February 22, 2019

The Beacon at Garvies Point Tops Out

On Friday, February 22nd, RXR Realty marked an important milestone with the Topping-out of The Beacon at Garvies Point, a 167-unit, LEED-certified condo complex. 

The highly anticipated, $1-billion renaissance of the 56-acre Glen Cove waterfront was celebrated by City of Glen Cove officials, RXR executives and representatives from Hunter Roberts, the site’s construction manager.  As part of the ceremony, concrete and flags were lifted to the roof while Alondra Schuck, a Glen Cove high school student, serenaded the audience with the Star Spangled Banner.  The City of Glen Cove presented RXR with an evergreen tree which will be planted on the site to commemorate the event.  The Beacon at Garvies Point is scheduled to open by the end of this year.

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The Beacon at Garvies Point features one-, two-, and three-bedroom condominium residences ranging from 900 to 2,850 square feet in size. The development offers a variety of outdoor spaces, including rooftop terraces at the penthouse level, courtyard terraces, and balconies on nearly every home. Additional amenities include a fitness center and yoga studio, a club lounge, a game room, a party room, a movie theater and an outdoor pool.

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The condo buyer’s market has responded enthusiastically to the complex, where sales have now exceeded 45% percent. RXR has raised prices five times in response to demand, with 65 units in contract and more than $72 million in sales. The cost of a condo at The Beacon – which originally started at $575,000 – now starts at $700,000 and goes up to $3,000,000.

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(Joe Graziose, Executive Vice President of Residential Development and Construction at RXR Realty)

Joe Graziose, Executive Vice President of Residential Development and Construction at RXR Realty, thanked all that worked on the project and invited all to celebrate this milestone which is very special for him personally.   “We are proud to celebrate the latest stride forward in the transformation of the long-underused Glen Cove waterfront into a vibrant, active mixed-use community,” he said. “We’re appreciative to both the City of Glen Cove and Hunter Roberts for their tremendous commitment to this exciting enterprise.”

VIE_8428(Tim Tenke,  Mayor of Glen Cove)

“The Topping-out of The Beacon at Garvies Point is another point of progress that underscores over two decades of hard work, perseverance and the outstanding commitment of RXR along with Federal, State and Local agencies to work with our staff to help Glen Cove reclaim its waterfront.  Through our strong partnership with RXR we are excited to welcome new residents to our city later this year as the Garvies Point redevelopment project represents an important chapter in Glen Cove’s growth,” said Glen Cove Mayor Tim Tenke.

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(Joanne Minieri, Executive Vice President of RXR Realty and Chief Operating Officer of RXR Development Services and RXR Construction and Development )

“We’re here to celebrate a vision that is becoming a reality here at Garvies Point. The transformation occurring at Garvies Point is a clear reflection of the commitment and focus by The City of Glen Cove,  the municipal agencies, and RXR and their desire to not only create communities but to connect to each and every one of its residents and neighbors to build a desirable lifestyle.” Said Joanne Minieri, Executive Vice President of RXR Realty and Chief Operating Officer of RXR Development Services (RDS) and RXR Construction and Development (RCD). Joanne expressed pride in the local and hyperlocal jobs that have been created by the project and gratitude to the public and private partners, and who have “worked and continue to work together to make the vision of Garvies Point a reality.”

“The Beacon is indeed a source of light and inspiration, not only in terms of RXR’s visionary waterfront development, design, and construction, but also for their genuine and enduring concerns for the beautiful marine environment at Garvies Point and the wonderful people of the City of Glen Cove,” said Will DeCamp, Senior Vice President of Hunter Roberts Construction Group.  “This project has created hundreds of construction jobs. The workforce is 39% Local/Hyperlocal with almost 70% of the Subcontractors Local/Hyperlocal, thus directly benefiting Glen Cove and Nassau County residents. Our workforce is diverse; more than 75% of the workforce is Minority or Female. Hunter Roberts takes great pride in building RXR’s magnificent projects on Garvies Point and is privileged to be part of the RXR Team under the superb leadership of Joe Graziose, native son of Glen Cove.”   

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"The early and ongoing success of The Beacon at Garvies Point has demonstrated beyond a doubt the demand for a low maintenance, high quality, community lifestyle on Long Island," said Deirdre O’Connell, CEO of Daniel Gale Sotheby's International Realty.  "We are proud to partner with the RXR team as the exclusive marketing and sales team for this extraordinary concept in waterfront living."

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Garvies Point will provide residents with 28 acres of public open space, including a one-mile waterfront esplanade with outdoor seating, miles of trails and bike paths, playgrounds, kayak and boat launches, a dog park, a beach and an amphitheater. The unique venue also includes an educational ecology pier and restored wetlands.  Residents will have access to a new, high-speed ferry with direct service to Manhattan, as well as a variety of restaurants, shops and services that will comprise more than 75,000 square feet of retail space at the site. 

In addition to The Beacon, Garvies Point also offers Harbor Landing, a 385-unit, two-building rental complex offering a mix of studios and one- and two-bedroom residences ranging from 500 to 1,300 square feet in size. Amenities include an outdoor pool, a fitness center, a club room, a private dining room, a lobby and on-site parking. Harbor Landing is also targeted to open later this year.

In addition to Garvies Point, RXR Realty is extensively redeveloping the Village Square portion of downtown Glen Cove. The revitalized Village Square will deliver new, walkable retail options and housing opportunities for area residents.  

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(Local restaurants provided a celebratory meal to all who attended. Prizes and raffles were also offered to our construction team. )

At  the ceremony, Tenke emphasized the economic benefits that the development will provide to the City of Glen Cove. Garvies Point is on track to generate hundreds of millions of dollars in economic activity, including total gross revenues in excess of $635 million; an annual economic benefit of $50 million to the City; $24 million annually in local spending by new residents; and the creation of more than 460 direct and indirect construction jobs per year during the construction period, as well as more than 540 permanent jobs.

Watch a video of the ceremony. 

 

View media coverage of the event: