Hempstead IDA grants incentives for 172-unit Island Park apartment project

TRD New York /
Feb.February 25, 2019 12:14 PM

Hempstead’s Industrial Development Agency voted to give economic incentives to a proposed 172-unit waterfront rental apartment complex slated for Island Park, LIBN reported. AvalonBay Communities, a Virginia-based real estate investment trust that has been an active developer on Long Island, plans to redevelop the 11.6-acre site. Farmingdale-based Posillico bought the land, a former oil facility, in a bankruptcy auction for $2.4 million in 1999. The company wanted to build condos on the site and even received approvals from Hempstead in 2008, but then halted the project due to the onset of the global financial crisis shortly thereafter. Posillico partnered with AvalonBay in 2012, changing the plan to instead build 140 rental apartments and 32 condos. Hempstead shot down that proposal a year later, only to have the New York State Supreme Court reverse the town’s decision in a 2015 ruling. AvalonBay went into contract to buy the land last year, although Posillico will need to start cleaning up the site this year, a process that must be completed before any construction can proceed. [LIBN]


Related Articles

arrow_forward_ios
The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

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

arrow_forward_ios