BFC Partners celebrated the grand opening of The Pearl, a 100% affordable housing project located at 475 Bay St. in Stapleton, Staten Island. The project is the first to open under the Bay Street Corridor Neighborhood Plan, which aims to provide affordable housing, public open spaces, local retail and small businesses, and job opportunities for residents in the community.
The 12-story, 250,000-square-foot building features 270 units, including 50% reserved for formerly unhoused older adults. Approximately 131 units are designated for households earning at 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).
Designed by GF55 Partners, the building was developed in partnership with Selfhelp, which will also provide on-site services for older residents, funded by the New York State Empire State Supportive Housing Initiative (ESSHI). Known for its commitment to affordable housing, BFC Partners has developed thousands of units across Manhattan, Brooklyn, Staten Island, the Bronx and Queens. This marks the firm’s third project on Staten Island.
“As a native Staten Islander, I am incredibly proud to bring community-centered, urban development solutions to our borough,” said Joseph Ferrara, principal of BFC Partners. “Securing essential housing for those in need is deeply rewarding, and the opening of The Pearl marks a significant step toward inclusivity, demonstrating our commitment to accessible housing for all.”
The building offers 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. 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 development received support from key city and state programs, including NYS Homes and Community Renewal (HCR), New York City Department of Housing Preservation and Development (HPD), Extremely Low & Low-Income Affordability (ELLA) Program, and the Voluntary Inclusionary Housing Program. Financing was provided by Wells Fargo and the Urban Investment Group at Goldman Sachs Alternatives.
“Wells Fargo congratulates BFC Partners and Selfhelp Community Services on the completion of this project, which will provide much needed affordable housing to the Bay Street Corridor neighborhood,” said Katelyn Meehan, director in Wells Fargo’s community lending and investment group. “We are proud of our collaboration with these organizations, including Goldman Sachs who provided the LIHTC equity, to support community revitalization and enhance the quality of life for residents.”
