$33M Apt. Building Deal Gets Preliminary Town Approval

HEMPSTEAD, NY. — The Hempstead Industrial Development Agency (IDA) gave a preliminary green light to a pair of apartment sales Wednesday, clearing the way for a Fairfield Properties executive to purchase two buildings in Valley Stream at a combined cost of just over $33 million.

The buildings are located at 46-54 Roosevelt Ave. and 49 N. Central Ave., with the North Central Avenue property carrying a $24,250,000 price tag and the Roosevelt Avenue property costing $9,125,000. Under the agreement, GBFOH 49 North Central LLC and GBFOH 50 Roosevelt LLC, a pair of limited liability corporations with Gary Broxmeyer listed as the principal, would assume the leases and PILOT agreements on both properties.

The North Central Avenue property contains 43 housing units above a first-floor retail space, while the Roosevelt Avenue property contains 17 residential units. Both properties are also under Payment In Lieu of Taxes (PILOT) agreements with the town; the Central Avenue property has three years remaining on its PILOT agreement while the Roosevelt Avenue property has 12 more years.

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

Under the terms of the deal, the new applicants would take over the PILOT agreements and receive the same tax benefits promised to their current owner. At the North Central property, the annual payment in lieu of taxes to the town is $1,415, while the average annual payment in lieu of taxes on the Roosevelt Avenue property is $357.

The Roosevelt property PILOT agreement also includes an average annual payment of $63,052 to the school district, $7,234 to Nassau County and $8,107 to the village, all averaged over the 12 remaining years on the agreement.

For the North Central Avenue property, the average school district payment is $127,881, while the average payments to the county and village over the next three years are $25,827 a year and $19,877 a year, respectively.

Those PILOT agreements have not been fully assumed by the applicants, and are subject to public hearing and final approval. While Broxmeyer is affiliated with Fairfield Properties, the real estate company is not involved in this transaction.