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A Long Island real estate firm has closed on its purchase of a development site in Hempstead where it plans to build a new apartment complex.
Lawrence-based BOSFA Properties purchased two buildings on a combined .85 acres at 584 Front St. and 600 Front St. for $1.9 million. The properties had been used as offices for a law firm.
BOSFA, which stands for Buildings Of Sustainable Family Apartments, is planning to redevelop the site into a rental complex with 30 market-rate apartments. The 40,686-square-foot building will have parking for 82 vehicles on the ground level with two floors of apartments above.
The new project will consist of six studios, 18 one-bedroom and six two-bedroom units. BOSFA received approvals for the plan from the Village of Hempstead in the spring of last year.
Construction on the new Hempstead apartment building is expected to start in early 2024 and will take about 18 months to complete.
Daniel Goldstein and Aron Goldstein / Courtesy of BOSFA Properties
BOSFA was founded by the father-and-son team of Daniel Goldstein and Aron Goldstein and has acquired more than 50 properties since the firm began. The company’s current real estate assets include the 124-unit Rivoli House and 60-unit Hilton Gardens in Hempstead, the 36-unit Pearsall Gardens in Freeport, the 176-unit Bayview Estates in Inwood, and several other mixed-use and multifamily properties.
BOSFA is also planning to build more Hempstead projects, including a 244-unit senior rental complex in Hempstead called Franklin Senior Gardens and a 120-unit apartment building called Clinton Manor.
Daniel Goldstein started his career as an electrician in Israel and later managed his family’s real estate portfolio there before moving to the U.S. in 1999. He founded an electrical contracting firm here before turning his attention back to real estate, working on rehabbing and repositioning a portfolio of several thousand apartments.
As a teenager, Aron Goldstein worked with his dad in the electrical contracting firm, later joining a real estate company that owned more than 3,000 apartments before founding BOSFA Properties with his father. He says their latest project on Front Street represents further improvement for the village.
“We are excited about this development, which will add desperately needed apartment units to the Hempstead area,” Aron Goldstein said.
BOSFA was self-represented, while Christopher Pesce of Douglas Elliman Commercial represented the seller, James Furey Jr., in the Front Street sales transaction.
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Image and article originally from libn.com. Read the original article here.