Fairstead closed on 55 Richmond Terrace in St. George, Staten Island, for $38 million on Tuesday, snapping up 96 rental units as the borough’s rental market heats up. The deal marks one of Staten Island’s biggest multifamily trades this year.

Fairstead’s acquisition of 55 Richmond Terrace signals growing investor interest in Staten Island’s North Shore, where St. George’s rental market has tightened rapidly in 2024. A spokesperson for Fairstead confirmed the $38 million closing to NYC Pulse, saying, “We see long-term potential as more New Yorkers discover St. George’s commuter access and waterfront amenities.”

The tower, located across from the Staten Island Ferry terminal, offers mostly one- and two-bedroom apartments, with views of the harbor and Manhattan skyline. The prior owner, Madison Realty Capital, bought the building in 2017 for $29 million and recently undertook lobby renovations and in-unit upgrades. According to property records, the latest sale represents a 31% gain over Madison’s purchase price.

Local landlord and Community Board 1 member John DiMartino says the deal reflects “the sheer demand uptown and in St. George right now.” Streeteasy reports median asking rents in the area hit $2,200 in May, up 8% from last year, as more Manhattan and Brooklyn renters look to Staten Island for relief. “Vacancies are rare and units go fast,” DiMartino added.

Fairstead plans to keep 55 Richmond as market-rate rentals, but says it will launch a resident amenities upgrade later this summer. The firm has expanded its NYC portfolio in the past two years, most recently acquiring a 200-unit building in Bay Ridge, Brooklyn. Their St. George move suggests more institutional eyes are turning to Staten Island’s shifting rental landscape.

Frequently Asked Questions

Who bought 55 Richmond Terrace and for how much?

Fairstead, a national multifamily investment firm, purchased 55 Richmond Terrace in St. George for $38 million. The deal closed on June 4, 2024, making it one of Staten Island’s largest multifamily trades this year.

What is happening with rents in St. George, Staten Island?

Rents in St. George have risen sharply, with median asking rents up 8% year-over-year according to Streeteasy. Demand is growing as renters seek alternatives to Manhattan and Brooklyn prices, driving higher occupancy and faster lease-ups in the area.

What are Fairstead’s plans for the building?

Fairstead intends to maintain 55 Richmond as a market-rate rental property and will launch new resident amenities later this summer. The company sees St. George as a growth market and is expanding its holdings in New York City neighborhoods.

Frequently Asked Questions

Who bought 55 Richmond Terrace in St. George, Staten Island?

Fairstead, a national multifamily investment firm, bought 55 Richmond Terrace in St. George, Staten Island.

How much did 55 Richmond Terrace sell for in 2024?

55 Richmond Terrace sold for $38 million on June 4, 2024.

What is happening to rental prices in St. George, Staten Island?

Median asking rents in St. George rose 8% year-over-year, reaching $2,200 in May 2024.

What are Fairstead’s plans for 55 Richmond Terrace after the purchase?

Fairstead plans to keep 55 Richmond as market-rate rentals and will launch a resident amenities upgrade later this summer.

Who was the previous owner of 55 Richmond Terrace and how much did they pay?

Madison Realty Capital was the previous owner, purchasing the building in 2017 for $29 million.

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