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Real Estate Blog - Robert DeFalco

Staten Island’s $400M Waterfront Makeover: What It Means for You

A Sustainable Vision for the North Shore

Mayor Eric Adams and the city’s Economic Development Corporation have announced plans for the city’s largest mass timber residential project. Developers Artimus and Phoenix Realty Group will lead the construction of 500 mixed-income housing units on two vacant sites along Stapleton’s waterfront. Notably, 25% of these units will be designated as affordable housing for families earning between 40% and 80% of the area median income.New York Post

Mass timber, an engineered wood product, will be utilized in construction to reduce the project’s carbon footprint and expedite building timelines. This sustainable material aligns with the city’s “Green Economy Action Plan,” which aims to create 400,000 green jobs by 2040.

Transforming a Former Naval Base

The New Stapleton Waterfront, once a U.S. naval base, is being reimagined into a 38-acre mixed-use neighborhood. The city’s investment will fund the creation of over 2,400 homes, more than 20 acres of public space, and is projected to generate over 7,500 jobs, contributing $3.8 billion in economic impact over the next 30 years.

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How Mortgage Rates Affect Your Homebuying Power — What Staten Island Buyers Should Know

But what do these numbers really mean for you as a buyer? And how much do they actually affect your ability to buy a home in neighborhoods like Tottenville, Great Kills, or Huguenot?

Let’s break it all down in a way that’s easy to understand.

What Is a Mortgage Rate?

A mortgage rate is the interest you pay your lender in exchange for borrowing money to buy a home. Most buyers choose a 30-year fixed mortgage, which means you’ll make the same monthly payment (including interest) over 30 years.

As of early May 2025, the average 30-year fixed mortgage rate is around 6.85%, according to Bankrate and Freddie Mac. That’s slightly down from last week—but still much higher than the 3% rates many buyers saw a few years ago.

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What You Need to Know About New York City’s “City of Yes” Housing Plan

Big changes are coming to New York City’s neighborhoods — and if you live, buy, or sell in Staten Island (or anywhere in the city), it’s something you should know about.

Mayor Eric Adams and the City Council recently approved the City of Yes for Housing Opportunity plan. It’s a big idea aimed at tackling the city’s long-time housing shortage by making it easier to build more homes across all five boroughs.

So, what does it mean for regular people like you and me? Let’s break it down simply.

What Is the City of Yes Housing Plan?

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