The Beacon at Garvies Point in Glen Cove is becoming one of the North Shore’s most desirable locations to live, work and play, according to its developers, RXR Realty.
In the last 13 months, more than 65 of the 167 waterfront condominiums built have been sold ahead of the development’s scheduled opening in late 2019. The Beacon offers one-, two-, and three-bedroom residences ranging in size from 900 to 2,850 square feet. Residents can also enjoy a number of outdoor spaces including rooftop terraces at the penthouse level, courtyard terraces, and balconies on nearly every home, along with a
fitness center and yoga studio, club lounge, game room, party room, movie theater and an outdoor pool.
Demand has been so high that prices have gone up three times. The cost of a condo now starts at $700,0000, originally $575,000, and goes up to $2.95 million.
“We’ve increased the prices because the validation is there,” says Joseph Graziose, executive vice president of residential development and construction at RXR Realty, which developed the Ritz-Carlton Residences at North Hills. “When I talk validation, obviously our buyers have validated that this is a great project in a great location with a great developer and they are anxiously awaiting their move-ins.”
The Garvies Point development that started more than a decade ago will soon feature a wide array of amenities that include waterfront parks, esplanades, playgrounds, retail, restaurants and a ferry terminal. The Beacon is phase one of the project that also includes Harbor Landing, a 385-unit, two-building rental complex offering a mix of studios and one- and two-bedroom residences.
Construction is also underway on 28 acres of public open space, which includes an educational ecology pier and restored wetlands. Before the project began, the 50-acre site on Cove Creek and adjacent to the Long Island Sound was blighted land, Graziose notes.
“It was the location of factories many, many years ago, and the property sat there for decades underdeveloped and undernourished,” he says. “We came along and put together a program. When we are all done we will end up with a 56-acre site of which over 50 percent is going to be open space with promenades, parks, walkways, dog areas.”
Graziose has a fondness for Glen Cove. He grew up there and remained there to raise his family.
“When my children were young we used to spend our days at Battery Park City and the World Trade Center area to rollerblade and picnic,” he recalls. “It gave us the environment that was water’s edge, public amenities, and a communal feel. If this existed when I was building I would have saved a lot of gas and stayed in Glen Cove…I am very proud of what we’ve accomplished.”
The entire Garvies Point project is set to be completed over the next three to five years, says Graziose, but The Beacon will open in December 2019.
“When we are all done we will have 1,100 units where 50 percent will be for rentals and 50 percent will be for sale, and then there will be a portion of commercial and retail space,” he adds.
Buyer Rona Tison, a public relations executive, and her husband, an executive with Northwell Health, purchased a two-bedroom condo with a rooftop at The Beacon. They recently relocated from the West Coast, and what sold them after house hunting for several months, were the lifestyle amenities that “other properties did not have,” she explains.
Some of these include the waterfront, views, acres of protected preserve, ferry convenience — Tison works in Manhattan — the reputation of the developers RXR, amenities of the pool, gym, parking, storage, concierge, the design and concept of Garvies Point, and the price for the value.
“We decided it was worth the wait,” says Tison, who lived 18 years in Manhattan and 15 years in Sonoma, Calif. “Garvies Point will be a nice balance of urban living in a scenic environment that also has a sense of community.”
For more information on The Beacon at Garvies Point, visit thebeaconatgarviespoint.com or garviespoint.com. Debra Quinn Petkanas, Associate Real Estate Broker at Daniel Gale Sotheby’s International Realty, 516-674-2000 x 140; or 516-359-3204.
