Hempstead IDA gives preliminary approval for two apartment purchases

Hempstead, NY Fred Parola, executive director of the Town of Hempstead Industrial Development Agency (IDA) has given preliminary approval to the purchase of two rental apartment complexes in Valley Stream by an executive of Long Island’s largest owner of rental apartments.

The IDA, meeting on Jan. 27, granted preliminary approval to the purchase of 49 Central Ave. and 46-54 Roosevelt Ave. from developer Bill Kefalas’ Kay Development to entities owned by an executive of Fairfield Properties.

The assumption of the economic development benefits by GBFOH 49 North Central LLC and GBFOH 50 Roosevelt LLC C requires additional review by the IDA staff, a public hearing, and final approval.

49 N. Central Ave., known as the Promenade Central, is a 75,000 s/f former office building with 49 apartments, and 2,149 s/f of detail space and is being sold for $24.25 million. Known as the Promenade, it is a six-story transit-oriented luxury building. Three years remain on its PILOT agreement with the IDA.

50 Roosevelt Ave., known as The Vantage at Roosevelt, is a 14,912 s/f with 17 residential units and ground-level parking on the corner of Roosevelt Ave. and Cochran Pl. It is being sold for $9.125 million. Twelve years remain on its PILOT pact.

“We look forward to working together with Gary Broxmeyer,” said Parola. “He and his family have been long-term stewards of our local communities.”