New Affordable Housing Complex Slated For Hempstead

HEMPSTEAD, NY – Grubb Properties will build a new affordable housing apartment complex in the village starting later this year, the Charlotte, N.C.-based commercial real estate firm announced Monday.

Construction on the five-story, 173-unit Link Apartment community, which includes 2,500-square-feet of commercial space, is projected to break ground at 257 Main St. during the third quarter of 2022. Grubb’s nationally registered Linked Apartments brand “provides essential housing geared to those earning between 60% and 140% of area median income (AMI),” the firm said in a statement.

The site is located in Hempstead’s Downtown Redevelopment Zone and a Qualified Opportunity Zone, which the Internal Revenue Service defines as “an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment.”

Grubb’s Qualified Opportunity Fund will finance the project that will receive a 25-year tax PILOT from the Town of Hempstead Industrial Development Agency, as well as mortgage recording and sales tax exemptions, Grubb said.

“We’re thrilled to be a part of the revitalization of Hempstead,” Clark Spencer, managing director of investments and manager of the Grubb Qualified Opportunity Zone funds, said in a statement. “The Opportunity Zone legislation was designed for projects that improve neighborhoods without introducing displacement and gentrification, and we believe that Link Apartments and essential housing meet that mandate perfectly.”

Grubb currently has Link Apartments communities totalling 2,262 multifamily units, as well as fifteen other communities that were either announced or are under construction. The Link Apartments project in Hempstead is the third announced in the New York metropolitan area, including the 8 Carlisle in Manhattan’s financial district and 25-01 Queens Plaza North in Long Island City, Queens. The three complexes will provide more than 900 units of housing.
Rashid Walker, founder of First Street Capital, will serve as Grubb Properties’ local development partner.

“As a longtime Village of Hempstead resident, it was exciting to partner with Grubb Properties to bring Link Apartments and much-needed essential housing to Nassau County and more specifically to the Village of Hempstead,” Walker said in a statement.