May 25, 2023

High-end town houses for seniors win $7 million in IDA tax breaks

A town house development in Commack for affluent renters age 55 and older has won $7.1 million in tax breaks over 15 years from Suffolk County.

The board of the county’s Industrial Development Agency, in a 5-1 vote with one abstention, gave final approval last week for the tax-aid package for the Sutton Landing at Commack project by B2K Development.

The incentives consist of a sales-tax exemption of up to $1.8 million on the purchase of construction materials and furnishings; up to $346,740 off the mortgage recording tax and $4.9 million in property-tax savings over 15 years, or 41%.

Read more at Newsday…