Today BFC Partners, the Brooklyn-based mixed use and mixed income developer with active projects in all boroughs and Buffalo, announced the closing of their 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. You can see a rendering of the project here.
“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. 131 units will be set aside for tenants whose household income is at or below 80% of AMI, which is $85,920 for a family of three, and 138 units will be set aside for tenants whose household income is at or below 30% of AMI for formerly homeless seniors, which is $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 $99,865,000. The loan is funded from a series of tax-exempt Affordable Housing Revenue Bonds. 475 Bay Street 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.
Original Source: Real Estate Weekly, Read Full Article Here