the people moving to the market, there’s a lack of retail in the market and there’s a definite need,” Joshua Zegen, co-founder and managing member of MRC, tells GlobeSt.com.
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