BFC Partners, a development firm, recently celebrated the grand opening of The Pearl in Staten Island’s Stapleton neighborhood. This new housing project offers 270 units that are 100% affordable and is the first to open under the Bay Street Corridor Neighborhood Plan. This plan aims to provide affordable housing, public spaces, local retail and small businesses, as well as job opportunities for residents in the community.
The project received support from various city and state programs such as NYS Homes and Community Renewal, New York City Department of Housing Preservation and Development’s Extremely Low & Low-Income Affordability Program,andthe Voluntary Inclusionary Housing Program. Financing was provided by Wells Fargoandthe Urban Investment Group at Goldman Sachs Alternatives.
Joseph Ferrara,the principal of BFC Partnersand a native Staten Islander,said he is proud to bring community-focused urban development solutions to his borough.”It is deeply rewardingto secure essential housing for those in need,” said Ferrara.”The openingof The Pearl marks an important milestone towards inclusivity,and it showcases our commitmentto providing accessiblehousingfor all membersofourcommunity.”
