WASHINGTON, D.C. – July 30, 2015 – (RealEstateRama) — Nassau County Executive Edward P. Mangano and the Nassau County Industrial Development Agency today announced the approval of an economic development compact for a proposed $8 million apartment project in downtown Farmingdale. The project will provide much-needed new rental options in the County and provide a boost to businesses in downtown Farmingdale and eastern Nassau.
County Executive Mangano stated, “My administration has made it a priority to increase the number of transit-oriented housing options throughout Nassau County. My economic development team and I have helped create 1,350 new rental housing opportunities and this project, in the heart of Farmingdale, brings additional rental options to the neighborhood while generating millions in economic benefits for our local economy.”
Approximately 1,350 transit oriented rental units have either been approved, are under construction, or already built and leased since 2009 with assistance from the Nassau IDA. This compact, approved by the IDA board at its July 28 meeting, will allow Cornerstone at Farmingdale to construct a 42-unit apartment building at 100 Secatogue Ave. The proposed project is close to the Farmingdale Long Island Rail Road station and adjacent to a similar project now under construction by an affiliate of the developer. Ten percent of the new apartments would be set aside as affordable units. Construction is expected to begin in the fall and competed in summer 2016. The project is expected to create 20 construction jobs and one permanent position, while injecting $21.4 million into the Nassau County economy.
Farmingdale Village Mayor Ralph Ekstrand stated, “The Village of Farmingdale applauds the IDA and County Executive Mangano for their continuing efforts to bring workforce housing to our downtown.”
Long Island has significantly lagged its suburban counterparts in providing rental housing. Rental properties represent just 21 percent of all housing on the Island, compared to 35 percent in Westchester and southwestern Connecticut and 37 percent in Northern New Jersey, according to the Long Island Index.
Joseph J. Kearney, Executive Director of the IDA, added, “Without the IDA’s assistance this project would not have moved forward.”
About the Nassau County IDA:
The Nassau County Industrial Development Agency consists of a team of professionals whose mission is to promote the economic welfare and prosperity of Nassau County. It is a resource for businesses in Nassau County and those considering relocation. The IDA provides assistance to businesses interested in relocating, expanding and financing new investments. It has provided assistance to a wide range of companies, including Hain Celestial Group, Arizona Iced Tea, Sleepy’s Mattress, Cold Spring Harbor Labs and Grumman Studios. For more information, please visit www.nassauida.org or call 516-571-1945.
