Tag: hempstead ida

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

Developers of a planned apartment project in East Meadow have received preliminary approval for economic incentives from the Town of Hempstead 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 Newbridge Road. 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 Hempstead IDA, said in the statement.

Zucaro, who owns Freeport-based Zucaro Construction, is a prolific developer who has built a variety of multifamily, hospitality, retail 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.

David Winzelberg

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November 21, 2025
Developer getting IDA assist for two transit-oriented rental projects | Long Island Business News

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Friedman Group LLC, a Hewlett-based real estate developer, has received preliminary approval for economic incentives from the Town of Hempstead Industrial Development Agency for two apartment projects.

Friedman is proposing a $10.9 million transit-oriented project to develop a 30,512-square-foot, 24-unit apartment building on the site of Centennial Hall in Floral Park. An affiliate of Friedman Group purchased the existing building from the Village of Floral Park for $1.2 million at the end of 2019, according to public records.

The building, which has stood at the intersection of Carnation Avenue and Tulip Avenue since 1925, was originally constructed as a Masonic temple. Renamed Centennial Hall, the village bought it for $1.5 million in 2004 and it later housed the Floral Park Historical Society Museum.

The proposed project will bring 12 two-bedroom apartments and 12 one-bedroom apartments to the .48-acre site, located just up the block from the Floral Park Long Island Rail Road station.

Friedman is also proposing to build a $10.5 million transit-oriented project with 16 market rate apartments on three residential lots at 37 Conklin Ave. in Woodmere. The development will bring 12 two-bedroom apartments and four apartments with three bedrooms, according to an IDA statement.

Incentives for the Woodmere and Floral Park projects are subject to further review by the IDA and public hearings.

The Hempstead IDA also gave final approval for incentives to West Jamaica Holdings LLC, which has proposed a $30.57 million, 63-unit transit-oriented apartment project to be known as The Wellington in the Village of Valley Stream. The development site, at 54 and 58 W. Jamaica Ave., was formerly occupied by funeral home and a vacant single-family house and is located a block from the Valley Stream LIRR station.

“Our town is in dire need of quality rental housing and these projects, while not large, will contribute to the availability of rental housing for those who cannot afford to buy homes in the town,” Fred Parola, Hempstead IDA CEO said in the statement. “Our housing shortage is forcing residents to move away from Long Island.”

David Winzelberg

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October 26, 2023
Hempstead IDA to assist $30.57M Valley Stream apartment project | Long Island Business News

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The Town of Hempstead Industrial Development Agency has granted preliminary approval to provide economic incentives for a proposed transit-oriented rental housing project in the Village of Valley Stream.

West Jamaica Holdings LLC, an entity owned by Alexander Rivero, CEO of Valley Stream-based homebuilder Paramount Construction, is planning to develop a five-story, 81,375-square-foot on a .57-acre lot at 54 and 68 W. Jamaica Ave. The development site is located just one block from the Valley Stream Long Island Rail Road station and two blocks from the downtown business district.

The 63-unit apartment building will be replacing a former funeral home and a vacant single-family home.

The transit-oriented project will bring 16 studio apartments, 29 one-bedroom units and 18 two-bedroom units. The average size of the apartments will be 743 square feet for studios, 962 square feet for one-bedroom units and 1,386 square feet for two-bedroom units.

Monthly rents for the development have yet to be established. There will be 56 on-site parking spaces and other amenities will include a community room and rooftop deck, according to its IDA application.

The Village of Valley Stream approved a zoning change for the property in June 2021 and granted the developer site-plan approval in May 2022.

Incentives for the project, which include exemptions for mortgage recording and sales taxes, as well as a 20-year payment-in-lieu-of-taxes agreement, are subject to further IDA review, a public hearing, and a final authorizing resolution. The project is expected to generate 50 construction jobs and 1.5 full-time-equivalent permanent jobs. Construction on the apartment project is expected to start soon and take about 28 months to complete.

“This project has the ability to help energize the Village of Valley Stream’s downtown business district while at the same time bringing much-needed rental housing to the town,” Fred Parola, CEO of the Hempstead IDA, said in a written statement.

David Winzelberg

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October 9, 2023
$56M Island Park apartment plan getting IDA assist | Long Island Business News

A $56 million project to transform a catering complex into a waterfront apartment development was granted preliminary approval for economic incentives from the Town of Hempstead Industrial Development Agency.

The plan by developer John Vitale would replace his Bridgeview Yacht Club and Loft catering hall at 50 and 80 Waterfront Blvd. with a 117-unit, market-rate apartment complex, according to an IDA statement.

The proposed development is a four-story, 135,406-square-foot building with 74 one-bedroom units and 43 two-bedroom units built atop a parking garage.

Vitale has developed apartments in Island Park before. He owns 10 acres on the southern tip of Island Park, where he once operated several restaurants, including Paddy McGee’s and Coyote Grill, which were decimated by Hurricane Sandy in 2012. After razing the restaurants, Vitale built an apartment complex called the Channel Club, a two-tower, 86-unit project that opened in 2019 and was constructed with IDA assistance.

Vitale also owns the Barnum Landing shopping center, which is anchored by King Kullen, and is co-owner of the Jordan Lobster Farms restaurant, according to the statement.

The developer said he doesn’t plan to start the new apartment project until obligations to his catering customers are fulfilled. Any benefits package would be subject to further IDA review, a public hearing and a final authorizing resolution.

“This project will add to the town’s growing stock of much-needed rental housing,” Fred Parola, Hempstead IDA CEO, said in the statement. “Moreover, the project will generate property tax increases that will significantly raise revenues for school districts and local governments.”

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David Winzelberg

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July 18, 2023