NEW YORK CITY—New York City developer Steven Wuhas acquired the Edgewater Plaza office buildingon Staten Island for $21.5 million.

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The seven-story, 268,938-square-foot office building waspurchased by Wu of Edgewater Plaza Loft, LLC.Colliers International, which represented theseller in the transaction, says that Wu, who owns other propertieson Staten Island, plans to maintain the property at One EdgewaterPlaza as an office building.

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A total of 181,172 square feet of space at the building isleased. Its tenant roster ranges from small law firms to large cityinstitutions. The building's major tenants include the City of NewYork Board of Elections, the New York Police Department, and StatenIsland University Hospital. Recent improvements to Edgewater Plazahave included a new roof, a new fire and life safety system, andenhancements to its facade.

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“The new ownership acquired a unique, value-add opportunity withthe ability to lease the remaining vacant space, while relying ondependable cash flow from credit tenants,” says JackleneChesler, managing director at Colliers International, whoalong with executive managing director Richard J.Madison and executive managing director JeffreyOram represented the seller, a special servicer, in thetransaction. Brian McGowan of CasandraProperties, Inc., represented the buyer in the deal.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.