Proposed Great Neck apartment building granted IDA tax breaks
Rendering of the proposal property which Gesher Center is planning to redevelop on Middle Neck Road into a four-story apartment building that will include nine units for rent at below market-rate. Credit: Gesher Center LLC.
The Nassau County Industrial Development Agency has granted tax breaks to developers for a 60-unit apartment structure on Middle Neck Road in Great Neck that had been tabled for nearly two years.
Gesher Center LLC is planning to redevelop the property at 733-741 Middle Neck Rd. into a four-story apartment building that will include nine units for rent at below market-rate. The structure will include 56 two-bedroom and four one-bedroom apartments, 93 underground parking spaces and other amenities for residents, the developer's attorney said.
Currently, the buildings on the vacant property have been demolished, IDA spokesman Greg Gordon said Monday.
John Farrell, the Uniondale-based attorney representing Gesher Center LLC, at an IDA meeting last month, said, "This project will invigorate the downtown part of Great Neck.”
The project had faced setbacks because of concerns from the Great Neck school district and residents regarding tax breaks and its size.
At the July 27 meeting, the county agency granted the developer's request for a sales tax break of $1,207,500 and a mortgage tax benefit of $198,750, records show.
The IDA also approved a 23-year PILOT — payment in lieu of taxes — with a tax freeze for the first three years, before a straight increase of 5% for the next 20.
Kevin Gremse, a senior director with the National Development Council — a nonprofit focused on housing, jobs, and the development of communities — presented his group's findings on the need for financial assistance.
He said PILOT helps the project achieve financial feasibility, while the development cleans up the property.
The project will "greatly enhance" the appeal of the area and "deliver some affordable and needed market-rate housing to Great Neck,” he added.
Village officials approved the architectural review of a 60-apartment structure in May 2021, despite residents' and neighbors' request that the structures be scaled down.
In a statement, Nassau IDA Chairman William Rockensies said the agency “is always looking for ways to expand Nassau County’s ability to provide more housing options for current and future residents.”
“Projects like this are important because they allow residents from all backgrounds to find housing that suits them financially,” he said. “We are excited to watch this project get off the ground and develop into something truly exceptional for the community.”
The Nassau County Industrial Development Agency has granted tax breaks to developers for a 60-unit apartment structure on Middle Neck Road in Great Neck that had been tabled for nearly two years.
Gesher Center LLC is planning to redevelop the property at 733-741 Middle Neck Rd. into a four-story apartment building that will include nine units for rent at below market-rate. The structure will include 56 two-bedroom and four one-bedroom apartments, 93 underground parking spaces and other amenities for residents, the developer's attorney said.
Currently, the buildings on the vacant property have been demolished, IDA spokesman Greg Gordon said Monday.
John Farrell, the Uniondale-based attorney representing Gesher Center LLC, at an IDA meeting last month, said, "This project will invigorate the downtown part of Great Neck.”
The project had faced setbacks because of concerns from the Great Neck school district and residents regarding tax breaks and its size.
At the July 27 meeting, the county agency granted the developer's request for a sales tax break of $1,207,500 and a mortgage tax benefit of $198,750, records show.
The IDA also approved a 23-year PILOT — payment in lieu of taxes — with a tax freeze for the first three years, before a straight increase of 5% for the next 20.
Kevin Gremse, a senior director with the National Development Council — a nonprofit focused on housing, jobs, and the development of communities — presented his group's findings on the need for financial assistance.
He said PILOT helps the project achieve financial feasibility, while the development cleans up the property.
The project will "greatly enhance" the appeal of the area and "deliver some affordable and needed market-rate housing to Great Neck,” he added.
Village officials approved the architectural review of a 60-apartment structure in May 2021, despite residents' and neighbors' request that the structures be scaled down.
In a statement, Nassau IDA Chairman William Rockensies said the agency “is always looking for ways to expand Nassau County’s ability to provide more housing options for current and future residents.”
“Projects like this are important because they allow residents from all backgrounds to find housing that suits them financially,” he said. “We are excited to watch this project get off the ground and develop into something truly exceptional for the community.”
Updated now Newsday travel writer Scott Vogel took the ferry over to Block Island for a weekend of fun.
Updated now Newsday travel writer Scott Vogel took the ferry over to Block Island for a weekend of fun.
