PRICE REDUCTION | 58,800 SF Mixed-Use Asset | 40 Apartments + 3 Stores + Future Expansion Upside ?Property Overview 224 Richmond Terrace is a premier 58,800 SF mixed-use asset located along Staten Island's St. George waterfront corridor. Offered at a newly adjusted price of $23,600,000, the property provides immediate, stable cash flow from its existing operational footprint, alongside substantial conceptual upside for long-term expansion. ?Existing Property Configuration (As-Is) ?Asking Price: $23,600,000 ?Building Size: 58,800 SF ?Current Residential Units: 40 Apartments ?Current Commercial Space: 3 Ground-Floor Retail Storefronts ?Location: Prime St. George District — minutes from the Staten Island Ferry, Empire Outlets, and NYC transit access. ?Future Growth & Value-Add Potential ?In-Envelope Conversion Potential: Layout configuration on the 2nd and 3rd floors presents potential space to construct/convert approximately 20 additional residential units within the existing structure. ?Vertical Expansion Capacity: Property air rights and zoning allowances offer potential for a 3-story vertical addition (approx. 36 units), creating a pathway toward a multi-family asset of up to 96 total units. ?In-Place Holding Income: Current rent rolls from the 40 apartments and 3 stores cover holding costs while a purchaser explores layout concepts, architectural plans, and municipal filings. ?DUE DILIGENCE DISCLAIMER TO PURCHASERS PROPERTY IS OFFERED AS-IS BASED ON EXISTING PHYSICAL STRUCTURE AND CURRENT IN-PLACE LEASES (40 RESIDENTIAL UNITS AND 3 COMMERCIAL STOREFRONTS). ALL REFERENCES TO ZONING DENSITY, AIR RIGHTS, VERTICAL EXPANSION, FLOOR RECONFIGURATIONS, INTERIOR CONVERSIONS, OR ADDITIONAL UNIT COUNTS ARE FOR CONCEPTUAL PURPOSES ONLY. PROSPECTIVE PURCHASERS SHALL RELY SOLELY ON THEIR OWN INDEPENDENT ARCHITECTURAL, ENGINEERING, LEGAL, AND NYC DEPARTMENT OF BUILDINGS (DOB) DUE DILIGENCE TO VERIFY ZONING CAPACITY, PERMITTING REQUIREMENTS, STRUCTURAL FEASIBILITY, AND DEVELOPMENT POTENTIAL.