An 86-unit luxury rental development in Commack is now accepting tenants, offering additional housing options for adults age 55 and older who want to sell their home but remain on Long Island.
Apartments at Sutton Landing at Commack range in size from approximately 1,200 square feet to approximately 1,900 square feet and include private one-car garages. Asking rents for two-bedroom units range from $4,500 to $5,700.
B2K Development CEO Steven Krieger said the $60 million development’s location was a selling point. He said it would be across the street from the Hamlet Golf and Country Club and near other senior housing and the Suffolk Y JCC.
It’s also right next door to the Gerwin Jewish Nursing and Rehabilitation Center.
Sutton Landing’s amenities include a clubhouse with a card room and sports bar, a fitness center, and an outdoor pool.
Sutton Landing is nearly 40% leased after a month, Krieger said. He said 55-and-over communities are appealing to local homeowners who don’t want to take on the responsibility of landscaping, snow removal or home repairs.
“The speed with which the leases were signed is a testament to the fact that many people in the Town of Huntington over the age of 55 have created the communities we all live in and want to stay in the communities we live in,” he said. said. “But they want to downsize and be able to lock the door and leave and not worry about maintaining their home.”
Krieger said rents on Long Island are rising due to rising land and construction costs.
Local builders recently told Newsday that construction insurance is one of the fastest-growing factors in rent increases. Krieger said insurance costs for developers have increased 30% in the past year.
affordable units
Twelve of the two-bedroom units were secured as affordable rents of $1,877 as part of a tax-incentive agreement with the Suffolk County Industrial Development Authority. The City of Huntington Community Development Agency held a housing lottery to award units until Oct. 3, with volunteer firefighters and EMTs given top priority. The next priority was townspeople, local employees, and families of townspeople.
B2K agreed to pay $400,000 to Huntington’s Affordable Housing Trust and Agency Fund in exchange for several additional units at affordable rents.
Last year, IDA awarded the developer a 15-year payment agreement in lieu of taxes, along with $7.1 million in tax incentives. This includes $1.8 million in sales tax exemptions for purchases of construction materials and furniture. Save up to $346,740 on mortgage recording taxes. That’s $4.9 million in property tax savings over 15 years.
“Diverse housing options are a true imperative for economic development in our region,” Suffolk IDA Executive Director and CEO Kelly Murphy said Tuesday. “We consistently hear from our CEOs that retaining a highly skilled workforce is their biggest challenge due to a lack of diverse housing options.”
Murphy noted that the site would result in a $7.1 million payment in lieu of taxes, an increase of $4.8 million compared to the anticipated taxes on the site without the project.
Hunter Gross, vice president of the Huntington Township Housing Coalition, said he is happy to see new housing in the area, but is frustrated by the limited number of affordable units and age restrictions. Ta.
“Young professionals and families continue to move in droves because Huntington lacks affordable housing and there aren’t enough market-rate options,” he said.
Krieger said in some parts of Long Island, local officials can only approve age-restricted housing. However, developers are interested in building housing for all ages.
Commack’s Sutton Landing has an age restriction of 55 years and over. Credit: Rick Kopstein
“There’s going to be some pushback in some municipalities, certain locations, certain school districts, but that’s the only thing that gets approved,” he said. “We know we need both. There is a great need for age-restricted rental housing on Long Island.”
B2K Development is one of the most prolific development companies in the region. The company says it has built more than 5,000 homes over the past 20 years. Other major projects include The Boardwalk Condominiums and The Breeze Apartments in Long Beach, and The Bristal assisted living facility.
B2K operates more than 55 other Sutton Landing communities, including a 194-unit complex in Uniondale, and currently leases a 139-unit development under its brand in East Patchogue.
Last year, Fairfield Properties, the island’s largest landowner, acquired two Sutton Landing-branded developments from Deer Park and Mount Sinai B2K, along with 425 rental units, for a total of $208 million. These facilities are now known as Fairfield Knolls.
Jonathan LaMantia covers Long Island residential real estate and other business news. He previously ran the healthcare business for Crain’s New York business.
