The Hempstead Industrial Development Agency voted Nov. 30 to approve moving forward with a PILOT agreement for the $95 million, 201-unit apartment complex at the former Mangrove Feather factory in Lynbrook.
The project will encompass 7 and 21 Langdon Place, 47 Broadway, and 90 and 96 Station Plaza, which is where the factory once operated and has been dormant since 2008. The IDA approved a 30-year PILOT, or payment in lieu of taxes, agreement for the Garden City-based Breslin Realty Corp.
“I think it’s great, and we’re moving forward with the project,” Mayor Alan Beach said. “I’m really excited about this, and it’s all positive. It’s going forward, and I’m pleased.”
Beach said that though some residents have spoken against the PILOT, under it the annual tax rate will freeze at about $185,000 for three years, then jump to $200,000 in year four and more than $1 million by the 15th year. At the end of 30 years, taxes will rise to $1.8 million.
With the project approved, Beach said, developers said they hope to raze the former factory later this month or in early January.
“While it gets knocked down and there is nothing on the property, they could get a reduced tax rate,” Beach said of developers. “They’re not asking for that. They’re going to continue paying the total tax bill for all the properties involved.”
Beach added that village officials have been transparent about the project, including posting updates on the village website and hosting a Nov. 16 meeting at which residents provided feedback on the PILOT.
Breslin 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 and 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.
Fred Parola, the town IDA’s chief operating officer, said in October that 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.”
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.
Several village administrations have sought to develop the site over the years, but it took many years to persuade the owner to sell the property. Breslin Chief Development Officer David Orwasher said he thought the site was an ideal spot because of its proximity to the LIRR station and downtown shops and restaurants. Breslin negotiated with Colliers International’s Jordan Baruch and Matthew Kucker, who brokered the deal.
Beach said the 80-unit, $24 million Cornerstone at Yorkshire project under construction at the site of the former Capri Lynbrook Motor Inn is also progressing. Developers from Terwillger & Bartone Properties received a 20-year PILOT for that project.
Orwasher said in October that the developers were thoughtful when it comes to the community’s needs while seeking a PILOT from 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.