News: Brokerage

Brookhaven Industrial Development Agency closes on uptown Port Jefferson Village redevelopment

Farmingville, NY Frederick C. Braun III, chairman of the Town of Brookhaven Industrial Development Agency (IDA), announced that the IDA has closed on an economic development package that will assist as the developer constructs a mixed-use project that will further revitalize Uptown Port Jefferson Village.

The IDA closed on the agreement December 2nd with Port Development LLC., which intends to spend $15 million to replace the approximately 4,400 s/f Lobster House restaurant and an 1,800 s/f former florist shop, both located at Main St. and North Country Rd., with a mixed-use space that will include 36 apartments and commercial space. 

Port Development, an affiliate of the Gitto Group, a Port Jefferson-based developer, plans to demolish the two buildings, 4,400 s/f and 1,800 s/f, respectively, and replace them with a three-story building totaling 48,660 s/f. The complex will have 32 one-bedroom apartments of approximately 750-850 s/f and four two-bedroom units of about 1,200 s/f

Resident amenities will include a fitness room, lobby and lounge spaces, an indoor garage, and a private outdoor patio and lawn/garden area.

The ground level of the proposed building, within walking distance of the LIRR’s Port Jefferson station, will include 1,800 s/f of commercial/retail space.

Previously, the Brookhaven IDA has supported two other Gitto Group rental properties, Rail Realty and Brooks Partners, also located in Port Jefferson.

“There is currently a high demand for rental housing in the Town of Brookhaven and the Port Jefferson area and this project will add to the supply,” said Braun. “Also, this development will make a positive, long-term economic impact on the village and further the revitalization of Upper Port.”

The project is expected to generate 133 construction jobs and five full-time equivalent permanent jobs. Construction is expected to take 18 months.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
A guide to finding the right NYC property management company - by Sanjay Gandhi

A guide to finding the right NYC property management company - by Sanjay Gandhi

Being a small to midsize landlord in NYC is an increasingly demanding endeavor. From navigating complex regulations, increased compliance demands to dealing with tenant issues and remediating violations. It is wise to enlist the assistance of a partner, a professional
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Positive forecast for New York’s pro-housing push? - by Philip Butler

Positive forecast for New York’s pro-housing push? - by Philip Butler

New York’s housing crisis remains a hot button topic despite growing consensus that varied and affordable housing is desperately needed statewide. Governor Hochul has recently introduced several initiatives to overcome N.Y.’s anti-housing