BFC Partners, the Brooklyn, New York-based mixed-use and mixed-income developer with active projects in all boroughs and Buffalo, New York, announced the closing of its latest project in Staten Island. 475 Bay Street, a 250,173 square-foot development, will be the first development site in the newly rezoned stretch of Bay Street to break ground and will bring 269 residential units with one super’s unit and 9,000 square feet of pedestrian-friendly retail to the neighborhood.
“The closing at 475 Bay Street is an exciting milestone in the revitalization of Staten Island’s North Shore. As the first project to break ground on this newly rezoned piece of Bay Street, this development will pave the way for necessary development in the neighborhood,” said Joseph Ferrara, principal of BFC Partners. “BFC Partners is committed to the borough, and this latest project demonstrates our continued investment in the North Shore of Staten Island.”
The residential units are 100% affordable, with 131 units to be set aside for tenants whose household income is at or below 80% of AMI ($85,920 for a family of three), 138 units to be set aside for tenants whose household income is at or below 30% of AMI for formerly homeless seniors ($25,080 for an older adult living alone).
The total development cost of the project is approximately $151 million, with the New York State Housing Finance Agency (HFA) issuing a first mortgage loan of $99.865 million. The loan is funded from a series of tax-exempt Affordable Housing Revenue Bonds. The development will also receive an annual subsidy for frail and older adult residents from the New York State Empire State Supportive Housing Initiative (ESSHI). The ESSHI subsidized supportive services will be provided by Selfhelp Community Services, Inc.
Amenities will include a rooftop recreation area, indoor fitness area, children’s play space, a multi-functional lounge and views of NYC skyline, the harbor and Verrazzano Bridge. 475 Bay Street will also have an older adult multifunction screening room and an older adult outdoor recreation deck, with older adult services also provided by Selfhelp.