The Nassau County Industrial Agency approved tax abatements for North Shore Millbrook LLC’s planned construction of new apartments in Great Neck last Thursday, giving the company more than 20 years worth of tax breaks.
The project, approved last year by Village of Great Neck trustees, seeks to partially demolish and upgrade a 1950s-era apartment complex at 240-250 Middle Neck Road. The plan calls for tearing down 34 apartment units to make way for 101 new apartments through the creation of three new buildings, bringing the total number of apartments to 185.
At least 75 existing units will remain rent-stabilized, according to the IDA, and seven affordable units will be created.
Developers previously said Millbrook Court would see upgrades to building facades, roofs, windows, landscaping, and HVAC systems. The plans also call for a fitness center, recreational area, a pool and underground parking.
In addition to approving tax breaks for Millbrook, the IDA also OK’d a tax breaks for SLC Development, LCC, which plans to develop a 150-unit rental apartment complex in an eastern portion of Garden City adjacent to Roosevelt Field.
“Nassau needs more rental housing – particularly at more affordable price points,” Nassau County Executive Laura Curran said, adding that she was “especially pleased” by the IDA’s approval of the project by SLC Development.
According to the Millbrook resolution, the developer would pay no county property taxes for the first three years, 10 percent of the assessed value for three years after that, and then 25 percent for the following three years.
Taxes would then rise to 34 percent of assessed value for the property for three years, then 50 percent for three years after that, and then 67 percent and 75 percent for three-year intervals.
PILOT payments, or payments in lieu of taxes, will still have to be made to affected tax jurisdictions in proportion to what they otherwise would have received if the project was not exempt due to tax abatements, according to the resolution.
“Expanding the county’s housing stock is a priority for the IDA, particularly for transit-oriented development and affordable housing,” IDA Chairman Richard Kessel said. “These transactions recognize that housing is key to attracting great companies to the county.”
The resolution also saysthe tax breaks are necessary for North Shore Millbrook LLC to pursue the project.
Andrew Kraus, who is managing public relations for the developers, previously said that the owners estimate their investment in Great Neck would be about $25 million and benefit present tenants, future residents and the Middle Neck Road corridor.
