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Deals & Dealmakers

Developer seeks incentives for Felines Basement transformation

The former Syms-Filene’s Basement store in Westbury is to be transformed into community of rental apartments, a hotel and a restaurant.

The Town of Hempstead Industrial Development Agency (IDA) has given preliminary approval to a request for benefits from the Jericho-based Beechwood Organization, which plans to replace the former store.

Beechwood indicated that it plans to use the incentives, if granted, to acquire and demolish the 45,000 s/f shuttered big-box store on 5.876 acres at 695 Merrick Ave., Westbury, and replace it with an approximately 400,000 s/fseven-story building.

The new building would consist of 237 rental apartments, 27 extended-stay hotel suites and 6,000 square-feet for a restaurant. It would be modeled on Beechwood’s nearby property, The Vanderbilt.

The $110 million project is expected to create about 345 construction jobs, 20 full-time jobs and 15 part-time positions within two years of completion.
The benefits package is subject to a review by the IDA staff, a public hearing and final approval.

Syms-Filene’s Basement closed in 2011. The space subsequently housed a Restoration Hardware Outlet for several years, followed by Leonardo Furniture, which occupied the space for about a year until last October.
Syms’ corporate successor, Trinity Place Holdings Inc., sold the site in 2017.

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