Real Estate

Waterfront Greenport condos hit the market at $1.75M and up; affordable units on hold for now

Condo units at 123 Sterling Avenue in Greenport are officially on the market, the owner confirmed with The Suffolk Times. 

Four market-rate units are going for between $1.75 million and $2.15 million at what is being called The Boat House Lofts. Affordable rate units are not yet for sale, according to real estate agent Bridget Elkin. 

“We’re expecting some brisk sales and we’re excited to be part of the Greenport community,” said Salvatore Ferro, CEO of Alure Home Improvements and a newly elected Huntington Town councilman. 

The village has been “a pleasure to work with,” he said, adding that he’s tempted to buy a unit for himself and “there’s been overwhelming interest.”

Mr. Ferro is a managing member of Four Forty Five Realty LLC, according to real estate records. The realty group bought the waterfront condominium for $15.5 million this winter. 

Five condos in the three-story building are set to sell at $175,000 apiece under an agreement that restricts sale to first-time homebuyers from the Village of Greenport. Twelve other units are set to sell at market rate.

Greenport administrator Paul Pallas said the village has been communicating with representatives for the condominium at 123 Sterling Ave., but there’s more to be done before the non-market rate units can be put up for sale.

“It’s really kind of a tight-knit process with the state and the village and the attorneys. They’re working on a plan for when those come to sale, but they’re not for sale currently. They’re not being shown, nobody’s allowed in that part of the building,” Ms. Elkin said. 

The village and owners are working on timing, she added. “There’s a lot of things to do with the condo being opened and you know, there’s a lot to do with getting people to start living there, so until we’re ready to have people start actually living in the building, they’re not going to release those units.”

One key thing people need to understand about the non-market rate units is that their employer must be based in Greenport to qualify for the property, Ms. Elkin said. 

The five non-market rate units are only available to those who have primarily lived and/or worked full-time in the Village Greenport for at least two consecutive years prior to purchase. The units also need to be the buyers’ primary residence. The approximately 600 to 650-square-foot price-controlled apartments cannot be merged.

Subsequent sales can be at market rates, although any sale made within two years of closing will be subject to a “flip tax,” equal to 25% of the difference between the sale and purchase price, that would be evenly split between the developer and Greenport Housing Authority.

The project sponsor must provide public notice when the non-market rate units become available, according to the covenants and restrictions.

The process of rolling out those units have not yet been decided, according to Ms. Elkin. Once a process is put in place, it will be advertised in The Suffolk Times and a notification will be sent to anyone who has emailed [email protected].

“It will be decided soon, it’s in the works,” she said. 

The previous owner, Paul Pawlowski, projected total offerings of $18.3 million on all 17 units. Mr. Ferro said in an interview that he filed an amendment to the offering plan filed with the state by Mr. Pawlowski.