A Staten Island Multifamily How-To Guide for New York Developers

Real Estate attorney Stuart Saft was interviewed by the Commercial Observer about the reasons behind the lack of multifamily housing development in Staten Island. Despite a plethora of space – CoStar data says 5.4 million square feet of land is actively being marketed for sale – and a prime location close to New York City, the number of projects in boroughs such as Manhattan, Queens and the Bronx dwarf that in Staten Island. Mr. Saft, who leads Holland & Knight's New York Real Estate Practice Group, explained that one cause for the disparity is zoning; Staten Island code historically favored single-family homes, and prior rezoning initiatives reduced the areas where townhomes and apartments could be built. To put the situation in perspective, he shared that he has yet to advise on a project in the borough.

"Staten Island is probably the most perfect place in the world because you're 20 or 40 minutes away from the largest city in the country, but at the same time it's like being in New England," he said. "I've realized that in all the development I have done in my career – and there have been some massive projects in the Bronx and Queens – no one has ever come to me with a project in Staten Island."

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