Nassau IDA closes on incentives for $26.5M Great Neck project

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The Nassau County Industrial Development Agency has closed on a deal to provide economic incentives to the developer of a $26.5 million apartment project in Great Neck. 

The developer, Gesher Center LLC, is constructing a four-story, 88,000-square-foot apartment building at 733-741 Middle Neck Road and 6 and 8 North Road. The project will bring 60 apartments and a 4,100-square-foot art gallery to be located on the building’s first floor. 

Amenities will include a fitness center, library and storage space for residents. The building will also provide on-site parking for 93 vehicles. Nine of the apartments will be designated as affordable housing and offered at reduced rents.   

The new development will replace some existing mixed-use and commercial buildings, including one that has been vacant for more than 30 years, according to an IDA statement. 

“The IDA is always looking for ways to expand Nassau County’s ability to provide more living options for current and future residents,” Nassau IDA Chairman William Rockensies said in the statement. “Projects like this one are special because they allow residents from all backgrounds to find housing that suits them financially. We are excited to watch this project get off the ground and develop into something truly exceptional.” 

Over the course of the project’s 22-year payment-in-lieu-of-taxes agreement that was approved this summer, it is set to generate nearly $10.3 million in taxes, a substantial increase from the $2.7 million in taxes the property would generate without the project, according to the IDA. 

“As a locally-owned company, we are privileged to call Great Neck our home,” Gesher Center LLC owner Yoseph Shemtov said in the statement. “Thanks to the IDA’s assistance, we will be able to share our wonderful community with even more people, helping our home grow and prosper into something even greater than it already is. We are grateful to the IDA for this opportunity and we are looking forward to welcoming more people into our neighborhood.”