BFC Partners, a full-service, real estate development firm that creates community-first, urban development solutions, announces the launch of the housing lottery at 475 Bay Street, a 12-story affordable housing project in Stapleton, Staten Island. The 250,000-square-foot building will bring 270 units to the borough, with 50% of its units designated to formerly unhoused senior citizens.
“Creating thoughtfully designed apartments for vulnerable populations, including some of New York’s formerly unhoused senior citizens, is deeply meaningful work and we are so proud to reach this milestone, as it means we are one step closer to welcoming new residents to The Pearl,” said Joseph Ferrara, Principal at BFC Partners.
Approximately 131 units will be allocated for tenants with a household income equal to or below 80% of the area median income (AMI), set at $85,920 for a family of three, as outlined by the NYC Department of Housing Preservation and Development (HPD). To be eligible for the section designated for formerly unhoused seniors within the building, the household income must not exceed 30% of the AMI, which is $25,080 for an individual living alone.
“Governor Hochul is committed to finding solutions to New York City’s urgent housing crisis that will provide residents of every borough with access to high quality, affordable homes. The State’s $101 million investment in The Pearl is the latest example of that commitment, enabling the construction of 270 comfortable, supportive, and transit-oriented apartments for families and seniors along the growing Bay Street corridor. We congratulate BFC Partners for achieving this milestone and look forward to welcoming residents to their new homes,” said Homes and Community Renewal Commissioner RuthAnne Visnauskas.
“In the first of many housing opportunities coming to the North Shore, we recognize that affordable housing is not merely about providing shelter; it’s about reinstating dignity and security for those in need. The launch of The Pearl’s housing lottery, with 50% of units dedicated to seniors, marks a significant step towards inclusivity and compassion in urban development. This project closely aligns with the needs of our district. By reserving 131 units for our working families, this project will also ensure a diverse community. It serves as a testament to our commitment to providing housing opportunities for all,” said Council Member Kamillah Hanks.
The Pearl is the largest affordable housing complex in the area. It is the latest addition to the Bay Street Corridor Neighborhood Plan, which aims to establish affordable housing options, public open spaces, opportunities for local retail and small businesses, and employment prospects for residents within the Bay Street vicinity. On-site supportive services provided by Selfhelp Community Services will be offered to senior residents through funding from the New York State Empire State Supportive Housing Initiative (ESSHI).
“By reserving units for seniors in need of permanent housing, this project offers a safe and affordable option for so many of my older constituents searching for a place they can retire in,” said New York State Senator Jessica Scarcella-Spanton.
Designed by GF55 Partners, The Pearl is located along the shoreline of Upper New York Bay in a premier location with easy access to public buses and the Staten Island Railway. The complex will offer outdoor roof decks, a fitness center, a children’s playroom, a communal lounge, and a collection of spaces designated for use by elderly residents: a multi-function screening room, recreational space, and on-site supportive services provided by Selfhelp Community Services.
“We are honored to be part of the team bringing much-needed affordable senior housing to the North Shore. The Pearl isn’t just about new apartments — it’s about fostering a vibrant, supportive community for older adults who will call The Pearl home. The inclusion of Selfhelp’s onsite social services, SHASAM, ensures that our older neighbors are not just housed, but cared for and engaged in a meaningful way. With hundreds of new, beautiful homes, The Pearl will uphold the dignity and well-being of the older adult residents,” said Lisa Trub, Executive Director, Selfhelp Realty Group.
BFC Partners is well-known as one of the most active affordable housing developers in New York City, having delivered thousands of affordable units throughout Manhattan, Brooklyn, Staten Island, the Bronx, and Queens.
Qualifying New Yorkers can apply for the affordable units April 22, 2024. To apply online, visit NYC Housing Connect.
About BFC Partners
BFC Partners is a full-service, real estate development firm that creates community-first, urban development solutions. Since 1984, BFC has been at the forefront of developing high quality affordable, mixed-income, and market rate housing. We are dedicated to revitalizing communities and improving the lives of our residents and neighbors. As leaders in the field, our government, financial, and community partners seek us out to help start new programs and undertake complicated projects. For more information, please visit: https://www.bfcnyc.com/.
About New York State Empire State Supportive Housing Initiative (ESSHI)
New York has led the nation in affordable housing preservation and construction. The State Fiscal Year 2022-23 Enacted Budget continues funding to advance Governor Hochul’s comprehensive plan for affordable and supportive housing to ensure New Yorkers have access to safe and secure housing. The State has committed this funding in order to create or preserve affordable and supportive housing units.
About Selfhelp Community Services
For 85 years Selfhelp Community Services has been serving the most vulnerable among us. Through home care, affordable housing, and social services, we serve over 25,000 older and vulnerable New Yorkers each year while remaining the largest provider of comprehensive services to Holocaust survivors in North America. Our overarching goal is to help our community live with dignity and independence. Selfhelp Realty Group is a leader in providing affordable housing solutions in New York. With a rich history and an unwavering commitment to serving the community, SRG’s is committed to building and preserving affordable housing for older adults, with access to onsite services to enable a life of dignity.
