Triangle Lists Lighthouse Point Development A Year After Opening
Triangle Equities is looking to cash out on the residential portion of its Lighthouse Point development on the Staten Island waterfront, after years of construction delays, a contractor bankruptcy and pandemic-era setbacks.
The developer is eyeing $45 million for the leasehold interest in the 115-unit apartment building at 5 Bay Street in the St. George neighborhood, a little more than a year after the development opened. The building is 95 percent occupied, JLL’s Devon Warren said. The city owns the land under the building and the buyer would assume the annual rent payments of $120,000. The lease term expires in 2114.
A JLL team including Warren, Rob Hinckley and Jeffrey Julien is marketing the property for sale.
Triangle broke ground on the mixed-use development in 2016 after securing $95 million in financing from Citizens Bank and joint venture equity from Lubert-Adler Partners. The project was backed by $16.5 million from Empire State Development.
The development was almost a decade in the making. The project’s original construction manager, Hollister Construction Services, filed for Chapter 11 bankruptcy in 2019, forcing the developer to replace the contractor. Lawsuits, a partial stop-work order and the Covid pandemic pushed completion years behind schedule.
The 13-story building ultimately opened last summer and includes 30 affordable units, along with roughly 60,000 square feet of commercial space and a 274-space parking garage. Commercial tenants include the College of Staten Island’s tech incubator, childcare operator the Learning Experience and Club Pilates.
The residential building is part of the broader Lighthouse Point redevelopment, a more than $230 million effort to transform the former U.S. Lighthouse Service General Depot on Staten Island’s North Shore into a mixed-use waterfront destination. The site operated from the 1860s until the mid-1960s, then sat vacant for decades.
Triangle has yet to break ground on the second phase of Lighthouse Point, which calls for restoring several historic depot buildings and adding additional retail and commercial space. In 2016, the Queens-based developer announced it had partnered with Starwood Hotels & Resorts to build a 175-room hotel under the Westin Brand at the development.
Triangle did not immediately respond to a request for comment.
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