The Staten Island Real Estate Market Will Continue to Grow

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Although Staten Island has been treated like the proverbial stepchild by New York City officials for many years, the success of its real estate market in the past decade has been a true Cinderella story. Residents of other boroughs who previously contended that Staten Island is not really part of New York are flocking there in droves. Companies, too, are establishing or increasing their presence and visibility on the island.

Naysayers, beware. As homeowners around the country lose sleep over the housing bubble, Staten Islanders are laughing all the way to the bank. Although Staten Island has been treated like the proverbial stepchild by New York City officials for many years, the success of its real estate market in the past decade has been a true Cinderella story. Residents of other boroughs who previously contended that Staten Island is not really part of New York are flocking there in droves. Companies, too, are establishing or increasing their presence and visibility on the island.

Elad Kushnir, a real estate expert and CEO of Best Home Properties, Inc., a Staten Island real estate development company, cites some interesting facts:

  • In the past decade, Staten Island has had the highest population increase of all of NYC boroughs.

-The cost of living in Staten Island is the lowest of all NYC boroughs. This has and will continue to encourage increased migration into the island.

-The recent down-zoning of many Staten Island lands will decrease the supply of housing on the Island, consequently maintaining or even increasing home prices.

“I am confident that these factors will provide the market with sustaining power over a long period of time,” Kushnir says. In fact, Kushnir is so convinced of Staten Island's future success that he has increased his company's investment in the island. BHP recently acquired a plot of land on 120 Montgomery Ave. in Saint George. With the multi-million dollar renovation of the Staten Island Ferry, the neighborhood of Saint George, like the rest of the borough, is experiencing a sharp increase in property values. A fast, free and convenient commute to Manhattan is one important contributing factor in the rising of property prices in Saint George.

The plans for the Montgomery project include the development of three two-family townhouses. These houses will be built to suit the needs and lifestyles of the “Manhattanites” –those who live on the island but commute to Manhattan for work.

Salvadeo Associates Architects, one of Staten Island's leading architectural design firms, will lend their expertise to the design phase of this project. 120 Montgomery Ave. is now in its development and planning stage, with final architectural plans scheduled to be completed by the end of June 2005.

About Best Home Properties, Inc.:

Best Home Properties, Inc. (BHP) was established in 2002 by Elad Kushnir and Tal Goldstein, two seasoned veterans in the field of real estate. BHP specializes in acquiring, rehabilitating and reselling distressed properties. More information is available at http://www.besthomeproperties.com

About Elad Kushnir:

Elad Kushnir is the Chief Executive Officer and co-founder of Best Home Properties, Inc. Additionally, Kushnir acts as the company's CFO, dealing with all aspects of financial management and planning for the company.

Prior to establishing Best Home Properties, Inc., Kushnir was the Manager of Online Development for the Isram Group of Companies, a multi-million dollar business headquartered in NYC, with operations on all six continents. During his three years at Isram, Kushnir oversaw the successful development and operational integration of three travel websites.

Kushnir received his Bachelor of Arts at Columbia University in New York City.

Contact:

Traci Petersen, BHP, Inc.

718-273-7777

tracip@besthomeproperties.com

http://www.besthomeproperties.com

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Traci Petersen
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