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Tag: apartment development

  • Crest Group partners on $174M Lehigh Valley projects | Long Island Business News

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    The Crest Group is partnering with Greystone Capital and Black Bear Asset Management (BBAM) on two multifamily projects in Pennsylvania’s Lehigh Valley. 

    Port Jefferson Station-based Crest Group’s joint venture will be developing six residential buildings and a clubhouse totaling 261,096 square feet on a 16-acre site at 1493 Van Buren Road in Palmer Township, about five miles north of Easton, Pa. The $67 million project, called Van Buren East, will bring 216 apartments, with a mix of 90 one-bedroom and 126 two-bedroom units.  

    The two developments will deliver a total of 536 apartments. / Courtesy of Crest Group

    The apartments will feature private balconies, in-unit washers and dryers, quartz countertops, stainless-steel appliances, and designer finishes, according to a joint statement. Amenities will include a fitness center, resident lounge, pickleball court, EV charging stations, outdoor grilling areas, and 467 parking spaces with elevator access to all floors. 

    The joint venture partners are also planning to build a second multifamily project on a 32-acre site across the street. Called Van Buren West, the $107 million development would bring 320 apartments in 13 buildings. 

    “We’re excited to partner with Greystone and Black Bear on this exceptional project,” Daniel Scarda, Crest Group’s head of corporate finance, said in the statement. “Lehigh Valley represents an exemplary high-growth, supply-constrained market for which our disciplined underwriting approach and hands-on asset management can create lasting value. The collaborative efforts of the BBCP team played an instrumental role in bringing this opportunity to life, and we’re committed to delivering a best-in-class residential community that serves this market’s strong demographic fundamentals. This project exemplifies our strategy of developing valuable assets in emerging growth markets where we see compelling long-term tailwinds.” 

    Bryan Manz, senior managing director at BBAM, said he sees the Lehigh Valley as a core investment market. 

    “Van Buren East represents another step in our long-term strategy of investing alongside trusted partners to expand the supply of best-in-class rental housing in the region,” Manz said in the statement. 

    The Crest Group has worked with BBAM before. Real estate financial advisory firm Black Bear Capital Partners (BBCP), a subsidiary of Manhattan-based Black Bear Asset Management, arranged the $42.5 million refinancing for Crest Group’s 13-property office portfolio totaling about 400,000 square feet. In addition, BBCP supplied a $24 million construction loan last spring for Crest Group’s Villas at Oak Run, its 55-and-over development in Middle Island. That project will bring 74 two-bedroom townhomes to a 23.5-acre site at the northeast corner of Birchwood Park Drive and Middle Country Road. 


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    David Winzelberg

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  • Heatherwood wins bid for 500-unit East Farmingdale project | Long Island Business News

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    THE BLUEPRINT:

    • selected by New York State for major housing project

    • Nearly 500 apartments planned, including studios, townhomes, and three-bedroom units

    • Development includes parking garage, amenities, walking trail, and “Airplane Park”

    • Long-vacant site may receive environmental remediation support

    Commack-based Heatherwood Communities was selected by the state to build nearly 500 apartments on a long-vacant site. 

    The developer, which answered the request for proposals issued in May 2024, plans to build a mix of studio, one-, two-, and three-bedroom apartments, as well as townhouse units, in buildings up to five stories. The project includes 630 parking spaces, with a covered garage, both indoor and outdoor amenity spaces, a landscaped walking trail, and an “Airplane Park” public open space honoring the site’s aviation history, according to a statement from Gov. Kathy Hochul’s office. 

    “Heatherwood is excited to partner with the governor‘s office, the State of New York and the Town of Babylon on this generational development opportunity,” Chris Capece, Heatherwood president, said in the statement. “To reposition a blighted and underutilized site that’s laid fallow for decades, for high-quality multifamily housing in the 110 corridor, which holds Long Island’s highest concentration of jobs with adjacent uses, is a unique opportunity for us as Long Islanders. As Heatherwood continues to grow its footprint nationally, we’re proud to invest locally to make our home region a better place.” 

    Sean Sallie, Heatherwood’s senior director of planning and development, told LIBN the company is ready to go. “It’s a multi-tiered process with the state, the Federal Aviation Agency and the town,” Sallie said. “We have tasks ahead of us, but we’re confident we’re going to deliver for the state and the town.” 

    Currently owned by the New York State Department of Transportation as part of Republic Airport, the site along Conklin Street has been the subject of several past proposals for development. 

    Some remediation may be needed on site for potential subsurface environmental contamination, which will be supported by an up to $4 million Department of Housing and Urban Development grant to the Town of Babylon, as LIBN previously reported. 

    The narrow strip of land once owned by Fairchild Republic stretches east from Route 110 to New Highway and has gone from aviation hub to industrial ghost town. On the south side of Conklin Street is the 56-acre Airport Plaza, a 450,000-square-foot retail center near the main Fairchild Republic aircraft plant. But since Fairchild closed operations in 1987, nothing has been taking off on the abandoned site.  

    In 1927, the Ranger Aircraft Engine Corp. was the first aviation firm to locate on the northern strip of the Fairchild property, where it constructed manufacturing and test facilities for aircraft engines. 

    Republic Aviation Corp. purchased the property in 1955 and used the existing facilities for research and development and office space. The Farmingdale Co. owned the property from 1965 to 1972, when Fairchild Industries purchased it and used it as warehouse and office space. It closed in 1987, according to the state Department of Environmental Conservation.  

    Save for a small right-of-way controlled by the Long Island Rail Road, which borders the site on the north, the parcel is now owned by the DOT. Over the years, ideas for redevelopment – more retail, a train station, housing – have come mostly from local politicians, businesses and the site’s largest neighbor, Republic Airport. 

    “For far too long, this state-owned property has sat vacant and underutilized, holding back the potential of an entire community. All New Yorkers deserve the opportunity to have a quality, affordable place to call home,” Governor Hochul said in the statement. “By leveraging state-owned land and partnering with experienced local developers, we are turning our historic housing commitments into reality and building a more affordable New York in communities across the state, including on Long Island.” 


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    David Winzelberg

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  • East Meadow apartment project getting IDA assist | Long Island Business News

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    Developers of a planned apartment project in have received preliminary approval for from the Industrial Development Agency. 

    The Newbridge Residence at 558 LLC, headed by Andrew Zucaro, John Brunetti and James O’Donnell, is planning to construct two separate buildings totaling 21,210 square feet on a 1.15-acre vacant lot at 558 . The lot previously belonged to St. Raphael Roman Catholic Church. 

    The development will have 20 two-bedroom, two-bathroom apartments. The $8 million project has town zoning and site plan approval, which were obtained by a prior owner, according to an IDA statement. 

    The developers are seeking a 20-year payment-in-lieu-of-taxes agreement, which would raise property taxes from $34,931 currently to $180,000 in its final year, according to the IDA. The project is expected to create up to 70 construction jobs and one part-time permanent position. 

    “This project will help to satisfy the demand for quality rental housing in East Meadow and in the Town of Hempstead while, over time, generating substantial revenues for the affected taxing jurisdictions,” Fred Parola, CEO of the , said in the statement. 

    Zucaro, who owns Freeport-based , is a prolific developer who has built a variety of multifamily, hospitality, and other commercial projects over the past 45 years. His developments have earned several accolades, including a Smart Growth Award from Vision Long Island for a 115-unit apartment complex in Amityville. 

    The IDA benefits for the East Meadow project still requires a public hearing, scheduled for Tuesday, Dec. 2, before a final authorizing resolution can be approved. 

    Construction on the development is expected to start shortly with completion projected towards the end of next year. 


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    David Winzelberg

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