Hempstead affordable rental complex sells for $42M

A 240-unit affordable housing complex known as the Park Lake Residences sold for $42 million, Long Island Business News reported. The Hempstead complex, which was built in the 1940s, has 14 buildings. It had been owned by an affiliate of Manhattan-based Omni New York — the managing director of which is former MLB player Mo Vaughn. The complex was sold to the partnership of Camber Property Group, Jaffe Family TIC LLC and E. Nelson Family TIC LLC. The Hempstead IDA gave Omni economic incentives in 2005, but transferred those benefits to the new owners along with a 10-year package of tax breaks. The new owners will spend about $7 million on renovations that’ll include landscaping, painting and new appliances. [LIBN]