2. West 130 – TOD Case Study
• Market Analysis - Market Area; Demand Factors; Supply
Factors
• Site Selection
• Land Use and Zoning
• Product Design and Site Plan
• Financing and Investment
• Construction
4. Long Island Regional Map
• Starts just 18 miles east of Manhattan
• Two Counties – Nassau (287 square miles) & Suffolk
(911 square miles)
• Extensive public transportation network (LIRR)
• 1,180 miles of shore-line
5. Rental Housing - Metrics
Long Island Demographics
Population: 2.8 million
Total Employment: 1.2 million
Unemployment: 7.2%
Average HH Income: $175,000
MF Rental Completions
2006 1,016
2007 -
2008 -
2009 226 84% of existing rental housing stock was
built prior to 1979 (REIS)
2010 -
2011 210
Source: Long Island Housing Index 2007; REIS Report 2011
12. Benefits to Community
• Permanent Closure and Elimination of the Courtesy Hotel and source
of crime/blight
• New, Distinctive Gateway to West Hempstead
• Creation of Sense of Place: with Attractive Building, Enhanced
Streetscape, and Sidewalk Improvements
• New Choice of Upscale Apartment Living
• Catalyst for Further Redevelopment and Community Improvements
• Revitalization of West Hempstead LIRR train station
• Generate a positive trend in neighborhood real estate values
• Set example of a Public / Private Collaboration
13. Timeline
Entitlement Timeline
March 2006 Purchase Contract
November 2006 Submit Rezoning Application
November 2008 SEQR Approval (State
Environmental Quality Review)
December 2008 Adoption of CA-S Zone &
Rezoning Approval
June 2009 Site Plan Approval
July 2009 IDA Inducement (PILOT)
October 2010 Building Permit Approval
February 2011 Close and Start Construction
16. Project Description
Building Program
Size: 3 Acres
Density: 50 units per Acre
Building Type: 5A Construction
4-story over 2 levels parking
Units: 150 Market Rate
Mix: 1 Bedroom: 35%
2 Bedroom: 57%
3 Bedroom: 8%
Average Unit Size 1,085 SF
Amenities: 4,000 SF Clubhouse; Fitness
Center; I-lounge; Café; Wii-
theatre; Landscaped
Courtyards and Pool
20. Project Cost Summary
Units 150
Cost Item Total Per Unit Per SF
• Hard Cost: $28, 500,000 $190,000 $175
• Land/Soft Cost: $15,500,000 $103,333 $ 53
• Total Costs: $44,000,000 $293,333 $228
Average Rent/SF: $2.46
Average NSF: 1,085
Average Rent/Home: $2,670
21. Capitalization
Units 150
Dollar % of Total Per Unit
Category Amount Cost
Debt
Total Construction Debt: $28, 500,000 65% $190,000
Equity
Total Equity: $15,500,000 35% $103,333
Total Capitalization $44,000,000 100% $293,333
Un-Trended
Yield on Total Project Cost: 8.0%+
Market Cap Rates: 4.75%