New, 270-unit Staten Island apartment building opens with 138 apartments for formerly homeless

STATEN ISLAND, N.Y. — Developers and officials held a ribbon-cutting ceremony Friday in Stapleton to open a new 270-unit apartment complex. The $155 million Bay Street project dubbed “The Pearl” includes 138 apartments for formerly homeless senior citizens, according to a media release from the office of Gov. Kathy Hochul. “The Pearl is a shining example of how increasing housing supply can protect the most vulnerable New Yorkers from homelessness, strengthen communities, and enhance quality of life,” Hochul said. “This development unlocks more opportunities for families to have a safe, new home and for seniors to have the comfortable, stable place to live that they deserve.” The project, developed by BFC Partners and Selfhelp Realty Group at 475 Bay St., received $101 million in state funds for the building’s construction, according to prior reporting from the Advance/SILive.com. Government funding for the project included $45.6 million in permanent tax-exempt bonds from the state, Federal Low Income Housing Tax Credits expected to generate $66.8 million in equity, and $1.4 million in subsidy from New York State Homes and Community Renewal program.

“As a native Staten Islander, I am incredibly proud to bring community-centered, urban development solutions to our borough,” BFC Partners Principal Joseph Ferrara said. “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.”

In addition to the units for housing formerly homeless seniors, the rest of the apartments will be reserved for people with household income equal to or below 80% of the area median income (AMI) — $85,920 for a family of three, as outlined by the NYC Department of Housing Preservation and Development. According to BFC, The Pearl is the largest affordable housing complex in the area and will offer outdoor roof decks, a fitness center, a children’s playroom and a communal lounge. There will also be a collection of spaces designated for use by senior citizens — a multi-function screening room; recreational space, and on-site supportive aid provided by Selfhelp Community Services. The project 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.

“The Pearl opening its doors will provide comfortable, secure housing that meets the needs of our most vulnerable seniors. Our seniors deserve the opportunity to age in place, and I am happy to celebrate its opening with the Stapleton community,” State Sen. Jessica Scarcella-Spanton (D-North Shore/Southern Brooklyn) said. “I look forward to seeing all its residents live independently with the support and resources they need to stay connected to their community for years to come.”

The New York State Empire State Supportive Housing Initiative (ESSHI) will provide 475 Bay St. with an annual subsidy for its senior residents. Selfhelp Community Services will provide the ESSHI-subsidized supportive services. “Seeing 475 Bay Street open its doors is a proud moment, bringing much-needed affordable housing to seniors who deserve a safe, stable place to call home,” Assemblyman Charles Fall (D-North Shore/Brooklyn/Lower Manhattan) said. “Thanks to BFC Partners and everyone involved, this project ensures our elders can live with dignity and security here on Staten Island.”