Developer gets $21M tax cut to build Deer Park apartment complex

TRD NEW YORK /
Apr.April 01, 2019 02:39 PM

The Babylon Industrial Development Agency agreed to the Engel Burman Group’s request for a $21 million property tax cut on a 200-unit apartment complex for residents 55 and older that the developer will build on the former site of George Washington School in Deer Park, Newsday reported. Instead of the $43 million that the developed property would have yielded, Engel Burman will now pay only $22 million in property taxes over the next 30 years. The Garden City-based developer is still in the process of buying the site from the Deer Park School District and has yet to demolish the former school building located at 220 Washington Avenue. Engel Burman, which specializes in senior living centers, plans to spend about $30 million to build 14 buildings containing two-bedroom apartments, a recreation center and school district offices. The 10-acre parcel will also include a single-family home built by Engel Developer, as well as 350 parking spaces for senior residents. All necessary approvals have been secured and the project is awaiting the final go-ahead from Suffolk County. The school district wants to close on the sale by the end of June, said Christopher Kent, a partner at Farrell Fritz, a Long Island law firm advising Engel Burman on its plans for the complex. [Newsday]


Related Articles

arrow_forward_ios
The New York State Senate subpoenaed several top names in real estate

Elliman, RE/MAX, Keller Williams subpoenaed in discrimination probe

Compass' Rory Golod and Long Island’s North Shore (Credit: Long Island)

Compass sets sights on Long Island’s North Shore

Governor Andrew Cuomo (Credit: Getty Images)

Cuomo announces new state rules following Newsday’s discrimination exposé

How healthcare is saving Long Island’s office & retail markets

How healthcare is saving Long Island’s office & retail markets

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

arrow_forward_ios
Loading...