Real Estate Weekly: Breslin collects incentive package to turn old factory into apartments
Garden City-based Breslin Realty Development Corp. is set to build a 201-unit transit-oriented apartment complex in Lynbrook, NY.
Town of Hempstead Industrial Development Agency (IDA), said the agency has given final approval to a package of economic development incentives that will assist the developer.
The IDA approved the benefits for 43-47 Broadway Realty, LLC, an affiliate of Breslin Realty Development Corp., long regarded as one of the region’s largest shopping center developers.
The site of the $95 million project includes 7 and 21 Langdon Place, 47 Broadway and 90 and 96 Station Plaza, all in Lynbrook, home to the vacant Mangrove Feather factory, which has been dormant since 2008.
Together the sites currently generate $183,919.35 in property taxes and will produce revenues of $1.8 million a year upon completion of a 30-year PILOT (Payment in Lieu of Taxes) agreement.
The Breslin affiliate plans to demolish the vacant building, a warehouse and a residential home at the site, which would be developed into a 278,014 s/f, multi-family transit-oriented development comprised of approximately 55 studios, 111 one bedrooms, and 35 two-bedroom units.
The project also will include about 2,000 s/ft of ground floor/ retail/amenity space with 205 on-site parking spaces. Ten percent of the residential units will be set aside as affordable housing.
The Village of Lynbrook has long sought to develop the site but was unable to persuade the owner to sell the property, which residents and village officials have called an eyesore.
“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,” said IDA president Fred Parola, adding that the project will add much-needed rental housing while generating increased revenues for local taxing jurisdiction and ridding downtown Lynbrook of a blighted property.
“The IDA believes this apartment complex is a good fit for the village for many reasons, including its proximity to the LIRR, the lack of impact on schools and the potential boon to downtown businesses,” Parola said. “It will be of benefit to the Village of Lynbrook, its residents, and it will increase the economic activity of the folks that live there.”