230 Bay Street
Retail | Mixed-Use Development - 18,000 BSF
Marketing description
Sector Property Group has been exclusively retained to arrange the sale of 230 Bay Street, a development site and vacant freestanding commercial building located along the Bay Street Corridor, between Hannah & Minthorne Streets, in the Stapleton neighborhood of Staten Island.
The property is zoned R6 / C2-3 within the Special Bay Street Corridor District (Subdistrict D1) and supports up to 18,000 SF of zoning floor area at 3.0 FAR under Mandatory Inclusionary Housing, with no parking required.
A developer may construct a mixed-income residential building of up to 75 feet with active ground-floor retail, and may qualify for the 485-x real property tax abatement program. The existing 4,000 SF brick building — a former Rent-A-Center — offers approximately 50' feet of Bay Street frontage, 5+ on-site parking spaces, two curb cuts, a loading dock, and full HVAC in place.
The property sits directly across from the Tompkinsville Staten Island Railway station, providing riders an immediate connection to the St. George Ferry Terminal and a 25-minute ride to Lower Manhattan. New construction including Urby, Lighthouse Point, and The Pearl have delivered within blocks of the site, establishing 230 Bay Street as a well-positioned opportunity within one of New York City's most actively supported growth corridors.
Investment highlights
- Development Potential: As-of-right ZFA of 18,000 SF at 3.0 FAR under the Special Bay Street Corridor District (BSC D1), supporting a mixed-income residential building of up to 75 feet with ground-floor retail and zero parking requirement.
- 485-x Tax Abatement: Qualifying rental developments at this scale are eligible for up to 35 years of real property tax savings with no prevailing wage obligation, materially improving long-term project economics.
- Vacant Possession: Property delivered vacant at closing with no existing tenants, enabling a buyer to move directly into demolition and redevelopment on day one.
- Built-In Optionality: Beyond ground-up development, the existing 4,000 SF building offers immediate occupancy for a retail or commercial end-user, or interim lease income for an investor seeking to build at a later date.
- Opportunity Zone: 230 Bay Street sits within a federally designated Opportunity Zone, providing qualifying investors with meaningful capital gains tax incentives including deferral and potential elimination upon exit.
- Unmatched Transit Access: Situated directly across from the Tompkinsville Staten Island Railway station, with the Hannah Street entrance at the lot line and a 25-minute connection to Lower Manhattan via the St. George Ferry Terminal.
- Active Growth Corridor: More than 2,000 new residential units delivered within blocks, including Urby, Lighthouse Point, and The Pearl, anchoring sustained demand for ground-floor retail and services along Bay Street.
- North Shore Waterfront Revitalization: The 2019 Bay Street Corridor rezoning positioned this stretch of Staten Island's North Shore as a priority development area, with ongoing public and private investment continuing to transform the surrounding neighborhood.
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