Mineola apartment project gets 20-year tax break
Nassau County this week gave a 20-year property tax break to a proposed nine-story apartment complex in Mineola, citing the project's potential appeal to commuters and young people.
The $85-million development, called Mineola Properties Llc, will be at 250 Old Country Rd., across from county hall, officials said. The site now is home to a vacant building once used as headquarters by the Long Island Lighting Co.
Mineola Properties will consist of 315 one-, two- and three-bedroom rental units, with 32 priced as "affordable," or below market rates. Many will likely be rented by commuters, because the Long Island Rail Road station is nearby.
The project's proximity to the station and Winthrop-University Hospital was among the reasons for the county's support. "These state-of-the-art residences will create much needed workforce and commuter housing for Nassau County's young professionals," County Executive Edward Mangano said.
In Mineola, Mill Creek Residential Trust Llc is constructing two apartment buildings, together valued at $95 million and both within walking distance of the train station.
Mineola Properties developer Frank Lalezarian said Thursday night, "A building close to the train station is the future of Long Island."
His latest project received a 20-year property tax agreement from Nassau's industrial development agency. The deal calls for tax payments of $80,000 in the first year, increasing to more than $1.4 million by the final year. No taxes are paid now because the MTA owns the site.
Mineola Properties also will receive a $2.2-million sales tax exemption on materials and $677,000 off the mortgage recording tax.
At the behest of Mangano, Lalezarian has agreed to permit firefighters to use the former LILCO office, while it awaits demolition, for training in emergency response in tall buildings.