LIBN: Lynbrook rental project gets Hempstead IDA assist
By: David Winzelberg
A proposed apartment complex in Lynbrook has received preliminary approval for economic incentives from the Town of Hempstead Industrial Development Agency.
The $95 million project, from a subsidiary of Garden City-based Breslin Realty Development Corp., will bring 201 rental apartments to a site across from the Lynbrook Long Island Rail Road station.
The developer plans to demolish a long-vacant industrial building that was once home to the Mangrove Feather factory, along with a warehouse and a residential property, to build a 278,014-square-foot, transit-oriented development with 55 studios, 111 one-bedroom and 35 two-bedroom apartments. Ten percent of the residential units will be priced as affordable housing.
The plan from Breslin affiliate 43-47 Broadway Realty LLC also includes about 2,000 square feet of ground-floor retail space with on-site parking for 205 vehicles.
The development site currently generates $183,919.35 in property taxes and will produce revenues of $1.8 million a year upon completion of a 30-year payment-in-lieu-of-taxes agreement with the IDA.
“This site in Lynbrook is a perfect spot for housing because of its proximity to the Long Island Rail Road station and to downtown,” Fred Parola, CEO of the Hempstead IDA, said in a written statement. “The project will add much-needed rental housing while generating increased revenues for local taxing jurisdiction and ridding downtown Lynbrook of a blighted property.”