The Town of Brookhaven Industrial Development Agency has closed on a package of economic incentives for the developers of a new apartment project in East Patchogue.
R Squared Patchogue LLC, an affiliate of Plainview-based Rechler Equity Partners, is developing a 91-unit apartment complex called Greybarn Patchogue. The $46.7 million project is planned for a 3.4-acre site at 303 East Main St. formerly occupied by the Mediterranean Manor catering hall and other small businesses, which are being demolished to make way for the new multifamily rental community.
The new three-story building will bring 46 one-bedroom apartments and 45 two-bedroom apartments with amenities that include a clubhouse, outdoor pool and courtyard. Monthly rents will range from $2,922 for the one-bedroom units to $3,507 for the two-bedroom units. Eight of the apartments will be designated as affordable and offered at reduced rents of $1,948 a month for the one-bedroom units and $2,338 a month for the two-bedroom units, according to IDA documents.
The economic incentives for the project from the Brookhaven IDA include a 15-year payment-in-lieu-of-taxes agreement and sales tax and mortgage recording tax exemptions.
“Following a successful partnership between us, the Town of Brookhaven, its Industrial Development Agency and the community, we are excited for our imminent groundbreaking at our new Greybarn development in East Patchogue,”said a statement from Rechler Equity Partners. “We look forwardto welcoming our first residents.”
As part of the project, the developer is donating a 1.01-acre parcelat 313 East Main St. to the town, which the Patchogue Arts Council will lease to establish an 11,800-square-foot arts center.
The Greybarn development site is located withinthe Town of Brookhaven’s East Patchogue Incentive Overlay District, according to an IDA statement.
“We are happy to assist this project which fulfills the need for additional rental housing, especially affordable housing, for the residents of our town,” Frederick Braun, chairman of the Brookhaven IDA, said in the statement. “Moreover, Greybarn advances the town’s overlay district plan for Main Street, and, in turn, will assist in revitalizing downtown East Patchogue.”
This will be the second Greybarn community developed by Rechler Equity Partners. The developer built a 500-unit Greybarn complex on the 20-acre site formerly occupied by a trailer park on Broadway in North Amityville. That community also includes 45,000 square feet of retail space.
Greybarn Patchogue will be the second new multifamily project under the town’s East Patchogue Incentive Overlay District. Construction began in May on a $33.75 million affordable and supportive housing project called The Grove on a long-vacant 2.78-acre site at 400 E. Main St. GGV Grove Apartments LLC, a group headed by Jericho-based Georgica Green Ventures, is developing thethree-building rental complex that will bring 55 apartments to renters of households earning 50 percent to 90 percent of the area’s average median income.
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