Suffolk IDA preliminarily approves transaction for BG May St., LLC

Huntington Station, NY The Suffolk County Industrial Development Agency (IDA) has preliminarily approved a transaction for BG May St., LLC (Blue & Gold Holdings) to invest $7.3 million to construct a new, 16-unit, mixed-use apartment building on .53 acres of vacant land. The Landmark Building, as it will be known, is the sixth project—third in partnership with the Suffolk IDA—to be undertaken by Blue and Gold Holdings in an ongoing effort to revitalize downtown Huntington Station.

“The revitalization of local downtowns as well as increasing the available stock of quality rental homes and affordable housing is an important part of what IDA’s now do for their communities,” said Suffolk County IDA executive director Tony Catapano. “We are pleased to once again support Blue and Gold Holdings in their efforts to help redevelop downtown Huntington Station as these new projects will help revitalize the area.”

The 21,525 s/f Landmark Building is set to be built upon what is currently vacant land and will consist of 14 one-bedroom apartments and two, two-bedroom apartments. Of the 16 total apartments, three of them will be designated as affordable housing. The building will also include 4,000 s/f of retail space, which will add convenience and culture to the neighborhood, as well as encourage additional private capital investment in the surrounding area.

“We set out on a mission to revitalize an area we care deeply about as a company and appreciate the continued support of the IDA in helping our efforts come to fruition,” said Grant Havasy, president and co-founder of Blue & Gold Holdings. “Thanks to the IDA’s assistance, we can continue creating spaces for Long Island’s current and future workforce while also creating quality spaces for local small businesses to occupy and ultimately thrive in.”

After years of community outreach and partnership with the Town of Huntington and Renaissance Downtowns, Blue & Gold’s plan began in 2016 with the ground-up construction of the Northridge Building. Since then, other projects have included the renovation of the Manor at Northridge, the renovation of 15 Northridge St., the construction of Northridge Square, the renovation of the Mansion at New York Ave. and now the construction of the Landmark Building. The collective $26 million investment put into Blue and Gold’s master redevelopment plan has taken some of the area’s most dilapidated buildings and vacant areas and turned them into attractive spaces to bolster the creation of Huntington Station’s downtown. Moreover, even with receiving assistance from the IDA, Blue and Gold’s properties will have increased tax revenue from $11,500 annually to more than $347,000 during this period.

“Projects like this by Blue & Gold Holdings are one of the many ways the Suffolk IDA is helping the development of quality rental housing as well as bolstering the appeal of regional downtowns,” said Kelly Murphy, deputy executive director of the Suffolk County IDA. “The efforts of this developer and their drive to truly be a formidable partner in downtown Huntington Station’s redevelopment cannot be understated. We are excited about the progress they have already made and are confident this next project will be just as transformative as the rest.”