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BFC Partners in $75M Deal for Staten Island's Arlington Terrace Apartments

By Nicholas Rizzi | December 24, 2014 12:05pm | Updated on December 26, 2014 5:18pm
 BFC Partners will buy and rehabilitate the troubled Arlington Terrace Apartments in Mariners Harbor.
BFC Partners will buy and rehabilitate the troubled Arlington Terrace Apartments in Mariners Harbor.
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Department of Housing Preservation and Development

MARINERS HARBOR — The developers of Staten Island's outlet mall plan to take over and rehabilitate a troubled Mariners Harbor apartment complex.

The city announced this week that BFC Partners, the developers of the Empire Outlets, will spend $75 million to buy and rehabilitate the Mitchell-Lama Arlington Terrace Apartments, rename it the North Shore Plaza and extend its affordability for residents.

“North Shore Plaza exemplifies the City of New York’s commitment to preserving Mitchell-Lama housing," said Gary Rodney, president of the city's Housing Development Corporation, in a statement. 

"The refinancing represents a strong investment in this Staten Island community that will provide critical renovations to the property, long-term stability and improvements to the quality of life of over 500 families."

BFC plans to fix the exterior walls of the four buildings and upgrade their roofing system, heating and energy units. All 536-units in the complex will have their kitchens and bathrooms renovated and the developers will add new security cameras and an outdoor children's play area.

The apartment complex has been plagued with crime and detoriating conditions — like mold, missing smoke detectors and mice — for years, the Staten Island Advance reported.

Earlier this month, a 21-year-old man was shot inside the courtyard of the apartment complex.

Aside from the upgrades, the city and developers will also make it more affordable for residents to live there by taking advantage of the federal Department of Housing and Urban Development Rental Assistance Demonstration program, the city said.