Developer asks Nassau for tax breaks

A Manhattan developer is asking Nassau County for tax breaks on two proposed luxury apartment buildings in Long Beach. IStar Financial has proposed the 522-unit

A Manhattan developer is asking Nassau County for tax breaks on two proposed luxury apartment buildings in Long Beach.

A Manhattan developer is asking Nassau County for tax breaks on two proposed luxury apartment buildings in Long Beach. (5/13/15)

LONG BEACH - A Manhattan developer is asking Nassau County for tax breaks on two proposed luxury apartment buildings in Long Beach.

IStar Financial has proposed the 522-unit high-rise apartment towers along the boardwalk.

Joe Karney, the director of Nassau County's Industrial Development Agency, says the developer must first prove that the project is "not economically feasible" without the tax breaks.

The request was for a "sales and use" tax exemption, which would allow the group to purchase materials and furniture without having to pay sales tax. IStar also requested a 25-year period to pay taxes in fixed installments.

The Long Beach zoning board approved the plan last year, but now the county's IDA will conduct a series of studies to see if the tax breaks would be beneficial to taxpayers and Long Beach residents.

advertisement | advertise on News 12

Top 5 Must See

Police say Ednilson David Cruz Alvarado tried to 1 West Hempstead man accused of sexually assaulting woman in his home
A pilot from Wheatley Heights is recovering after 2 LI pilot recovers after plane crash in NJ
Suffolk police say officers responded to the Melville 3 Resident concerned over excessive noise at Melville Mall
Monday marks the 9-year anniversary of the crash 4 9 years after fatal crash, mother's push for change continues
On Friday, flames broke out at the home 5 Man picking up the pieces after fire at family's beloved home

advertisement | advertise on News 12

Features

Each week, News 12's Doug Geed explores the Check out fun things to do on the East End!

Explore the Twin Forks with News 12's Doug Geed.

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

News 12 digs deep to find Long Island's Discover Long Island's Hidden Past

News 12's Danielle Campbell digs into Long Island's roots.

News 12's Lily Stolzberg sees how much Long On The Spot

News 12's Lily Stolzberg sees how much Long Islanders know about everything and anything.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE