Patch: Construction Of Lynbrook Apartment Complex Moves Forward: IDA
The 201 units would be situated close to the LIRR and feature 35 two-bedroom apartments.
LYNBROOK, NY — The Town of Hempstead’s Industrial Development Agency has been given preliminary approval for the construction of a 201-unit apartment complex in Lynbrook.
The agency would get an incentive package for the $95 million project that includes 7 and 21 Langdon Place, 47 Broadway, and 90 and 96 Station Plaza, home to the vacant Mangrove Feather factory, the IDA said in a news release.
The sites generate more than $183,000 in property taxes and are expected to produce revenues of $1.8 million of year after completion of the 30-year PILOT (payment in lieu of taxes) agreement.
Broadway Realty, an affiliate of Breslin Realty, plans to demolish the vacant building, a warehouse and a residential home at the site, which would be developed into a 278,000 square foot, multi-family development comprised of approximately 55 studios, 111 one-bedrooms, and 35 two-bedroom units. Ten percent of the residential units will be set aside as affordable housing, the IDA said.
“This site in Lynbrook is s a perfect spot for housing because of its proximity to the Long Island Rail Road station and to downtown,” Fred Parola, CEO of the Town of Hempstead Industrial Development Agency, said.
The benefits package is subject to further IDA review, a public hearing and a final authorizing resolution.