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BFC Closes on $151m Staten Island Mixed-Use
BFC Partners has closed on its latest project on 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 affordable residential units and 9,000 square feet of pedestrian-friendly retail to the neighborhood.
“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.
The total development cost of the project is approximately $151 million, with the New York State Housing Finance Agency issuing a first mortgage loan of $99,865,000. The loan is funded from a series of tax-exempt Affordable Housing Revenue Bonds.
- ◦Development

