FARMINGDALE, NY-TDI Real Estate Holdings LLC, based in irving, TX, has launched construction on a $40-million multifamily project that will create 154 apartments, almost 20,000 square feet of retail space and secure parking directly across the street from the MTA/Long Island Rail Road’s Farmingdale Station.
“The Farmingdale Station project is a unique opportunity to create a mixed-use transit oriented development in the heart of Nassau County,” says Greg Belew, TDI investment partner, Northeast. “TDI was able to partner with a local developer who could not obtain financing and finished design and approval work to get construction underway for a project that will serve an area in need of revitalization.”
Bartone Properties, a Farmingdale-based developer, entered an agreement to purchase the property in 2007, but spent nearly six years obtaining approvals for the project before seeking a partner. The original project design was awarded the Vision Long Island Award in 2012 given to organizations and individuals that demonstrate smart-growth leadership.
“The current occupancy rate in the Nassau County submarket where Farmingdale Station is located is almost 97%, so this project offers a tremendous opportunity to serve an area in need of additional housing as well as an ideal investment opportunity,” Belew says. “Transit oriented development is the wave of the future in areas such as this. TDI is actively seeking other, similar investment and development opportunities in this region.”
The project will feature high-end residential units, and 10% of the development’s residential units have been set aside for workforce housing. Yuri Kletsman of Berkadia Commercial Mortgage LLC assisted in sourcing the construction financing for the project.