Hempstead IDA approves sale, transfer of benefits for Hawthorne Court

Valley Stream, NY According to Fred Parola, CEO of the town of Hempstead Industrial Development Agency (IDA), the agency approved the sale of the Hawthorne Court apartment complex and the assignment of its economic benefits to the new owner. The IDA approved the sale and the transfer of benefits from Zeus Cottage LLC to Dallas, Texas-based Hawthorne Owner LLC, described as an institutional owner, which is buying the complex for $39.8 million.   

Hawthorne Court was a failed, non-performing and deteriorated condominium development consisting of 90 units at 125 Cottage Street, Valley Stream — the site of the former Inflight Newspapers. Construction got underway in 2007, but it remained unfinished, vacant and in foreclosure in 2012 when Zeus Cottage LLC purchased it. Zeus converted the partially finished condo property into market-rate rental housing with the help of economic incentives from the IDA that are due to expire in 13 years.