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

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
Planet FItness' Chris Rondeau with 177 Old Country Road (Planet Fitness, Google Maps)
Planet Fitness filling Long Island’s retail vacuum
Planet Fitness filling Long Island’s retail vacuum
Five Pointe Real Estate's Corey Gluckstal with 7 Beach Lane (Five Pointe Real Estate, Douglas Elliman)
Westhampton Beach inn to reopen as luxury hotel
Westhampton Beach inn to reopen as luxury hotel
Verco Properties' John Verni with 227-239 Harrison Avenue (Twitter, Google Maps)
Tri-state deals: NJ industrial portfolio sale, multifamily deal in Westchester
Tri-state deals: NJ industrial portfolio sale, multifamily deal in Westchester
(Photo Illustration by The Real Deal with Getty Images)
Long Island, Hamptons sales slow and listings tick up
Long Island, Hamptons sales slow and listings tick up
Illustration by Kevin Cifuentes for The Real Deal with Getty Images)
“Sucks, right?” Long Island landlord fined for fair housing violation
“Sucks, right?” Long Island landlord fined for fair housing violation
Tesla's Elon Musk and 1350 Corporate Drive in Westbury (Mattone Investors, Getty)
Tri-state deals: Tesla snaps up 50K sf for showroom, Albany hotel trades hands
Tri-state deals: Tesla snaps up 50K sf for showroom, Albany hotel trades hands
1724 5th Avenue (Loopnet, iStock)
Foodmaker ups footprint by 200K sf at former Entenmann’s factory
Foodmaker ups footprint by 200K sf at former Entenmann’s factory
Bowline Hospitality's Jeffrey Bloom 1 Ocean Walk (Bowline Hospitality Group, LoopNet)
Florida firm buys Fire Island’s largest hotel
Florida firm buys Fire Island’s largest hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...