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
Photo Illustration of Urban Edge CEO Jeff Olson and Sunrise Mall in Massapequa, NY. (Getty, Urban Edge)
Unibail-Rodamco-Westfield sells Long Island mall for $29.7M
Unibail-Rodamco-Westfield sells Long Island mall for $29.7M
Nassau Coliseum and Nick Mastroianni (Getty)
Nassau Coliseum leaseholder Nick Mastroianni touts “pent-up demand” for events, but boost may be temporary
Nassau Coliseum leaseholder Nick Mastroianni touts “pent-up demand” for events, but boost may be temporary
TRD’s favorites wines, spirits and non-alcoholic beverages. (Getty, Amazon,
These nine drinks will help you toast the new year
These nine drinks will help you toast the new year
Nassau County residents impacted financially by the pandemic will be eligible for rent relief (Getty)
Nassau County offers $6 million in rent relief
Nassau County offers $6 million in rent relief
Suburban condos get competitive
Suburban condos get competitive
Suburban condos get competitive
23 Ezekillis Hollow in Sag Harbor (Photos courtesy of Compass)
Year’s most expensive home in Sag Harbor sold for $15M
Year’s most expensive home in Sag Harbor sold for $15M
Mahnaz Zahedi pictured with her parents in 1962 (inset) and  444 E Alexander Palm Road (Getty, Zillow)
Hotelier buys waterfront Boca Raton home for $6M
Hotelier buys waterfront Boca Raton home for $6M
Long Island is aiming to keep the business it grabbed from the city during the pandemic, and it now knows how. (iStock)
Long Island plots to keep its pandemic gains from NYC
Long Island plots to keep its pandemic gains from NYC
arrow_forward_ios

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

Loading...