Tag: rental housing

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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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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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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