St. George and Tompkinsville climb the hill above the Staten Island Ferry, with Victorian frame houses, prewar apartment buildings and storefronts on Bay Street. Seller financing fits the houses and small buildings best.
When a St. George & Tompkinsville owner sells with financing, the owner becomes the lender. Most owners price that loan off what banks charge: homeowners typically ask about 2 percentage points more than the national average 30-year rate, with a 5-year balloon payment, or an extension if both sides agree to one in the contract. The numbers below update every week.
| Week | Bank 30-yr | Seller-finance typical |
|---|---|---|
| Oct 15, 2026 | 7.40% | 9.40% |
| Oct 8, 2026 | 7.40% | 9.40% |
| Oct 1, 2026 | 7.28% | 9.28% |
| Sep 24, 2026 | 7.03% | 9.03% |
| Sep 17, 2026 | 6.95% | 8.95% |
| Sep 10, 2026 | 6.76% | 8.76% |
| Sep 3, 2026 | 6.71% | 8.71% |
| Aug 27, 2026 | 6.66% | 8.66% |
| Aug 20, 2026 | 6.65% | 8.65% |
| Aug 13, 2026 | 6.67% | 8.67% |
| Aug 6, 2026 | 6.69% | 8.69% |
| Jul 30, 2026 | 6.66% | 8.66% |
St. George is Staten Island's civic center and front door. The free Staten Island Ferry runs from St. George Terminal to Lower Manhattan, NYC Ferry adds a route to Manhattan's west side, and the Staten Island Railway begins here with its next stop in Tompkinsville. Borough Hall, the borough's courthouse, the National Lighthouse Museum, Empire Outlets and the minor-league ballpark all sit near the water. Tompkinsville, just south along Bay Street and Victory Boulevard, has its own commercial strip around the small triangle of Tompkinsville Park.
The housing climbs steep streets above the harbor. Upper St. George and the adjoining New Brighton slopes hold large Victorian, Queen Anne and Colonial Revival frame houses, some within the St. George/New Brighton Historic District, while lower blocks have prewar apartment buildings, co-ops near the ferry, and two-family frame and brick homes. Bay Street and Victory Boulevard carry storefront buildings with apartments upstairs. The Bay Street Corridor rezoning, approved in 2019, allows larger residential buildings along the stretch toward Stapleton, so new construction is part of the picture as well.
Getting around: Staten Island Ferry and NYC Ferry at St. George Terminal; Staten Island Railway at St. George and Tompkinsville; borough bus hub at the terminal
St. George's most distinctive houses are also its hardest to finance. A Victorian with original porches, wood shingles, old wiring and a converted top-floor apartment rarely clears a bank appraisal without a list of required repairs, and insuring a large old frame house can be expensive. Houses divided into unpermitted apartments create certificate-of-occupancy problems, and storefront buildings on Bay Street need commercial loans. Buyers who are self-employed, who have thin credit files, or who want a house that needs work often find that a bank will not lend on the property they actually want.
Many owners on the North Shore hill bought decades ago, when large Victorians sold for modest sums, and have long since paid off their mortgages. When it is time to downsize, few want to spend a year making a house bank-ready. A seller-financed sale lets them pass the house to a buyer who will take on the restoration while they collect monthly payments and spread out the gain for tax purposes. Heirs who live off the island often prefer the same arrangement. With few bank-qualified buyers shopping for a big house that needs work, carrying the note widens the field.
Every owner-financed deal comes down to five numbers. Here is what each one means, what is typical in New York City right now, and how they work on an illustrative 2-family Victorian frame house in St. George & Tompkinsville.
What you pay for the property. Owners who offer financing sometimes hold firm on price because they are giving you flexibility everywhere else, so compare against recent sales on the block before you offer.
Example: $780,000Cash you pay at closing. It is the seller's protection if the loan goes bad, so expect 10% to 30%. A bigger down payment is your best lever for a lower rate or a longer balloon.
Example: 15% = $117,000The rate on the seller's loan to you. Owners typically charge about 2 points above the national average 30-year bank rate. New York's civil usury limit is 16% a year.
Today: about 9.40% (bank average 7.40%)The schedule used to calculate your monthly payment, usually 30 years. A long schedule keeps the payment close to what a bank loan would cost, even though the loan comes due sooner.
Typical: 30-year scheduleThe date the remaining balance comes due, usually 5 years after closing. By then you refinance with a bank or sell. If both sides agree up front, the contract can allow an extension, often for a fee or a higher rate.
Typical: 5-year balloon, extension if agreedIllustrative only, not a listing or a quote. Excludes taxes, insurance and closing costs. Payment recalculates from this week's rate.
You own it outright, but exterior work that needs a permit, such as new windows, porch rebuilding, siding or a rooftop addition, also needs Landmarks Preservation Commission approval. Historically appropriate materials can cost more. Interior work is generally not reviewed. If the seller is carrying the note, agree in writing on which repairs you will make and on what timeline.
Usually, yes. Plan for ongoing work on wood siding, porches, roofs, gutters and heating systems, and expect higher insurance than for a newer brick house. Many have been split into two or three apartments, which can help with the payment if the units are legal. Get a detailed inspection and repair estimate, and build that cost into the price and terms you negotiate with the seller.
Approved in 2019, it allowed larger mixed-use and residential buildings along Bay Street from Tompkinsville toward Stapleton, with affordable-housing requirements for new apartments. That can bring construction, new neighbors and more shops close to the ferry. For a buyer of a small storefront building on Bay Street, it may also change what the lot could hold, so ask a zoning professional before you buy.
Browse Staten Island listings where owners offer financing, or list your own property and set your own terms.
Open the Live Map List your propertyThis article is general education, not legal, tax, lending or investment advice. Seller-financing terms are negotiated between buyer and seller and every deal is different. Before signing anything, have a New York real estate attorney review the contract, note and mortgage, and talk to a CPA about the tax side. Rates shown update weekly from Freddie Mac's national survey; the seller-finance figure is a rule of thumb, not a quote.