The transaction for a new $20.5 million apartment building in Great Neck was approved by the Nassau County Industrial Development Agency in what they are calling an investment in the community that will provide affordable housing units, a multitude of amenities and additional jobs.
“Housing is one of the most vital aspects of helping Nassau County stay the thriving community that it is,” Nassau County Executive Bruce Blakeman said. “Not only do projects such as this help welcome new residents into our county, but they also provide further opportunities for current residents to stay here. The IDA has done an excellent job in expanding upon Nassau’s housing possibilities by supporting this project.”
The apartment building, located at 733-741 Middle Neck Road and 6 and 8 North Road, will include 60 apartment units with additional multi-family housing and nine affordable housing units.
“The IDA is always looking for ways to expand Nassau County’s ability to provide more living options for current and future residents,” said Nassau IDA Chairman William Rockensies. “Projects like this one are special because they allow residents from all backgrounds to find housing that suits them financially. We are excited to watch this project get off the ground and develop into something truly exceptional.”
Amenities included in the project are a 4,100-square-foot art gallery on the first floor, a gym, a library, storage space and 93 parking spaces.
It is proposed to be four stories high and 88,000 square feet, combining commercial, single-family and multi-family units. It is to be constructed and equipped by Gesher Center LLC, which was approved for the project through the transaction with the county.
“As a locally owned company, we are privileged to call Great Neck our home,” said Gesher Center LLC owner Yoseph Shemtov. “Thanks to the IDA’s assistance, we will be able to share our wonderful community with even more people, helping our home grow and prosper into something even greater than it already is. We are grateful to the IDA for this opportunity and we are looking forward to welcoming more people into our neighborhood.”
The Nassau County Industrial Development Agency, otherwise known as the NCIDA or just IDA, is a public benefit corporation of the State of New York. It is funded through transaction fees paid by its applicant clients, not taxpayer dollars.
The purpose of the NCIDA is “to support and promote economic development and employment opportunities in Nassau County by attracting new companies and industries, as well as assisting current businesses to grow and expand,” according to the organization.
The NCIDA said that many of the commercial spaces currently at the building site are underutilized or vacant, one of which has been empty for more than 30 years. They said that without the support from the NCIDA, this project would be unlikely and those spaces would remain underutilized and vacant.
The project is also proposed to create four full-time equivalent jobs within three years of its completion and approximately 39 construction jobs.
The IDA said the tax benefits of the project will also be “substantial,” projected to generate almost $10.3 million in taxes during the project’s 22-year PILOT. Without this project, the IDA estimated the property would generate approximately $2.7 million in taxes, a little more than a quarter of what is projected with the new apartment building.
“Improving the lives of Nassau County residents is at the forefront of everything we do at the IDA, and there are few aspects of our society which contribute more to a person’s well-being than housing,” Nassau County IDA Chief Executive Officer Sheldon Shrenkel said. “Even current residents will see significant benefits from this project with the benefits it brings to the community. The IDA is proud to invest in this project, which is sure to provide growth to Great Neck and Nassau County as a whole.”