Developers who are seeking to build a $95 million, 201-unit apartment complex at the former site of the vacant Mangrove Feather factory have received preliminary approvals for economic incentives from the Town of Hempstead Industrial Development Agency as they seek a 30-year PILOT, or payment in lieu of taxes, agreement.
Breslin Realty Development Corp. received approval from village officials in June to raze the industrial building across from the Lynbrook Long Island Rail Road station, which has been vacant for more than a decade, and build a 278,014-square-foot, transit-oriented development with 55 studios, 111 one-bedroom and 35 two-bedroom apartments. Additionally, 10 percent of the units are to be designated as affordable workforce housing, for individuals or families at or below 130 percent of the area’s median income. Workforce housing generally includes those who are not typically eligible for affordable housing programs.
“The entire community looks forward to the demolition of this time-worn eyesore,” Mayor Alan Beach said. “We are pleased that the developer is completing its final steps to start upgrading and expanding our downtown area.”
Under a potential PILOT, the annual tax rate will freeze at about $185,000 for three years, then jump to $200,000 in year four and to more than $1 million by the 15th year. At the end of the 30-year period, taxes will be at $1.8 million, if the Town of Hempstead IDA board approves it.
Fred Parola, chief operating officer of the Town of Hempstead IDA, said the board believed the apartment complex would be a good fit for the village for many reasons, including its proximity to the LIRR, the lack of impact on schools and the potential boon to downtown businesses.
“Overall, viewing it, it seems like a pretty solid project,” Parola said, “and one that will be of benefit to the Village of Lynbrook, its residents, and it will increase the economic activity of the folks that live there.”
David Orwasher, Breslin’s chief development officer, said he hoped that the IDA would approve the PILOT agreement so that construction could start early next year.
“We’re looking to move forward with the IDA,” he said. “it’s not all final yet, but this is an extraordinarily expensive project that we think is going to contribute to the revitalization and sustainability of activity downtown in the village. What’s untraditional about it, is we are not seeking any diminution in taxes. We’re going to continue the current taxes and just slow the rate of growth. It’s going to be a hugely magnified increase in tax revenue to everyone.”
Orwasher added that the project would generate jobs and economic activity, and that he hoped to get approval from the IDA and begin razing the building by the first quarter of 2022. The construction process is expected to take two to two and a half years.
The building’s first two floors will house a parking garage, with 205 parking spaces for residents. Amenities will include a retail café, clubroom, concierge, rooftop terrace with grill, lounge, party room and dog run. Experts have also estimated that owing to the large number of studios and one-bedroom apartments, six to 19 school-age children would likely be added to the district.
The site has been dormant since 2008, and several village administrations have sought to develop it, but it took many years to persuade the owner, Barry Singer, to sell the property. Orwasher said he thought the site was an ideal spot because of its proximity to the Long Island Rail Road station and to downtown shops and restaurants. Breslin negotiated with Colliers International’s Jordan Baruch and Matthew Kucker, who brokered the deal.
Orwasher said the developers were thoughtful when it comes to the community’s needs while beginning discussions with the IDA.
“We’re very mindful of being good neighbors, good corporate citizens and contributing to the vitality of the area,” he said. “The taxes will probably go up over time seven- to 10-fold. It will be a significant, significant revenue generator.”
To learn more about the project, visit restore4347broadwaylynbrookstation.com.