Staten Island’s Largest Affordable Housing Development Opens in Stapleton

STAPLETON – The Pearl, Staten Island’s largest affordable housing project, officially opened its doors in Stapleton, delivering 270 units of much-needed affordable housing as part of the Bay Street Corridor Neighborhood Plan. Developed by BFC Partners, the 12-story building sets aside half its units for formerly unhoused older adults, while 131 units are reserved for households earning at or below 80% of the area median income.

The Pearl is the first completed project under the Bay Street Corridor Neighborhood Plan, a 2019 rezoning initiative aimed at creating affordable housing, public spaces, and economic opportunities on Staten Island’s North Shore. Officials and community leaders celebrated its opening as a key step in addressing the borough’s housing challenges.

“This beautiful building delivers a long-lasting positive impact for 270 families, including housing for older formerly homeless adults who will call this place home,” said HPD Commissioner Adolfo Carrión, Jr. “This is all part of our continued effort to improve the infrastructure and quality of life of the entire North Shore neighborhood.”

The project includes a range of amenities, such as outdoor roof decks, a fitness center, a children’s playroom, and spaces tailored for senior residents, including recreational areas and on-site supportive services provided by Selfhelp Community Services. Located along Bay Street, the building also offers convenient access to public transit via buses and the Staten Island Railway.

State Senator Jessica Scarcella-Spanton highlighted the significance of The Pearl for the community. “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.”

The project was financed through a mix of public and private partnerships, including support from Wells Fargo, Goldman Sachs, and New York State’s Extremely Low & Low-Income Affordability (ELLA) program. It also reflects BFC Partners’ broader efforts to expand affordable housing across the city, with The Pearl marking their third project on Staten Island.

“As a native Staten Islander, I am incredibly proud to bring community-centered, urban development solutions to our borough,” said Joseph Ferrara, Principal of BFC Partners. “The opening of The Pearl marks a significant step toward inclusivity, demonstrating our commitment to accessible housing for all.”

The Pearl’s completion represents progress for the Bay Street Corridor Plan, but local advocates note that much work remains to address Staten Island’s growing housing needs. With its focus on affordability and accessibility, The Pearl sets the stage for further development along the North Shore, offering a blueprint for inclusive and community-oriented urban growth.