Brookhaven IDA Closes on 292 Rental Units in Farmingville

01/04/22

FARMINGVILLE, NY (December XX, 2021)— Frederick C. Braun III, Chairman of the Town of Brookhaven Industrial Development Agency (IDA), announced that the Agency has closed on an incentives package for Brookhaven Venture, LLC to develop 292 residential units, along with a seven-acre public park in the township of Farmingville. The units will be comprised of a mix of 164 two-bedroom, two-bathroom units; 77 two or three-bedroom townhomes with two and 2.5 bathrooms; and 51 single-family detached-style cottages with 3 or 4-bedrooms. Ten percent of the units will be designated affordable housing.

The $135 Million project is located on 62 acres of land on Horseblock Road in Farmingville and will include the construction of a residential community, a public park and community facilities.

“BRP is thrilled to be making our foray into the Long Island market with the development of needed residential and affordable housing options in the area as well as a park amenity for the community,” said Meredith Marshall, Co-Founder and Managing Partner at BRP Companies. “We’re looking forward to watching this project come to fruition and to our continued work with the Town of Brookhaven and all project partners.”

“Safe and legal rental units are much-needed on Long Island and we welcome projects such as this,” said Braun. “Housing options like these will hopefully stop the ‘brain drain’ of our younger generation of Long Islanders from leaving the area because they cannot afford to live here.”

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 who 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 Company and D&F Patchogue. For more information, visit BrookhavenIDA.org or call 631-451-6563.

About BRP Companies

BRP Companies is a New York-based real estate firm that is at the forefront of mixed-use development and acquisition of urban, multi-family properties. The firm offers a full complement of development, acquisition, construction, property, and investment management. With an experienced staff of 70, a $3.7 billion portfolio and over 9.1 million square feet of current and completed development, BRP is uniquely positioned to meet the demands of urban housing consumers. The firm is an innovator in developing mixed-use, mixed-income, “walkable” urban housing with high-quality, and energy efficient properties throughout the city of New York and beyond. Please visit: www.brpcompanies.com

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