Contractor bankruptcy delays $250M Staten Island apartment complex

May 2024 · 2 minute read

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A contractor’s bankruptcy filing has stalled construction of an already-delayed $250 million luxury apartment complex in St. George, Staten Island.

Hollister Construction Services of Parsippany, New Jersey, filed for Chapter 11 bankruptcy protection on Sept. 11, though its website states that it will “continue to conduct business.” However, the developer behind the Lighthouse Point project, Triangle Equities, told the Staten Island Advance that it is “close” to hiring a new contractor for the project, which was supposed to see residents move in next year,

“We are working to put a new construction team in place by the end of this year to resume construction activity at full capacity,” said Triangle Equities COO Evan Petracca. “The development team is well capitalized and remains committed to complete the project in 2020.”

The exact timetable won’t be known until a new contractor is on board.

The project also has a partial stop-work order issued by the city Buildings Department for “inadequate guardrails” and housekeeping at the site, according to the Advance.

Lighthouse Point, next door to the Staten Island Ferry terminal, and opposite the new Empire Outlets mall, includes a 116-unit apartment building, 20 percent of which will be earmarked for affordable housing, along with 65,000-square-feet of retail, including an upscale grocery store, and office space.

Work on the project started in 2016, a year behind the original schedule. It was slated to be done by the end of this year.

The second phase of the development will see a 160-room Westin Hotel go up on an adjacent former Coast Guard station. The base of the hotel will incorporate one of the landmarked buildings that dot the historic site. Another already houses the National Lighthouse Museum, which will be joined by retail shops and restaurants as the remaining Coast Guard buildings are modernized and converted into a waterfront attraction similar to South Street Seaport.  A 300-space underground parking garage is also planned.

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