The Governor’s Office of Storm Recovery (GOSR) auctioned 150 Long Island residential properties on May 19 and 20 as part of the NY Rising Acquisition Program. More than 300 people bid on all of the properties, which will enter closing in the summer of 2015.
The primarily South Shore properties, which are located in 25 villages and towns throughout Nassau and Suffolk Counties, had sale prices ranging from $65,000 to $535,000. While all 150 properties were purchased by the State for a total of $38 million, they were collectively resold for $22 million. In Nassau County, the auction included 17 properties in Island Park, 15 properties in Freeport, 11 properties in Long Beach, 11 properties in Massapequa, nine properties in East Rockaway and nearly 30 additional properties in other towns and villages.
Paramount Realty held the auction of the acquisition homes. The auctioned homes in Island were located at 4044 Connecticut Avenue, 25 Deal Road, 35 Deal Road, 37 Kent Road, 40 Kent Road, 54 Kent Road, 39 Kildare Road, 44 Kildare Road, 8 Lexington Walk, 2 Marina Road, 125 Nassau Lane, 164 Quebec Road, 31 Radcliffe Road, 49 Redfield Road, 26 Warwick Road, 159 Waterford Road and 167 Waterford Road. Those in Oceanside were at 192 East Lindbergh Avenue and 615 Pearl Street.
The State has so far closed on 115 properties (totaling more than $45.2 million) in Nassau County and 111 properties (totaling $43.7 million) in Suffolk County through program. Through the undertaking, Long Island homeowners have received a median payment of more than $395,000.
All redevelopment of the properties must be consistent with local use and zoning regulations and must be completed − with a final Certificate of Occupancy from the local building department − three years of the date of the closing. In the case that these conditions are not met, the property will revert back to the Housing Trust Fund Corporation (HTFC).
Income generated from the auctions will be used in accordance with the State’s Community Development Block Grant-Disaster Recovery (CDBG-DR) Action Plan, which includes allocations for multi-family affordable housing and Public Housing Assistance Relief.