Lottery opens for 131 units at shoreside Staten Island rental, from $1,790/month

by TexasDigitalMagazine.com

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Renderings courtesy of BFC Partners

In a Staten Island neighborhood gearing up for development, this new 100 percent affordable building is leading the way. The Pearl, located at 475 Bay Street in Stapleton, is a 12-story tower with 270 apartments, about half of which are affordable to households earning at or below 80 percent of the area median income. The project is one of the first developments to be built under the recent Bay Street Corridor rezoning. A housing lottery opened last week for 131 apartments; qualifying New Yorkers can apply for the units, priced between $1,790/month for studios and $2,481/month for three bedrooms.

Developed by BFC Partners and designed by GF55 Partners, The Pearl is the largest affordable housing complex in the area. The 250,000-square-foot project was the first site to break ground in the rezoned stretch of Bay Street, which was approved by the City Council in 2019 to transform the former manufacturing area into a residential neighborhood with 1,800 new apartments.

Of the 270 total apartments, 131 are allocated for renters with households equal to or below 80 percent of the area median income, which is $101,680 annually for a family of three, according to the city’s housing department. The remainder is designated for formerly homeless seniors who make no more than $25,080 per year as a single person.

In 2022, the state awarded the project $101 million for on-site supportive services for seniors at the building, provided by Selfhelp Community Services.

“Creating thoughtfully designed apartments for vulnerable populations, including some of New York’s formerly unhoused senior citizens, is deeply meaningful work and we are so proud to reach this milestone, as it means we are one step closer to welcoming new residents to The Pearl,” Joseph Ferrara, principal at BFC Partners, said.

Located along the shoreline of Upper New York Bay, the Pearl offers an outdoor roof deck with water views. Other perks include a fitness center, a children’s playroom, a communal lounge, and spaces for senior residents, including a screening room and recreational space. Residents will also have easy access to public buses, the Staten Island Railway, and the Staten Island Ferry.

Staten Island’s North Shore is currently undergoing a revitalization effort. In September, Mayor Eric Adams announced a $400 million investment and a new roadmap for redeveloping the waterfront with new open space, thousands of apartments, and new commercial space. The city’s focus will be completing the waterfront esplanade, which will extend from St. George to Stapleton and create 20 acres of continuous waterfront access.

Qualifying New Yorkers can apply for the apartments until April 22, 2024. Fifty percent of the units are set aside for residents of Staten Island Community District 1. Complete details on how to apply are available here.

Questions regarding this offer must be referred to NYC’s Housing Connect department by dialing 311.

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