IDA grants tax break for proposed 60-unit apt. building in Great Neck

IDA grants tax break for proposed 60-unit apt. building in Great Neck

After a two-year hiatus, the Nassau County Industrial Development Agency unanimously voted at its July 27 meeting to grant tax breaks to Gesher Center LLC, which is proposing a 60-unit apartment building at 733-741 Middle Neck Road in the Village of Great Neck.

Village officials approved the architectural review of the structure in May 2021, despite then IDA Chairman Richard Kessel saying at the meeting that he had received dozens of letters from residents stating their opposition to the project.

Gesher Center LLC, owned by Yosef Shemtov, plans to redevelop the property into a four-story apartment building.

The breakdown of the 60-units includes 56 two-bedroom spaces and four one-bedroom apartments. The project includes 93 underground parking spaces, a public art gallery on the first floor, a library and storage space, according to the application. nine will be considered affordable housing and available for rent below the market rate.

In December 2019, the developer proposed a 25-unit complex.

At that time, village officials said the original proposal was withdrawn by the developer, and plans for the 60-unit complex were taken directly to the village’s Board of Zoning Appeals later that year.

In March 2021, the Village’s Board of Zoning Appeals granted approval to the site plan for the revised proposal. This updated plan not only incorporates a meeting room but also introduces two recreation rooms and a storage unit on the sub-level floors.

Officials said the project was resubmitted to the zoning board rather than the Board of Trustees because it needed approval for zoning changes.

Demolition of the existing buildings has been completed and confirmed by IDA spokesperson Greg Gordon.

The project is in the Apartment E/Middle Neck Road Multifamily Incentive Overlay District and Residence C zoning districts in the Village of Great Neck.

The application for financial assistance said if financing is not received, “the applicant will not be able to proceed with the project and Nassau County will continue to suffer from a shortage of multi-family housing.”

The IDA’s tax breaks were opposed by the Great Neck School District, which criticized the lost revenue for the district and the development’s size.

The IDA approved a sales tax exemption of $1,207,500 and a mortgage tax benefit of $198,750, according to records.

Additionally, the IDA agreed to a 23-year Payment in Lieu of Taxes arrangement with a tax freeze for the first three years, followed by a 5% annual increase for the next 20 years.

Nassau IDA Chairman William Rockensies shared positive reactions to the project in the meeting and said the IDA is always looking for ways to expand the county’s capacity to provide more housing options.


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