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 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.