$35 Million Project Would Overhaul Lynbrook Assisted Living Facility

LYNBROOK, NY — The Town of Hempstead Industrial Development Agency (IDA) has granted preliminary approval for a developer to purchase and renovate an assisted living facility in Lynbrook.

D2K currently has minority ownership in the 90,000-square foot, 122-unit facility called The Bristol at Lynbrook.

Chicago-based Harrison Street Real Estate Capital, a real estate investment company, owns a majority stake in the company that B2K is proposing to buy, the IDA said.

The new benefits package is subject to further IDA review, a public hearing, and a final authorizing resolution.

B2K is seeking $24.5 million in tax-exempt bonds and $1 million in taxable bonds backed by the IDA, and a PILOT program along with sales and mortgage recording tax exemptions.

"This proposed project, if it receives final approval, will enable the residents of Lynbrook and
nearby communities to accommodate their elderly residents at affordable rents," Fred Parola, CEO of the Town of Hempstead Industrial Development Agency (IDA), said.

The $35.6 million project will result in 68 permanent jobs and the creation of five construction jobs during $5 million in interior renovations. None of the facility’s current residents will have to move during construction, the IDA said.

Moreover, B2K agreed to set aside 20 percent of the 122 units at rents affordable to residents earning 50 percent of the area’s annual median income.