Hempstead Approves Benefits For 132-Unit Senior Apartment Complex

The Town of Hempstead's Industrial Development Agency approved a benefits package for a senior apartment complex in Valley Stream this week.

By Tom Gambardella, Patch Staff

Jul 28, 2026 3:41 PM EDT

The parking lot that could become an apartment complex after an economic benefits approval from the Hempstead IDA. (Google Maps)

VALLEY STREAM, NY — The Town of Hempstead Industrial Development Agency approved a series of economic development benefits at its July 21 meeting that could help clear the way for a $60 million, 132-unit apartment complex to go up in Valley Stream.

The apartment complex is planned for a site that's currently a municipal parking lot at the corner of W. Valley Stream Boulevard and Hicks Street in the Village of Valley Stream. The plan is for construction to take place over 31months on the 1.49-acre site, which the developers behind the project have agreed to buy from the village for $7 million, the IDA announced. The brunt of that $60 million figure, per IDA materials obtained by Patch, is a $41 million figure for building renovation.

Those developers, affiliates of Garden City's the Benjamin Companies and Lawrence's BOSFA Management, are set to employ 100 construction workers and four permanent positions, per the plan. As part of the agreement, 10 percent of the units will be set aside for affordable housing in a building that will hold 16 studios, 105 one bedroom apartments and 11 two bedroom units. There will also be 112 parking spaces, a ground-floor lobby and utility space, an 8,337-square-foot outdoor terrace and a 3,260-square-foot indoor amenity space, the IDA said.

"This project will provide affordable housing options for the village's desperate senior residents at a time when the village's aging population is growing, and demand for housing is high," IDA CEO Fred Parola said.

According to the IDA, the project is the result of a 2021 village solicitation whereby Valley Stream sought to bring a new senior housing facility to the area.

As for the benefits themselves, the town approved a 30-year payment in lieu of taxes (PILOT) agreement that will start at $197,348 for the first three years before rising annually. By year 30, the payment rendered in lieu of taxes under this agreement will amount to $2.4 million, IDA materials said.

Also approved July 21 were exemptions from sales tax and mortgage recording tax, the IDA announced.