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BFC Partners has closed on 475 Bay Street, its latest project on Staten Island.

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.  

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Inside The Story

BFC's Ferrara

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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