CHARLOTTE, NC (January 10, 2022) – Grubb Properties, a leading vertically integrated commercial real estate firm, today announced a new Link ApartmentsSM development in Hempstead, New York. The new development marks the third Link ApartmentsSM community announced for the New York area, following communities announced in the Financial District in Lower Manhattan (8 Carlisle) and Long Island City in Queens (25-01 Queens Plaza North). Together, the three communities will bring more than 900 units of essential housing to New York.
Located at 257 Main Street, the Hempstead Link ApartmentsSM will rise five stories and include 173 units with approximately 2500 square feet of commercial space. Construction is scheduled to begin in Q3 2022 with occupancy in Q3 2024.
The site is located in the Hempstead Downtown Redevelopment Zone and is near Hofstra University, Adelphi University, Nassau Community College and Molloy College. Winthrop University Hospital and Nassau University Medical Center are also within close proximity to the property. Additionally, the site is walkable to the Hempstead and Country Life Press Long Island Rail Road (LIRR) stations and is in close proximity to the Mineola and Garden City LIRR stations. Several dining amenities along Franklin Avenue in Garden City as well as Roosevelt Field, a shopping mall anchored by Neiman Marcus, Bloomingdale’s, Nordstrom, Macy’s, JCPenney and Dick’s Sporting Goods, are also nearby.
Grubb Properties’ nationally registered Link ApartmentsSM brand provides essential housing geared to those earning between 60% and 140% of area median income (AMI). There are currently nine Link ApartmentsSM communities, totaling 2,262 multifamily units, with fifteen additional communities under construction or announced. The communities offer an amenity-rich living experience to residents who want to live near transit, employment, and entertainment venues. Link ApartmentsSM fill the gap between subsidized and luxury apartments, offering residents desirable apartments in accessible locations.
Located in a Qualified Opportunity Zone, the purchase was funded by the Grubb Qualified Opportunity Fund series. The project will receive a 25- year tax PILOT from the Town of Hempstead Industrial Development Agency (IDA), as well as mortgage recording and sales tax exemptions.
“We’re thrilled to be a part of the revitalization of Hempstead,” said Clark Spencer, Managing Director, Investments, and manager of the Grubb Qualified Opportunity Zone funds. “The Opportunity Zone legislation was designed for projects that improve neighborhoods without introducing displacement and gentrification, and we believe that Link ApartmentsSM and essential housing meet that mandate perfectly.”
Rashid Walker, Founder of First Street Capital, sourced the opportunity and will serve as Grubb Properties’ local development partner.
“As a longtime Village of Hempstead resident, it was exciting to partner with Grubb Properties to bring Link ApartmentsSM and much-needed essential housing to Nassau County and more specifically to the Village of Hempstead,” said Walker. “The opportunity to do so would not have been possible if not for the support of the community, of which I have been a part for nearly 50 years, and Mayor Waylyn Hobbs’ administration, which has been diligently working to make the Village of Hempstead an even better place for its residents.”
About Grubb Properties
Grubb Properties, founded in 1963, is a vertically integrated real estate fund manager focused on the Essential Housing space through its Link ApartmentsSM brand. The company targets residents earning between 60% and 140% of area median income (AMI), directly addressing a growing crisis for essential housing, while providing residents with exceptional living spaces. Grubb Properties maintains a long-term perspective and its careful and measured approach to real estate investment has delivered resilient and impressive returns. Grubb Properties has received numerous sustainability designations and recognitions, and undergoes annual ESG assessments through GRESB. For more information, visit www.grubbproperties.com.
Grubb Properties’ CEO Clay Grubb is the author of the book “Creating the Urban Dream: Tackling the Affordable Housing Crisis with Compassion.”Back to News Releases