Governor Hochul Announces Completion of 270-Unit Affordable and ...

Governor Kathy Hochul today announced the completion of The Pearl, a new 270-unit mixed-use affordable housing development in Staten Island's Bay Street Corridor neighborhood. The $155 million project includes 138 apartments for formerly unhoused seniors with on-site supportive services, and retail space. In the past five years, New York State Homes and Community Renewal has created or preserved more than 500 affordable homes on Staten Island. The Pearl continues this effort and complements Governor Hochul's $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.

"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," Governor 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."

Developed by BFC Partners and Selfhelp Realty Group, all apartments at The Pearl are set aside for households earning up to 80 percent of the Area Median Income. The 12-story building includes 10,000 square feet of ground floor retail space. Residential amenities include roof terraces, a fitness area, a children's room and outdoor activity space.

The supportive apartments benefit from an Empire State Supportive Housing Initiative award which is administered by the New York State Department of Health. Support services provided by Selfhelp include mental and physical wellness programs, nutrition workshops, and transportation to health care providers.

The highly energy-efficient development has been certified under Enterprise Green Communities and EPA Energy Star criteria. Efficiency measures include Energy Star appliances, LED lighting fixtures, high-efficiency cooling, heating, hot water and ventilation systems, and low-VOC paints.

The Pearl is within the Bay Street Corridor, providing residents easy access to the Staten Island Railroad, health care and retail services, and complements Staten Island's New York State Downtown Revitalization Initiative area, which aims to increase housing supply and create a walkable, transit-oriented community with housing, jobs, and local businesses.

State financing includes $45.6 million in permanent tax-exempt bonds, Federal Low Income Housing Tax Credits that will generate $66.8 million in equity, and $1.4 million in subsidy from New York State Homes and Community Renewal. Additionally, the site participated in the Department of Environmental Conservation's successful Brownfield Cleanup Program and became eligible for tax credits to be issued by the New York State Department of Tax and Finance.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "The Pearl brings 270 quality homes to Staten Island that keep seniors and families safe, while offering access to the amenities and services that give them the chance to thrive. This development complements New York State's Downtown Revitalization Initiative investment and enhances the Bay Street Neighborhood Corridor Plan to connect neighborhoods and create a vibrant, walkable community. Thank you to Governor Hochul for her vision and commitment to improving affordability for New Yorkers across the Empire State and to BFC Partners and Selfhelp Realty Group for their work completing this transformative development."

New York State Health Commissioner Dr. James McDonald said, "Under the leadership of Governor Hochul, New York State is prioritizing housing and supportive services for vulnerable populations. Housing is one of the most fundamental social determinants of health, and The Pearl exemplifies the State's commitment to health equity and the wellbeing of New Yorkers."

New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said, "The transformation of former industrial sites into affordable housing is a hallmark of New York State's Brownfield Cleanup Program, which is cleaning up environmental pollution and supporting local revitalization efforts. The Pearl project on Staten Island is the latest great example of how this successful program is bolstering Governor Hochul's commitment to construction of affordable housing statewide to benefit underserved communities while supporting DEC's mission to protect public health and the environment."

Assemblymember Charles D. Fall said, "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. Thanks to BFC Partners and everyone involved, this project ensures our elders can live with dignity and security here on Staten Island."

State Senator Jessica Scarcella-Spanton said, "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. 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."

New York City Planning Department Director Dan Garodnick said, "When City Planning crafted the Bay Street Corridor Neighborhood Plan together with the community, The Pearl was exactly the type of building we hoped to see early on. With affordable homes, including those dedicated to low-income seniors, public open space, and job opportunities, this new development is a big first step towards a more vibrant and equitable Bay Street. It's a win for the neighborhood, borough, and city."

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

Selfhelp Realty Group Executive Director Lisa Trub said, "Selfhelp is proud to be a development partner and the onsite social service provider of The Pearl. Together with BFC Partners, we're bringing much-needed homes and integrated services for vulnerable older adults to Staten Island. We know adults can age with dignity when they have stable affordable housing with onsite services that meets their needs and respects their life experience."

Governor Hochul's Housing Agenda

Governor Hochul is committed to addressing New York's housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York's housing supply through new tax incentives for Upstate communities, new incentives and relief from certain state-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 45,000 homes have been created or preserved to date.

The FY25 Enacted Budget also strengthened the Pro-Housing Community Program which the Governor launched in 2023. Pro Housing Certification is now a requirement for localities to access up to $650 million in discretionary funding. To date, more than 225 communities have been certified, including New York City.

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