BFC Partners to Kick Off NYC Affordable Project

475 Bay Street. Rendering courtesy of BFC Partners

BFC Partners has teamed up with Selfhelp Community Services to break ground on 475 Bay Street, a 270-unit fully affordable development in Staten Island, N.Y. The $151 million project totaling 250,173 square feet will take shape in the borough’s North Shore area.

The development team includes BFC as the general contractor and GF55 Partners as the architect of the 12-story property. The co-developers have selected WMW Realty Management to handle operations at 475 Bay Street.

The property will include one unit reserved for the management staff, 138 units set aside for formerly unhoused seniors earning 30 percent or below of area median income. The remaining units will be reserved for residents earning up to 80 percent of AMI. The community will encompass 59 studios along with 122 one-bedroom, 56 two-bedroom and 33 three-bedroom apartments with floorplans between 472 and 1,061 square feet. Selfhelp Community Services will provide on-site supportive services such as physical wellness courses and nutrition workshops, among others.

475 Bay Street. Rendering courtesy of BFC Partners.jpg

The single-building property will include a 9,000-squre-foot ground-floor retail component and 66 parking spots. Planned amenities include a lounge, an indoor fitness area, a children’s room, a rooftop terrace along with laundry facilities.

The property at 475 Bay St. will take shape on a vacant parking lot, within walking distance of several shopping and dining options and the Stapleton train station. Silver Lake Park is roughly a mile away and St. John’s University is less than 2 miles away. Downtown Staten Island is some 8 miles southwest.

Financing details

BFC Partners secured a $99.9 million first mortgage loan provided by the New York State Housing Finance Agency, funded through tax-exempt affordable housing revenue bonds. The financing is part of the New York State’s $1.4 billion investment focused on solving the affordable housing crisis. Additional financing includes a $1.5 million subsidy loan funded by the agency as well as more than $6.5 million in 4 percent low-income housing tax credits.