BFC Partners and Transwestern Real Estate Services have recently announced the launch of a housing lottery for 475 Bay Street, an affordable housing project located in Staten Island. The development will consist of 270 units, with half specifically designated for formerly unhoused seniors.
This project includes a total of 131 units available to households earning up to 80% of the area median income, as well as units reserved for seniors with incomes below 30% of the AMI. The Pearl has received a significant investment from the state amounting to $101 million, in alignment with the Bay Street Corridor Neighborhood Plan. Additionally, on-site supportive services will be provided by Selfhelp Community Services.
Designed by GF55 Partners, The Pearl boasts outdoor spaces and communal areas along with a fitness center. “We are deeply honored to be involved in creating thoughtfully designed apartments for vulnerable populations such as New York’s formerly unhoused senior citizens,” stated Joseph Ferrara, principal at BFC Partners. “This milestone marks our progress towards welcoming new residents into The Pearl.”
