The Real Deal New York

Developers seek $28.6M in tax breaks for Lindenhurst apartment complex

December 03, 2018 01:44PM

Tritec Real Estate of East Setauket wants the Babylon Town Industrial Development Agency to grant a $28.6 million tax abatement for their 260-unit multifamily rental complex in Lindenhurst, according to Newsday. The IDA proposed a 30-year Payment in Lieu of Taxes, or PILOT, for the project. Under that plan, the school district, Babylon and Suffolk County would receive payments totaling $300,479 during the 2019-20 tax year. The village would get its first $40,000 payment in 2020. Neighbors who hope to spur further development in the area believe the apartments could do just that, although the school district has voiced its objections to the PILOT plan. [Newsday]