BOSFA Properties wants to bring a 200-unit multifamily property to Freeport, but it’s requesting significant bond financing to make it happen.
The Nassau County-based developer is hunting for $80 million in bond financing for The Gardens at Buffalo, a project proposed at Buffalo and Albany avenues in the Town of Hempstead’s village, Newsday reported. The developer claims it will not be able to move forward with the project without the bonds.
Nassau County’s Local Economic Assistance Corporation agreed to begin negotiations with the developer last month. BOSFA is projecting it would save up to $1.5 million in interest and up to $100,000 in corporate income tax, should its request be fulfilled.
The Hempstead Town Industrial Development Agency already granted 25 years of property tax breaks in September 2023, as well as a reduction on the mortgage recording tax and a sales tax exemption on construction materials, equipment and furnishings.
Half of the units will be reserved for veterans and senior citizens. The proposal includes 10 studio apartments, 100 one-bedroom units, 70 two-bedroom units and 20 three-bedroom units.
At least 20 percent of the units will be set aside as affordable housing for those making 50 percent or less of Nassau County’s median income. BOSFA founder Daniel Goldstein is aiming for the development to be open by next July.
The site formerly housed the Moxey Rigby low-income housing project, but that property was essentially destroyed by Hurricane Sandy in 2012; the Freeport Housing Authority built a new complex five years ago and helped old residents relocate. BOSFA picked up the damaged property last year for $17.5 million.
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BOSFA is run by Daniel and his son, Aron. They’ve acquired more than 50 properties since starting the firm five years ago, mostly on Long Island, though they’ve also had activity in Queens and Florida.