BFC Partners Opens $151M Staten Island Affordable Community
Half of the property’s units cater to formerly homeless seniors.
Today, BFC Partners has officially opened The Pearl, a $151 million, 270-unit affordable housing community in Staten Island, N.Y. The property marked the largest affordable housing project in the borough.
Half of the units are set aside for formerly homeless seniors earning no more than 30 percent of the area median income, which translates to $32,610 for a family of one, according to the New York City Department of Housing Preservation and Development. The remaining apartments will cater to residents earning at or below 80 percent of AMI, which is set at $85,920 for a family of three. BFC held an affordable housing lottery this February.
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Designed by GF55 Architects, the 12-story community comprises studio and one- to three-bedroom floorplans ranging between 472 and 1,061 square feet. Community amenities include a gym, recreation room, lounge, children’s playroom and multi-function screening room, as well as outdoor terraces.
Selfhelp Community Service will provide supportive assistance for seniors through funding from the Empire State Supportive Housing Initiative. The non-profit organization offers services related but not limited to health and wellness, together with computer literacy and case management, among others.
Located at 475 Bay St., The Pearl is within walking distance of the USS The Sullivans Homeport Pier and the Stapleton Esplanade. Downtown Staten Island is about 7 miles southwest.
From the late 1800s to the mid-1900s, the site upon which the community rose had a history of industrial usage involving lumber, coal and sand works. BFC purchased the then-vacant 53,922-square-foot lot in 2016 for $4 million.
In 2022, the developer obtained $99.9 million in construction financing from the New York State Housing Finance Agency and funded through tax-exempt bonds. Additionally, NYSHFA provided $1.5 million in subsidies and more than $6.5 million in 4 percent LIHTC equity.
BFC’s efforts to provide affordable housing in NYC
Over the last three decades, BFC has developed or preserved upward of 11,000 units throughout New York City. Outside of Staten Island, BFC teamed up with L+M Development Partners and Taconic Investment Partners for the development of Coney Island II, a 376-unit affordable community in Brooklyn. The community debuted last month.
In 2023, a partnership between BFC and NYCEDC brought online 250 affordable units as part of the Bedford-Union Armor redevelopment, also in Brooklyn. Once fully overhauled, the project will feature a total of 415 apartments, as well as a 67,000-square-foot recreational facility.
