Pact near to revive Lynbrook storefronts

Four storefronts under Lynbrook's Long Island Rail Road station have been vacant for nearly 14 years, siphoning the success of surrounding businesses; but officials say a deal made last month could spur the area's economic prosperity.

Lynbrook Village Mayor William Hendrick says Lynbrook Properties Management, a local development company, has agreed to enter into a 20-year lease with the Metropolitan Transportation Authority-LIRR and to rehabilitate the two large properties on opposite sides of Atlantic Avenue. In exchange, the developers' rent will be reduced until they recoup restoration costs.

"It is a win-win for the railroad, tenants and for the village," said Hendrick, who credited Assemb. Brian Curran (R-Lynbrook) and Senate Majority Leader Dean Skelos (R-Rockville Centre) for helping advance the project. The vacant sites used to house a theater, a pharmacy, a clothing store and a craft store.

"You can't have boarded-up stores in the middle of downtown and expect that it would have a positive effect on the rest of the stores," said Curran, the previous village mayor.

LIRR officials said Lynbrook Properties Management was the only developer to respond to a request for proposals, and that it has sufficient capital and experience to complete the improvements and manage the properties.

The development firm, led by Rob Schwartzah, Domenick Logozzo, and brothers James and Nicholas Hatgipetros, will have to find subtenants and maintain the properties. The lease agreement is being finalized, LIRR officials said.

"We know the community wants this space to be occupied, as do we," LIRR president Helena Williams said in a statement. "This will be a big plus for the Lynbrook commercial district and for LIRR customers."

Officials and developers agreed "substantial" work is required to bring the properties to leasable condition. The sites require abatement work, roof repairs, new facades and new heating, ventilation, and air-conditioning systems. Improvements could cost between $1.3 million and $1.5 million, Schwartzah said. "This project will give the town a face-lift," said Schwartzah, the construction manager. "I know the MTA is . . . [relieved] that someone is willing to do this."

Under the proposed lease, the LIRR's compensation will depend on the rent Lynbrook Properties collects. The MTA Real Estate Department estimates the payment will be about $275,000 for the 20-year lease and a 10-year option, documents show.

Lynbrook Chamber of Commerce president William Gaylor applauded the project as "an economic boost for the village."

Schwartzah said the development company plans to make the stores environmentally friendly and may turn the larger space into a "destination" restaurant. Construction might start in the spring, he said.

"We don't really expect to make any money in the first few years at all, but that happens when you make an investment," Schwartzah said. "All four of us see potential."

DETAILS OF THE PROPOSED LEASE AGREEMENT

LOCATION: 45 and 48 Atlantic Ave., Lynbrook

AREA: About 17,348 square feet

INITIAL LEASE PERIOD:

Years 1-5: One-time payment of $6,000 upon lease execution

Years 6-10: 4 percent of the annual gross rent paid by subtenants

Years 11-15: 6 percent of the annual gross rent paid by subtenants

Years 16-20: 8 percent of the annual gross rent paid by subtenants

Source: MTA-LIRR