Brookhaven IDA Closes on senior apartment complex in East Patchogue

08/04/23

BROOKHAVEN INDUSTRIAL DEVELOPMENT AGENCY CLOSES ON SENIOR APARTMENT COMPLEX IN EAST PATCHOGUE

FARMINGVILLE, NY – Frederick C. Braun III, Chairman of the Town of Brookhaven Industrial Development Agency (IDA) announced that the Agency has closed on an agreement to provide economic development incentives for a planned senior apartment complex in East Patchogue. 

The benefits, approved by the IDA at its July 19, 2023 meeting, will assist a development partnership, HSRE-EB East Patchogue LLC (previously Engel Burman at East Patchogue LLC), which is an affiliate of Jericho-based B2K Development, and its partner, Chicago-based Harrison Street Real Estate Capital.

The closing took place on July 26, 2023.

This project, a 139-unit senior rental complex with 10 percent of the units affordable and 10 percent of the units for workforce housing, is located on 14 vacant acres west of Sipp Avenue in East Patchogue.

The estimated investment is approximately $54.6 million and is expected to generate five full-time equivalent jobs and about 150 construction jobs.

“This project will help to ease the shortage of housing in the town for seniors who wish to remain in the area and at the same time provide affordable residences for those who might not otherwise be able to live here,” said Braun. “I'm happy to see this kind of project moving forward in view of the current economy."

About the Town of Brookhaven Industrial Development Agency

Since 1970, the mission of the Town of Brookhaven Industrial Development Agency is to improve the quality of life for Brookhaven residents by promoting and assisting the growth of businesses that support the Town through capital investment and the creation and retention of jobs. The IDA has issued millions of dollars in tax-exempt or taxable bonds and provided assistance through straight lease deals to encourage companies to either locate or expand in the Town of Brookhaven. This assistance has been extended to companies both large and small and has resulted in the direct creation of thousands of jobs for Brookhaven residents. The IDA has provided assistance to a wide range of companies, including Shoreham Energy LLC, Burmax, Intercounty Appliance, Suffolk Transportation, Tate’s Holding Co. and D&F Patchogue. For more information, visit BrookhavenIDA.org or call 631-406-4244.

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