Tag: multifamily development

Developer unveils new plan for shuttered Sayville golf course | Long Island Business News

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The developer of a proposed residential community at a shuttered and long-vacant golf course in Sayville is taking another swing at the project.

Rechler Equity Partners has unveiled a revised concept for housing at the 114-acre site of the former Island Hills Golf Course, which closed in 2015. The new plan from the Plainview-based developer is a scaled-back version with 35 percent less density than its original 2017 proposal for 1,365 apartments in 27 buildings that was to be dubbed Greybarn Sayville.

The revised plan for the community to be called South Bay Village, which was submitted to the Town of Islip earlier this week, calls for 890 residences, with perhaps the biggest change being 35 percent for-sale homes as opposed to rentals. The latest revision includes 314 single-family homes to be restricted to buyers aged 55 and older. In addition, 173 of the 576 rental apartments would also be leased to people 55 and older.

This latest plan is the third that’s been proposed for the former golf course. Last summer, the developer pitched a project that would have brought 925 residences, but it was not pursued with the town after continued community opposition.

The effort to redevelop the former golf course has been a lengthy odyssey. After pushback from the community, the Islip town board refused to rezone the Island Hills property in Dec. 2021. The current zoning allows for just 98 single-family homes.

In the last couple of years, the developer has met with local civic groups, area residents and other stakeholders to get input and support for a revised development plan. A group called the Island Hills Advisory Committee (IHAC) was formed and created a website to garner community comments. The committee issued a report on its activities last month.

“As we set out to envision a concept that would better fit within the Sayville community, we knew we needed to find a creative way to communicate with stakeholders,” Gregg Rechler, co-managing partner of Rechler Equity, said in a company statement. “We were able to use the IHAC’s report as a guiding light for our revised concept to address key topics identified by the community, including a reduction in overall density, the inclusion of home-ownership options, age restricted homes and single-family homes that neighbor the surrounding blocks.”

The developer says the new concept ensures single-family homes line the periphery of the property, minimizing traffic impact to surrounding roadways. The new plan, which includes three-bedroom cottages, limits buildings to three stories and a portion of the rental residences would be reserved for adults with disabilities.

Benefits to the community in the new plan include the expansion of wastewater infrastructure in the area, shuttles to downtown and the Long Island Rail Road station, an increase in school tax revenue and more, according to the statement.

“Rechler Equity prides itself not only on the developments we create, but our long-term commitments to property operations and maintenance,” Mitchell Rechler, co-managing partner of Rechler Equity, said in the statement. “When we invest in a community, we do so for the long haul, which incentivizes us to create concepts that mesh with the existing fabric of the surrounding community. We believe that this fruitful approach to our outreach process has allowed us to do just that.”

David Winzelberg

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July 5, 2024
Long-vacant East Farmingdale site targeted for new housing | Long Island Business News

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Governor Kathy Hochul is issuing a request for proposals to purchase and develop new housing on a long-vacant 13-acre site in East Farmingdale.

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.

This time, Empire State Development, in collaboration with the Town of Babylon, aims to establish “a mixed-use hub that provides critically needed residential housing and stimulates economic growth and new job opportunities within East Farmingdale and across the region,” according to a statement from the governor’s office. The development will be solicited to provide public open space, enhance pedestrian connectivity to surrounding commercial centers and deliver other community amenities. ESD anticipates that 20 percent of the housing at the project will be affordable housing units restricted to households earning 80 percent of the area median income.

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, according to the statement.

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.

In a statement, Hochul said the property, which serves no airport function, offers “a prime opportunity to transform what is currently a blighted and underutilized lot into a thriving mixed-use residential development that enhances housing options for a wide range of New Yorkers.”

Development proposals should be submitted to Empire State Development by August 7.

“We just secured a landmark housing deal that will make New York more affordable and livable, and now we’re getting to work to turn it into reality,” Hochul said. “Leveraging state-owned land is a significant opportunity to increase housing supply and help New Yorkers find a place to call home.”

Matt Cohen, president and CEO of the Long Island Association applauded Hochul’s plan for the site.

“Our region is suffering from a dire housing shortage that is making it more unaffordable for people and businesses to thrive here which is why we are eager to partner with Governor Hochul who is sending a strong message by issuing the first state-owned land RFP right here in support of Long Island,” Cohen said via email. “This innovative public private investment with forward-thinking developers in East Farmingdale offers a promising opportunity to help reverse domestic migration and send a jolt through Long Island’s economy.”

The RFP advances Hochul’s vision for addressing the state’s housing crisis and builds on the agreement to increase the state’s housing supply as part of the Fiscal Year 2025 Enacted Budget. The budget includes: an opt-in tax incentive program for mixed-income and 100 percent affordable new construction or conversion multifamily rental projects outside of New York City; a $500 million capital fund to develop up to 15,000 new homes on state-owned land; new, strengthened protections for homeowners from deed theft; and more than $600 million in capital investments to support housing statewide, according to the statement.

David Winzelberg

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May 3, 2024
$82M mixed-use project advances in downtown Riverhead | Long Island Business News

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After Heatherwood Luxury Rentals received economic incentives from the Town of Riverhead Industrial Development Agency last week, the developer is planning to move ahead with its $82 million mixed-use project on East Main Street.

The Commack-based developer plans to construct a five-story, 238,342-square-foot building on the 1.42-acre vacant site once occupied by a Sears store at 203-213 East Main St.

Courtesy of Heatherwood Luxury Rentals

The project will bring 52 studios, 80 one-bedroom and 33 two-bedroom market-rate apartments over about 5,700-square-feet of retail space. Amenities will include a clubroom, fitness center and rooftop terrace.

The Heatherwood development would be constructed next door to another five-story mixed-use development called Riverview Lofts, which was completed in March 2021. That $56.8 million project, from Jericho-based Georgica Green Ventures, brought 116 affordable apartments over 12,000 square feet of commercial space, where about 6,500 square feet is occupied by Peconic County Brewing.

The Heatherwood project will generate about 150 construction jobs and three permanent jobs, according to its IDA application. Once completed, the development, which was approved by the town board in Oct. 2023, is expected to generate some $7.5 million in annual economic output to the town.

The planned development is another in a series of successful downtown revitalization projects that Riverhead has welcomed in the last several years. Construction is projected to take from 24 to 36 months to complete, however, the developer is still awaiting some approvals before work can begin.

“The IDA approval was a meaningful step in the entitlement process,” said Sean Sallie, Heatherwood’s senior director of planning and development. “There is some more work to do before we can put a shovel in the ground, and we are hopeful that we can get there.”

Heatherwood also received economic incentives from the Town of Hempstead IDA for its $212 million mixed-use development in West Hempstead, which like its Riverhead project, also replaces a former retail use. The two-building, 481,089-square-foot complex is currently under construction on the 9.4-acre former site occupied by National Wholesale Liquidators at 111 Hempstead Turnpike.

The West Hempstead transit-oriented development will bring 428 apartments and 5,575 square feet of retail space. Amenities will include indoor and outdoor fitness areas, golf simulator, gaming lounge and bar, and a 2-acre landscaped courtyard and that project is expected to be completed in 2027.

David Winzelberg

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April 19, 2024
Nassau IDA closes on incentives for $26.5M Great Neck project | Long Island Business News

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The Nassau County Industrial Development Agency has closed on a deal to provide economic incentives to the developer of a $26.5 million apartment project in Great Neck.

The developer, Gesher Center LLC, is constructing a four-story, 88,000-square-foot apartment building at 733-741 Middle Neck Road and 6 and 8 North Road. The project will bring 60 apartments and a 4,100-square-foot art gallery to be located on the building’s first floor.

Amenities will include a fitness center, library and storage space for residents. The building will also provide on-site parking for 93 vehicles. Nine of the apartments will be designated as affordable housing and offered at reduced rents.

The new development will replace some existing mixed-use and commercial buildings, including one that has been vacant for more than 30 years, according to an IDA statement.

“The IDA is always looking for ways to expand Nassau County’s ability to provide more living options for current and future residents,” Nassau IDA Chairman William Rockensies said in the statement. “Projects like this one are special because they allow residents from all backgrounds to find housing that suits them financially. We are excited to watch this project get off the ground and develop into something truly exceptional.”

Over the course of the project’s 22-year payment-in-lieu-of-taxes agreement that was approved this summer, it is set to generate nearly $10.3 million in taxes, a substantial increase from the $2.7 million in taxes the property would generate without the project, according to the IDA.

“As a locally-owned company, we are privileged to call Great Neck our home,” Gesher Center LLC owner Yoseph Shemtov said in the statement. “Thanks to the IDA’s assistance, we will be able to share our wonderful community with even more people, helping our home grow and prosper into something even greater than it already is. We are grateful to the IDA for this opportunity and we are looking forward to welcoming more people into our neighborhood.”

David Winzelberg

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November 17, 2023
Developer of Floral Park rental project seeks IDA benefits | Long Island Business News

The developer of a planned $12 million apartment project has applied for economic incentives from the Town of Hempstead Industrial Development Agency.

Centennial Holdings LLC, an entity owned by Hewlett-based developer Guy Fried, is planning to redevelop the .48-acre site of Centennial Hall at 29 Tulip Ave. in Floral Park into a residential rental building. The transit-oriented development is located just up the block from the Floral Park Long Island Rail Road station.

Centennial Holdings 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 developer’s plan calls for replacing the existing structure with a new four-story, 30,512-square-foot building with 24 apartments. The new building will have 12 one-bedroom, one-bathroom apartments and 12 two-bedroom, two-bathroom apartments on the second, third and fourth floors, with parking for residents on the ground level.

Centennial Holdings is seeking exemptions of mortgage recording and sales taxes, along with a 20-year payment-in-lieu-of-taxes agreement from the Hempstead IDA, according to its application.

The developer plans to begin construction this fall and expects the project to be completed in the first quarter of 2025.

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David Winzelberg

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August 23, 2023
$30.57M apartment project seeks IDA assist | Long Island Business News

The developer of a $30.57 million apartment project in Valley Stream is seeking economic incentives from the Town of Hempstead Industrial Development Agency.

West Jamaica Holdings LLC, an entity owned by Alexander Rivero, 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. The developer is seeking exemptions for mortgage recording and sales taxes, as well as a 20-year payment-in-lieu-of-taxes agreement from the IDA. The applicant says the development addresses the “pressing need” for rental housing in the area and that the project will not be “financially viable” without the IDA incentives.

“This is an excellent example of a village addressing its need for additional multifamily housing in an open and efficient process,” said attorney Peter Curry of Farrell Fritz, who is representing the project before the IDA. “We are confident that the Hempstead IDA will understand the need for additional rental housing for all segments of the population and will provide the economic assistance necessary to bring this project to fruition.”

Construction on the apartment project is expected to start soon and take about 28 months to complete.

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David Winzelberg

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August 16, 2023
Leasing starts for new Westbury apartments | Long Island Business News

Leasing has begun for two new apartment buildings under construction in Westbury.

Called the Cornerstone at Westbury, the two buildings on Railroad Avenue total 130 apartments, 72 units in phase one, which is scheduled to be completed this fall and 58 in phase two, which should be completed early next year.

There will be 112 market-rate apartments offered at monthly rents starting at about $2,600 for a studio to about $3,500 for a two-bedroom unit, according to Anthony Bartone, managing partner of developer Terwilliger & Bartone Properties.

The apartments will feature high ceilings, designer kitchens, and modern finishes. Amenities will include direct access to the platform of the Westbury Long Island Rail Road station, rooftop patio, clubhouse for entertaining, fitness center, and on-site parking.

More than 1,200 applications were submitted for the complex’s 18 workforce housing units before the application period closed on July 24. The Long Island Housing Partnership (LIHP), in coordination with The Cornerstone Westbury and the Village of Westbury, will conduct a lottery this month for applicants who qualify for LIHP’s Affordable Rental Housing Program.

“We are thrilled to achieve this exciting milestone as we begin leasing for the first project made possible by the Village of Westbury’s new transit-oriented development zoning,” Bartone said in a company statement. “Smart revitalization is essential to the vitality of Long Island’s downtowns, and The Cornerstone Westbury addresses the urgent need for quality multifamily with amenities close to transit, while catalyzing economic development in the heart of Westbury for years to come.”

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David Winzelberg

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August 4, 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
Hempstead acquisition clears way for new multifamily project | Long Island Business News

A Long Island real estate firm has closed on its purchase of a development site in Hempstead where it plans to build a new apartment complex.

Lawrence-based BOSFA Properties purchased two buildings on a combined .85 acres at 584 Front St. and 600 Front St. for $1.9 million. The properties had been used as offices for a law firm.

BOSFA, which stands for Buildings Of Sustainable Family Apartments, is planning to redevelop the site into a rental complex with 30 market-rate apartments. The 40,686-square-foot building will have parking for 82 vehicles on the ground level with two floors of apartments above.

The new project will consist of six studios, 18 one-bedroom and six two-bedroom units. BOSFA received approvals for the plan from the Village of Hempstead in the spring of last year.

Construction on the new Hempstead apartment building is expected to start in early 2024 and will take about 18 months to complete.

Daniel Goldstein and Aron Goldstein / Courtesy of BOSFA Properties

BOSFA was founded by the father-and-son team of Daniel Goldstein and Aron Goldstein and has acquired more than 50 properties since the firm began. The company’s current real estate assets include the 124-unit Rivoli House and 60-unit Hilton Gardens in Hempstead, the 36-unit Pearsall Gardens in Freeport, the 176-unit Bayview Estates in Inwood, and several other mixed-use and multifamily properties.

BOSFA is also planning to build more Hempstead projects, including a 244-unit senior rental complex in Hempstead called Franklin Senior Gardens and a 120-unit apartment building called Clinton Manor.

Daniel Goldstein started his career as an electrician in Israel and later managed his family’s real estate portfolio there before moving to the U.S. in 1999. He founded an electrical contracting firm here before turning his attention back to real estate, working on rehabbing and repositioning a portfolio of several thousand apartments.

As a teenager, Aron Goldstein worked with his dad in the electrical contracting firm, later joining a real estate company that owned more than 3,000 apartments before founding BOSFA Properties with his father. He says their latest project on Front Street represents further improvement for the village.

“We are excited about this development, which will add desperately needed apartment units to the Hempstead area,” Aron Goldstein said.

BOSFA was self-represented, while Christopher Pesce of Douglas Elliman Commercial represented the seller, James Furey Jr., in the Front Street sales transaction.

David Winzelberg

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January 6, 2023