Press Release - Greybarn

07/01/24

BROOKHAVEN INDUSTRIAL DEVELOPMENT AGENCY CLOSES ON APARTMENT COMPLEX DESIGNED TO REVITALIZE E. PATCHOGUE

FARMINGVILLE, NY (June 28, 2024) – Frederick C. Braun III, Chairman of the Town of Brookhaven Industrial Development Agency (IDA) announced that the Agency has closed on a package of economic incentives for a 91-home rental apartment complex designed to assist in the revitalization of downtown East Patchogue

The incentives for Greybarn Patchogue, a development owned by R Squared Patchogue LLC, an affiliate of Plainview-based Rechler Equity Partners, were approved at the May 15th IDA board meeting.

Greybarn, a $46.7 million project, is being built on the site of the former Mediterranean Manor catering hall and other small businesses. The site is part of the Town of Brookhaven East Patchogue Incentive Overlay District. Greybarn Patchogue is among the first projects in the hamlet's makeover.

As part of the project, the developer donated a one-acre plot at 312 E. Main St. to the Town, which The Patchogue Arts Council will lease to establish an arts center.

“We are happy to assist this project which fulfills the need for additional rental housing, especially affordable housing, for the residents of our town,” said Braun. “Moreover, Greybarn advances the town’s overlay district plan for Main Street, and, in turn, will assist in revitalizing downtown East Patchogue.”

About the Town of Brookhaven Industrial Development Agency

Since 1970, the mission of the Town of Brookhaven Industrial Development Agency has been 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 creation of thousands of jobs for Brookhaven residents. The IDA provides 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.

< Back To All Posts