Nassau County IDA gives preliminary approval of incentives for proposed project in Farmingdale

Farmingdale, NY According to Nassau County Industrial Development Agency (IDA) chairman Richard Kessel, the agency has given preliminary approval to a package of economic incentives for a proposed affordable housing complex.

The IDA board on November 21^st gave preliminary approval to the incentives for Sterling Green at Farmingdale, LLC and D & F Development Group, LLC, of Levittown, which plans to construct a 61-unit affordable, workforce housing development on a 1.99-acre site at 860-906 Fulton St. The $31.693 million project will create 200 construction jobs.

“Workforce housing in the heart of the Farmingdale downtown district is a win-win transit-oriented development project,” says Nassau County Executive Curran. “I commend the Mayor, village board and all involved in this exciting project. This is just what Nassau County needs more of.”

“The IDA’s assistance helps developers, such as D & F Development Group to construct projects that are affordable to our residents, particularly our young people,” said Kessel.

The incentives package is subject to review by the IDA staff, a public hearing in the coming weeks and a final authorizing resolution by the IDA Board of Directors.

The Village of Farmingdale in October approved a new zoning designation for several lots on Fulton Street for workforce housing outside of its downtown.

D & F Development Group is best-known as a developer of affordable and senior housing.

Tags: Brokerage

Reprint

Previous Story Next Story

Marcus & Millichap brokers $2.8 million sale of free-market mixed-use property in Brooklyn

Brooklyn, NY Marcus & Millichap brokered the sale of 733 Dekalb Ave., a fully free-market multifamily and retail property in the Bed-Stuy neighborhood. The asset sold for $2.8 million.

Investment Property Realty Group’s Team Friedman brokers seven Bronx closings totaling $12.07 million

IPRG’s Team Friedman brokers 7 Bronx closings totaling $12.07m

Highcap Group sells Astoria 17 unit elevatored apartment building

OPEN Impact R.E. helps Coney Island Prep. secure 39-year leasehold condominium for new 45,190 s/f high school

OPEN Impact helps Coney Island Prep. secure leasehold condo. for new high school

New York restaurant group acquires Upper West Side retail co-op for $4.135 million in deal arranged by Lee & Associates NYC

N.Y. restaurant group acquires Upper West Side retail co-op for $4.135m in deal arranged by Lee & Associates NYC

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Brokerage

Zimmet Law Group signs 5,476 s/f lease at GFP Real Estate’s 515 Madison Ave.

Columns and Thought Leadership

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

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.

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

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