Suffolk County Industrial Development Agency preliminarily approves investment for EB at Commack LLC

Commack, NY The Suffolk County Industrial Development Agency (IDA) has preliminarily approved a transaction to assist EB at Commack LLC for the construction of a 133,736 s/f senior rental complex located at 74 Hauppauge Rd. The approximately $57.7 million project will create a complex comprised of 8-buildings across 7.6 acres of vacant land, creating market-rate as well as affordable housing options for Long Island’s 55 and older population.

“The IDA is pleased to support EB at Commack LLC and to provide additional quality senior housing options in Suffolk County,” said Tony Catapano, executive director of the Suffolk County IDA. “The complex will not only bring much needed housing to the region but will be a significant tax generator for the local community.”

EB at Commack LLC is a limited liability company, whose principals include Jan Burman, Steven Krieger, David Burman, and Jonathan Weiss. These Engel Burman principals recently formed B2K Development LLC. They are well-established and experienced developers of multi-family communities and commercial projects on Long Island and throughout the metropolitan area. They have developed similar Sutton Landing communities in Mt. Sinai, Deer Park and Uniondale.

The proposed facility will be a senior rental community (55 and older) made up of 86 rental units – six of which will be designated as affordable and another six designated as workforce housing. A clubhouse, outdoor recreation space and other common area amenities will be offered across the 7.6-acre complex. With the IDA’s support, EB at Commack LLC will be able to bring 133,736 s/f of additional housing for families and retirees across Long Island. The creation of this complex will bring additional space and resources while assisting the retainment of residents who are looking to find more affordable options as they downsize, to continue to live on Long Island.

“We are thankful for the support of the Suffolk IDA as this project would not be able to happen without their assistance,” said Steven Krieger of EB at Commack LLC. “It is well documented that Long Island is lacking in rental housing and this project will help provide additional stock for the market. Our goal, with this project, is to provide suitable housing options so local residents can stay on Long Island while they downsize or look for a maintenance-free lifestyle, without leaving a region they’ve called home for decades.” Mr. Krieger stated, “This approval underscores the strategic role of the Suffolk County IDA in creating economic opportunities for a region whose quality of life is dependent on securing a variety of housing options, especially for a significant part of the population that wish to remain here in their retirement.”

The nearly $58 million project will result in 182 direct construction jobs over the thirty-month construction period. Additionally, a total of 90 indirect and induced jobs will be created from the development phase. The overall employment pay would exceed $17.5 million during the formation of the project. Once completed, the project will result in 40 annual direct and indirect employment opportunities with the annual wages exceeding $2 million.

This project also represents a significant increase in property taxes to be received by local taxing jurisdictions. Currently, the vacant property generates $155,000 in property taxes each year or $2.3 million over the next 15 years, which is the duration of the IDA’s PILOT. Even with the IDA’s benefits, this property will generate more than $7.1 million in taxes – a net increase of $4.8 million over 15 years. In addition, EB at Commack will contribute $400,000 to the Town of Huntington’s Housing Trust and Agency Fund.

“Employers continually tell us that providing housing and a variety of housing choices is critical to attracting and retaining a skilled workforce,” said Kelly Murphy, deputy executive director of the Suffolk IDA. “Many Long Islanders decide to downsize their housing at some point in time and we want to ensure that those families who have established lives and raised families on Long Island can remain here. With the IDA’s assistance, EB at Commack LLC will create a space that will allow many families to do just that, while providing significant benefits for the surrounding community.”

The Suffolk County Industrial Development Agency (IDA) is a public benefit corporation of the State of New York. The purpose of the  agency is to promote economic development within Suffolk County. The operations of the  agency are not supported by taxpayer funds, but rather fees generated by the applicants. The Suffolk County IDA works in synergy with Suffolk County executive Steven Bellone and the Suffolk County Department of Economic Development and Planning to foster positive economic development within the County.