Take this ‘fun’ Poll regarding iStar development & taxes. [Which is the lesser of two evils?]

paradiseistariStar is saying they cannot develop the Wayfarer project without tax breaks. Apparently two 15-story towers on beachfront property that’s a stones throw away from the LIRR is unprofitable (their partner Avalon thinks so too?). Correct me if I’m wrong, but didn’t iStar initially say they had to make them 15 stories high to pull a profit in the first place? (read – Another Reader-Submitted Zoning Board letter re Superblock [Guest Post])

Ok… whatever… so let’s pretend, if we offered iStar 3 more stories per tower, they wouldn’t need any tax breaks. Would you go for that? It’s a vote for the lesser of two evils! PLEASE NOTE: THIS IS NOT ACTUALLY HAPPENING IN REAL LIFE!

The Choices:
-Give iStar their freak’n’ PILOT (25 year tax break)
-OR-
Allow them to add 3 extra stories per tower, making it ‘allegedly’ profitable. No PILOT needed (15+3=18 stories total)

If you HAD to pick one, which would you choose?

Give iStar their freak’n’ PILOT (25 year tax break)
Allow them to add 3 extra stories per tower, making it ‘allegedly’ profitable. No PILOT needed (15+3=18 stories total)

Poll Maker

Please read the terms of service before you comment.

comments

17 thoughts on “Take this ‘fun’ Poll regarding iStar development & taxes. [Which is the lesser of two evils?]”

  1. Why vote for a hypothetical situation??? the reality is no one wants iStar to get a tax break – that’s what should be voted on… tax break or no tax break!

  2. option 3 don’t allow Pilot tax break, let ISTAR walk away and have a Responsible Builder build Two 6 to 10 story apartment buildings , in this one block area which would better serve our City infra structure and quality of life.

  3. If there bigger building wouldn’t be profitable, why would a smaller one be profitable?

    But really, why is luxury developing going up all over NY but this one wouldn’t be profitable?

  4. A commenter in another post said they got a pilot in rockville – development requires it. A smaller building would probably be worse, right?

  5. The Super Block, ISTAR project has set the New Standard for Builders in Long Beach nothing is profitable under 18 stories. That’s so untrue, but the Zoning Board approved this inflated height and density, the best thing that can happen is that ISTAR, walks away, if the Pilot is not approved, but guess what, ISTAR won’t walk away, if they don’t get the Pilot. And hopefully the Zoning Board will” Wake Up” and stop approving these over 15 story apartment Buildings in Long Beach.

  6. Either way the people of Long Beach lose. I agree with TTTD, call their bluff. Interesting to note they didn’t need the tax abatement until Avalon got involved. Because they got abatements in Huntington and RVC they want one here. Keep in mind Avalon isn’t even a NYS corporation so their profits aren’t even taxed here. And they get tax credits for the 52 “affordable” units. Next they will want LB to help pay the construction loans.

  7. None of the above. Buildings that tall never have and don’t belong in Long Beach. Allowing them will signal the beginning of ur FarRockawayzation. They are the thin edge of the wedge.

    Not even that thin.

  8. MHC is correct. Once these buildings go up it will set a precedent. I’m not saying I’m for or against that but it certainly will change the character of LB.

  9. Except it never works out that way, the “millionaires” eventually see the quality of life issues and bug out. And in a rental apartment – that’s easy to do, you just leave and go someplace else. As long as the landlord knows the government stands ready to write a check to subsidize the next tenant that replaces you, they could care less about anything else. And now that landlord gets to operate tax free too.

Comments are closed.