Using the document which I posted the other day [Long-Beach-Wayfarer-LLC-Shore-Road-2015.pdf], I’m attempting to make a RE TAX comparison between the supeblock and Avalon Towers. Also, the bottom of this post has the PILOT Schedule. Shouldn’t PILOT and No PILOT be switched? Can anybody make heads or tails with it?
[Please note: I cannot guarantee the accuracy of these numbers!]
Shore Rd LB Superblock [Section: 59, Block: 116, Lot: 38]:
City of Long Beach 2014/15 = $95,921.39
School 2014/15 = $778,426.46
Nassau County General 2015 = $129,447.48 ($64,723.74 x 1st/2nd half )
***Nassau County Assessed value of superblock = $21,212,900.
TOTAL = $1,003,795.33
Avalon Towers [Section: 59, Block 089, Lots 8-12]:
City of Long Beach 2014/15= $186,135.00
School 2014/15 = $691,662.00
Nassau County General 2015 = $133,089.00
Sanitation $535 per 109 apartments/year = $58,315.00
***Nassau County Assessed value of Avalon: $19,956,800.
***Long Beach assessed value of Avalon: $22,352,440.
TOTAL = $1,069,201.00
Long Beach Herald: READ iStar says it needs tax break. Will not move forward with Superblock project without PILOT
“The apartments, expected to rent for $2,275 to $3,575, will be marketed to young professionals and empty-nesters. A local official with knowledge of the project, who declined to be identified, said that iStar recently brought on a developing partner, AvalonBay Communities, to invest in the project. [LINK]
Head over to the Long Beach Herald and read the full article , but let’s talk about that AvalonBay partnership. I was discussing this with some folks earlier today and we concluded with the following: The fact that Avalon is now involved tells us there really is a demand for these types of apartments at these prices.
As of today, The Avalon Towers (10 W. Broadway & Edwards Blvd) advertises these rents [LINK]:I don’t know the exact rent breakdown for iStar, but based on available info, it could look something like this:
1 bedroom…. from $2,275
2 bedroom…. to $3575
I cannot seem to figure out how many total units Avalon Towers has 109 units. If you look on their website, it appears there are 11 available:
(****as of May 22nd, 2015 [LINK])
Studio – 0 available
1 bedroom – 7 available
2 bedroom – 3 available
3 bedroom – 1 available
I’m just putting this our there to see if the demand for 522 (1) & (2) bedroom apartments is viable or not. What do you folks think? And does anybody know how many units the Avalon Towers has total? (update: 109 units as per zillow)