June 22, 2020
Ariel Property Advisors arranged BFC Partners’ acquisition of 27-31 Wave St. in Staten Island’s Stapleton neighborhood for $2,150,000. Ariel’s Sean R. Kelly represented BFC and facilitated the acquisition, along with Michael Tortorici and John Higgins.
The property consists of three contiguous parcels with 167.5 feet of frontage on Wave Street, near the Stapleton Waterfront and the Stapleton Staten Island Railway station. The site will be merged with an adjacent 53,422-square-foot lot at 475 Bay St., which Kelly sold to BFC in 2016 for $3,450,000. BFC plans to build a mixed-income rental apartment building on the land.
“BFC Partners’ acquisition of 27-31 Wave St. demonstrates the firm’s commitment to Staten Island as a dynamic place to live and visit,” said Kelly.
Before purchasing 475 Bay, BFC had entered into a lease agreement there and used it as temporary parking while constructing Empire Outlets, BFC’s retail development on the Staten Island waterfront.
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