Bohemia, NY (PRWEB) March 11, 2013
On March 11, Mark Neuwirt, producer of the Long Island Real Estate Expo, responds to an announcement from Newsday about Wyandanch Rising, which is a local real estate project that will include three buildings.
In the aftermath of Hurricane Sandy, the $500 million project faced a few setbacks, especially with sewer work. Fortunately, the plan was not derailed and three new buildings will soon go up on Straight Path in the Town of Babylon, just north of the Long Island Rail Road. The buildings will be made up of one mixed-use building, a transit plaza and a commercial building that is currently being designed.
The Albanese Organization, which is the master developer of the project, “has amassed $65 million to $70 million for the two buildings in the form of private capital, syndication of tax credits, state subsidies and debt,” according to the article.
LICREE producer Mark Neuwirt comments on the project, saying that it is a great way to boost the local commercial real estate industry. “With the Long Island Commercial Real Estate Expo, we will be discussing projects similar to this, as well as some of the issues that are negatively affecting the industry,” he says.
Wyandanch Rising will have a total of 176 rental units and 37,000 square feet of retail, according to the article. This is not including the third building that is in design.
The president of Albanese, George Aridas, said that he hopes to have the buildings up and ready to rent out by next fall. He is not worried about finding tenants, as long as the economy continues its slow improvement.
“Although this project is very expensive, in the long run it will be great for the community,” Neuwirt said.
The Long Island Commercial Real Estate Expo (LICREE), presented by The New York Real Estate Journal and NYREJ Tech, is a convention designed to create a forum of discussion in the commercial real estate industry. Showcasing over 80 local businesses, LICREE’s mission is to promote business opportunities and develop solutions for issues affecting the Long Island real estate climate.