The Real Deal New York

Long Island Cheat Sheet: Lynbrook rejects $75M Cornerstone apartment complex, Glen Cove eyes zoning changes … & more

By Aidan Gardiner | November 26, 2018 03:30PM

Clockwise from top left: Lynbrook rejects a $75M Cornerstone apartment complex, rising number of rentals helps Long Island communities, Nassau lawmakers approve $100M to pay back delayed property tax refunds, and a two-building Melville office complex sells for $69M.

Lynbrook rejects $75M Cornerstone apartment complex because it’s too big
In a 5-0 vote, the Lynbrook Village board of trustees voted last week to reject a bid to build a $75 million six-story, 200-unit apartment building dubbed the Cornerstone at Lynbrook near the village’s train station, according to Newsday, noting that trustees felt the project was too large for the community. Anthony Bartone of Terwilliger & Bartone, the developer, said he remains undeterred by the vote and still hopes to pursue the project, one designed to appeal to millennials and empty-nesters. Mayor Alan Beach said officials would be open to considering a smaller version of the project, whose scuttled version would’ve saw Terwilliger & Bartone build a $10 million parking garage to replace lost spaces, if the developer proposed it. [Newsday]

Melville office complex sells for $69M
A two-building office complex in Melville was sold to a group of private investors in Brooklyn for $69 million, Newsday reported. The four-story, 408,917-square-foot complex was last sold for $35.77 million in 2016 to a joint venture between developer Treeline and the KABR Group, a real estate owner and operator. After that sale, the owners gave the property a “major capital renovation” of its cafe, bathrooms, communal conference room, elevators, and common areas. The price for the property, known as 3 Huntington Quadrangle, increased after the owners secured a long-term lease with Northwell Health, which occupies 120,000 square feet there, and leased another 36,000 square feet to Catholic Health Services of Long Island. Representing the sellers were Jeffrey Dunne, Steven Bardsley, and Travis Langer of CBRE’s Institutional Properties Group, along with Philip Heilpern and Robert Seidenberg from CBRE’s Long Island office. [Newsday]

Rising number of rentals helps Long Island communities
A spate of new apartment complexes have answered the call for more rental housing across Long Island, while also spurring investment in communities surrounding them, according to Long Island Business News. The demand has prompted more multi-family projects, especially rental apartments, on Long Island. Rental projects have been proposed or approved in 75 areas in the past 10 years, with 44 of them in downtown business districts or near transit, according to statistics from Vision Long Island. More than 13,000 units of transit-oriented development have sprung up in 40 communities during the same decade-long period. Experts have said that while these projects initially faced opposition, they’ve also for the most part helped certain communities by adding to the tax base and bringing in new local jobs. [LIBN]

Glen Cove hopes zoning changes could revitalize Orchard area
Officials in Glen Cove are hoping to change zoning rules in the Orchard neighborhood to spur development and give it “a facelift,” but residents worry they could be displaced, according to Newsday. City officials have said they don’t intend for development to displace Orchard residents, the majority of whom are Latino, but to focus on using now-vacant land. The zoning changes would reduce the minimum size of a townhome and the amount of land on which townhomes can be built. Glen Cove has no intention of using eminent domain and city officials have been working with environmental planning firm Nelson, Pope & Voorhis on a plan to develop Orchard. One area with parking lots and a fitness center would be zoned to allow up to 40 units of housing per acre. A public hearing in Glen Cove will be held on Dec. 6. [Newsday]

Nassau lawmakers OK $100M to pay back delayed property tax refunds
Nassau County legislators approved a request by County Executive Laura Curran to borrow more than $100 million to pay down a $360 million backlog in property tax refunds, Newsday reported. Curran wants another $200 million in 2019 because that debt has piled up in recent years and accrued interest. “There are many businesses, many commercial entities, many small businesses that have been owed this money,” Presiding Officer Richard Nicolello of New Hyde Park told the outlet. “We need to pay back the refunds of those that are owed these monies.” Legislators also approved spending $200,000 to notify residents about the potential impact on reassessment of tax bills. [Newsday]