191 Edgewater Street
Industrial | 122,250 SqFt
Marketing description
The Nowak Group of Marcus & Millichap is pleased to present 191 Edgewater Street and the adjacent 190 Edgewater parcel. The subject properties present a rare call-for-offers opportunity to acquire a North Shore Staten Island waterfront redevelopment site with BSA approval in place for residential conversion, substantial existing building infrastructure, and additional land value through a second M3-1 parcel.
The offering is anchored by the long-vacant, seven-story former industrial building at 191 Edgewater Street, a substantial concrete structure with high ceilings averaging approximately 13 feet and a large existing envelope. The current BSA plan set demonstrates a preliminary 101-unit multiple dwelling program within the existing 122,250 SF structure, with approximately 79,833.81 SF of proposed zoning floor area (not including the first floor which must be set aside for parking, and storage uses due to flood plain) and approximately 60,343 SF of scheduled residential unit area. The plan also provides 101 parking spaces, with 44 spaces on-site at 191 Edgewater and 57 spaces supported by the 190 Edgewater parcel.
Residential use is now approved through the BSA process for a property otherwise located in an M3-1 zoning district. BSA materials describe a variance to permit conversion of an existing manufacturing building to residential contrary to the underlying use regulation in an M3-1 district.
The existing building's concrete structure creates a meaningful adaptive-reuse thesis. Compared with full demolition and ground-up development, a purchaser may be able to preserve portions of the existing foundation, frame, floor plates, and envelope, reducing hard costs and shortening the construction timeline. The existing structure provides a compelling basis for lower-cost repositioning relative to a ground-up replacement.
Investment highlights
- Rare North Shore Waterfront Adaptive-Reuse Opportunity - A rare opportunity to acquire and reposition a substantial waterfront industrial building along Staten Island's evolving North Shore. The site combines scale, waterfront identity, historic character, and residential conversion approval in a market where large adaptive-reuse opportunities are scarce.
- BSA Approval in Place for Residential Conversion - The property benefits from BSA approval allowing conversion of an existing manufacturing building to residential use in an M3-1 zoning district.
- Preliminary 101-Unit Residential Plan - The current plan set demonstrates a 101-unit multiple dwelling program within the existing 191 Edgewater structure. The plan includes approximately 79,833.81 SF of proposed zoning floor area (not including the first floor which must be set aside for parking, and storage uses due to flood plane), approximately 60,343 SF of scheduled residential unit area, and a 101-space parking solution split between 191 and 190 Edgewater.
- Flexible Unit Count and Layout Optionality - The preliminary plan is a proof-of-concept, not the only possible residential layout. Purchasers can evaluate alternate layouts, unit counts, unit sizes, rentable/saleable area efficiency, amenities, and interior configurations within the existing envelope, subject to agency review and final approvals.
- Free-Market Residential Upside - The BSA residential approval does not mandate an affordability requirement. This allows purchasers to underwrite a free-market rental or condominium conversion, while separately evaluating whether a tax incentive such as 467-m should be pursued for a rental strategy.
- 467-m Tax-Abatement Optionality for Rental Developers - 467-m may provide meaningful tax-abatement optionality for a rental conversion of the existing non-residential building. If elected and approved, the program can provide partial real estate tax exemptions in exchange for affordability and compliance requirements, potentially improving stabilized rental economics.
- Existing Concrete Structure Reduces Development Costs - Unlike a ground-up development site, 191 Edgewater offers a substantial existing concrete structure with high ceilings averaging approximately 13 feet and large floor plates. A purchaser may be able to reuse portions of the foundation, frame, floors, and envelope, reducing hard costs and shortening the development timeline. All structural reuse assumptions should be independently verified by purchasers.
- Ground Floor Suitable for Parking, Storage, Mechanical, and Accessory Uses - The ground level is below the applicable flood elevation and is therefore set aside for parking, storage, mechanical, access, lobby, and other accessory uses rather than residential occupancy. The current plans note Zone AE/BFE conditions, a minimum design flood elevation of 15 feet, and a wet-flood-proofed first floor.
- Parking Requirement Solved Across Both Parcels - The current plan requires and provides 101 parking spaces, equal to one space per apartment. The plan allocates 44 spaces on-site at 191 Edgewater and 57 spaces within the 190 Edgewater parking structure/lot arrangement.
- 190 Edgewater Adds Land Value and Future Development Optionality - 190 Edgewater is not merely a parking support parcel. It also provides separate land value, parking-income potential, and possible future commercial/manufacturing development optionality under M3-1 zoning. Purchasers may evaluate the parcel as part of an integrated 191/190 strategy or as a standalone commercial development component.
- As-of-Right M3-1 Commercial / Manufacturing Potential - The underlying M3-1 zoning provides additional as-of-right commercial/manufacturing optionality. This potential should be evaluated separately from the BSA residential conversion plan.
- Market Rent and Condo Sellout Upside - Uploaded market research supports rental underwriting of approximately $57.50 to $60 per RSF per year for an efficient apartment plan and a high-case condo sellout range of approximately $580 to $650 per sellable SF, with premium lines potentially above that level.
- Proven Waterfront Residential Benchmark Nearby - Nearby Urby at New Stapleton Waterfront and The Residences at Lighthouse Point help demonstrate market acceptance for modern waterfront rental products on Staten Island, while The Accolade, The Pointe, and 80 Bay Street Landing provide relevant waterfront condo pricing benchmarks.
- North Shore Public Investment and Waterfront Momentum - The North Shore continues to benefit from major public investment and waterfront planning, including public open space, esplanade infrastructure, new housing, retail, and transit-oriented improvements across the broader Stapleton/St. George waterfront corridor.
- Historic Industrial Repositioning Story - 191 Edgewater carries a strong adaptive-reuse narrative as a long-vacant waterfront industrial building associated with Staten Island's former Wrigley chewing gum factory history. The opportunity to convert a recognizable industrial asset into a modern waterfront residential address gives the offering a distinctive placemaking story.
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