REAL ESTATE

Grubb Properties Planning 173-Unit Rental in Hempstead

Clay Grubb (Grubb Properties) and 257 Main Street (claygrubb.com, Google Maps)

North Carolina-based Grubb Properties is continuing its march into New York, this time turning its eyes east towards Long Island.

The developer is planning a $77.7 million apartment complex at 257 Main Street in Hempstead, Nassau County, Long Island Business News reported. The building will be five stories tall and include 173 units.

The building will span more than 220,000 square feet and include a 73,000-square-foot parking garage. There will also be a 2,300-square-foot retail space on the ground floor.

The complex will primarily be made up of one-bedroom apartments, but dozens of studio and two-bedroom apartments will also reportedly be available. Market-rate apartments are expected to start at $2,300 to $3,100 per month, while 17 workforce housing apartments are expected to range from $1,700 to $2,250.

According to LIBN, the project is being funded by the Grubb Qualified Opportunity Fund, as it is located in a quality opportunity zone. Grubb has also agreed to a 25-year deal with the Town of Hempstead Industrial Development Agency for payment in lieu of taxes.

Grubb has a local partner for the development in First Street Capital, which the outlet noted has been working on the project for the past few years.

Grubb recently made its first foray into New York City https://therealdeal.com/2021/10/08/grubb-properties-tests-affordable-housing-model-in-nyc/ , putting down $89 million for a site in the Financial District and $63 million https://therealdeal.com/2021/08/25/nyc-newcomer-grubb-properties-plans-317-units-in-lic/ for a site in Long Island City. The firm is planning 700 units of “essential housing” for those earning between 60 and 140 percent of the area median income, the same range planned for the Hempstead project.

Grubb is looking to get the two New York City projects moving quickly, as the city’s most generous property tax abatement program, 421a, or Affordable Housing NY, expires in June.

In Hempstead, construction is expected to begin in the third quarter after required permits are obtained, according to LIBN. Construction is expected to take about two years.

[LIBN] — Holden Walter-Warner
https://libn.com/2022/01/10/north-carolina-firm-plans-77-7m-apartment-project-in-hempstead/

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