Developer says rent on all 536 units will be non-market rate
BFC Partners is buying a 536-unit property on Staten Island for $75 million. As part of the deal, the developer will rehabilitate and preserve the Mitchell Lama complex as affordable apartments.
BFC struck an agreement with the Department of Housing Preservation and Development, the Housing Development Corporation and Preservation Development Partners to buy Arlington Terrace, according to Capital New York. The complex is located on Staten Island’s North Shore and includes four 13-story towers.
complex also includes four walk-up townhouse properties. BFC is planning to rebrand the development as North Shore Plaza. Mayor Bill de Blasio has said that the city is on track to create or preserve 16,000 affordable housing units by the end of the year, according to Capital New York.
In September, BFC — together with L+M Development — bought a 50 percent stake in almost 900 apartments in the New York City Housing Authority’s portfolio. BFC is also developing Empire outlets, an outlet mall with a hotel, in St. George, also on the North Shore. [Capital NY] — Claire Moses [TRD]