By ANTHONY BOTTAN
The village board agreed to terms with real estate investor Barry Singer, who owns the building, that the village be paid $810,000 over 15 years to cover the expected shortage of parking spaces that the upgraded building would need a variance for. The village would then build a parking garage across the street from the Feather Factory, on parking Field #3, to accommodate tenants of the new loft office.
"It is absolutely a great thing for the village," Mayor Brian Curran said. "Mr. Singer has a great track record of turning buildings into office space. Plus, the new building will help bring downtown foot traffic to the village's stores and restaurants."
The village will take out a bond to cover the expenses of the new parking facility, but from whom has yet to be determined. The $810,000 contributed by Singer to the parking fund will help pay off the village's bond payment. However, Singer will not have to make any payments to the parking fund until two years after the village's bond is issued. Singer said the construction of the new commercial loft offices will take anywhere from 18 to 24 months, but will be completely finished within three years. "We want to create a 'wow factor'", Singer said.
Singer, who has renovated several buildings into office space throughout Long Island, bought the old Feather Factory 18 months ago for $1.8 million. According to Curran, to convert the Feather Factory into an office building with book-end desks, it would require a minimum of 120 parking spots under the restrictions of the parking fund. Without a parking garage, Singer would be 108 parking spots short, and be required to pay $10,000 for each of the 108 parking spots. Singer said he was inclined to sell the building because of the parking issue, but would meet with the village and bring in prospective buyers.
For three months, Curran said, the board sat down with prospective buyers, but could not reach an agreement. Singer came back to the board and proposed converting the building into office loft space. The village designates that loft office space be required to have 48 parking spots as well as 12 on-site parking spots. In addition, the village asked that a restriction be put on the deed, which would prohibit any other use of the building besides that of office loft space. Other prospective buyers, Curran said, were unwilling to do that because a restriction on the deed would devalue the property, but Singer was willing.
At this point, village attorney Peter Ledwith will draft a memorandum of understanding with all the details of the deal. The village will send out a Request for Proposal (RFP) to engineering firms to construct the new parking facility, as well as have public hearings to gather public opinion.
Adam Rubin, who is Singer's broker, said he was excited to be a part of something the village could be proud of. "We are very excited to be moving ahead with out renovation of the Feather building. We look forward to working hand-in-hand with the village to make this building something that everyone in Lynbrook can be proud of," Rubin said.
