340 Eastern Pky
Farmingdale, NY 11735
Park Plaza 48-Unit Resi Development Site · Land For Sale · 2.26 AC

RIPCO REAL ESTATE has been retained on an exclusive basis to arrange for joint venture opportunity at PARK PLAZA, 340 EASTERN PARKWAY — in Farmingdale, Long Island. A fully-approved transit-oriented development opportunity with construction permits in place. Park Plaza in an approximately 2.2-acre site that has been rezoned to Multi-Residential (MR) zoning which will be delivered with approved plans for a 48-unit residential apartment building. The unit mix consists of: • (40) one-bedroom units • (8) two-bedroom units • 102 parking spaces Building amenities will include: • club house • exercise/fitness rooms • storage spaces • theater room • courtyard with bbq grills In 2017, a tax abatement was approved from the Babylon Industrial Development Agency (IDA) equating to approximately $3 million. $2 million is a direct abatement over the next 15 years - the bulk of which is approximately $1.1 million, shall be grated within the first six years of operations. The IDA provides an abatement of New York State Sales Tax and 90% mortgage recording tax. Currently, there is zero debt on the property. The estimated stabilized value is ~$30M and the pro-forma cash flow shows a net operating income before debt service at $1.8M - $2.1M from years 1-4. Park Plaza is located within a two-minute walk from the Farmingdale - Long Island Railroad station, less than one mile from Route 110 -Broadhollow Road, also known as Farmingdale’s commercial hub, and Republic Airport. Additionally, it is just over one mile from Bethpage State Park - home to award winning Bethpage Golf Course. National retailers & restaurants in the area include The Home Depot, Stew Leonard’s, Raymour & Flanigan Furniture, Walmart, Buffalo wild Wings, Starbucks, Houlihan’s, Jersey Mike’s Subs and many more. Please reach out to the exclusive brokers with any questions about the opportunity or to schedule a property inspection.