Project Detail

1001 Franklin Avenue, Garden City

Developers: Albanese Organization
Project Cost: $30,398,547

"To create a 21st century building, we had to rebuild everything but the structural steel. Without the IDA benefits, we could not justify the expenditure."

Russell Matthews
Executive Vice President, Albanese Organization

Description

Purchase and renovation of a 133,000 square foot, three story office building on Garden City's "main street."

Benefits

A payment in lieu of taxes (PILOT) agreement with the Hempstead IDA as well as a mortgage tax exemption and exemption on sales tax on the purchase of furnishings.

In producing Long Island's first environmentally engineered building, the Albanese Organization earned a "green" award from the Long Island Business News in recognition of the energy saving innovations introduced in its project to renovate an existing office building. Nassau's new "legal and financial center" has created a commercial renaissance along Franklin Avenue.