Tax breaks sought to convert Plainview hotel into senior housing

TRD New York /
Jan.January 21, 2019 10:42 AM

Capitol Seniors Housing is in contract to buy a 170-room Residence Inn by Marriott in Plainview for $20.25 million and invest another $11.7 million into the property to transform the building into a senior housing complex, Long Island Business News reported. But in order to do so, the developer wants to get some help from Nassau County’s Industrial Development Agency. Capital Seniors, represented by the Uniondale-based law firm Forchelli Deegan Terrana, has requested millions of dollars in tax breaks over 20 years, Newsday reported. The agency’s board of directors have agreed to negotiate with the developer. Washington, D.C.-based Capitol Senior already runs 23 senior living developments in nine states and is building another 10. The Residence Inn, which closed late last year, is on a Plainview property currently owned by developer Donald Monti, chairman of Renaissance Downtowns. [Newsday]


Related Articles

arrow_forward_ios
Islanders expect to break ground on Belmont arena project this summer, late composer’s Sands Point estate has another price cut & more Long Island real estate news

Islanders expect to break ground on Belmont arena project this summer, late composer’s Sands Point estate has another price cut & more Long Island real estate news

First hotel in decades could come to Babylon, waterfront Centre Island property gets $3M price cut & more Long Island real estate news

First hotel in decades could come to Babylon, waterfront Centre Island property gets $3M price cut & more Long Island real estate news

Nation’s first affordable housing development for LGBT seniors to open in Bay Shore, West Islip home with helipad hits the market & more Long Island real estate news

Nation’s first affordable housing development for LGBT seniors to open in Bay Shore, West Islip home with helipad hits the market & more Long Island real estate news

Jerry Wolkoff wants a new industrial building in Edgewood, former newspaper mogul’s Gold Coast mansion seeks $13M & more Long Island real estate news

Jerry Wolkoff wants a new industrial building in Edgewood, former newspaper mogul’s Gold Coast mansion seeks $13M & more Long Island real estate news

The Uniondale Marriott and Ten-X's Matthew Schreck (Credit: LinkedIn)

Long Island’s hotel market could be headed for a downturn

Brookfield pitches $400M mixed-use project in Manhasset, Lake Success home from Whitney Houston film lists for $6.3M & more Long Island real estate news

Brookfield pitches $400M mixed-use project in Manhasset, Lake Success home from Whitney Houston film lists for $6.3M & more Long Island real estate news

Hamptons resi brokers remain resolute, despite a slumping luxury market

Hamptons resi brokers remain resolute, despite a slumping luxury market

Arbor Realty CEO buys Bridgehampton’s Three Ponds Farm for $35M, Harry Macklowe’s East Hampton home lists for $21M & more Hamptons real estate news

Arbor Realty CEO buys Bridgehampton’s Three Ponds Farm for $35M, Harry Macklowe’s East Hampton home lists for $21M & more Hamptons real estate news

arrow_forward_ios