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Patrick Fife and Reza Ebrahimi Assist Client With Major Downtown Bay Shore Redevelopment Project

Patrick Fife and Reza Ebrahimi recently represented a local developer in obtaining approvals from the Islip Town Planning Board and tax benefits from Islip Industrial Development Agency that will help transform a neglected professional office building in the heart of downtown Bay Shore to a mixed-use development with 26 residential apartments and over 29,000 square feet of office and retail space.

After Reza and Patrick represented the developer in the acquisition of the property last year, Patrick and the developer worked closely with the local community and local officials to address potential concerns and put together a project that will add to downtown Bay Shore’s continued revitalization.  During the Planning Board hearing for the project, Donna Periconi, president of the Chamber of Commerce of Greater Bay Shore, who expressed strong support for the project, called the property “the most focal building in our entire downtown,” and stated that “this neglected building…is finally going to receive the attention and improvements it has needed for so many decades.”

After obtaining Planning Board approval, Reza and Patrick then assisted the developer in closing on both construction financing and a straight-lease transaction with the Islip Industrial Development Agency resulting in a twelve-year abatement in real property taxes for the developer and sales and use tax exemptions for the building’s renovation.