The Community Preservation Corporation, an affordable housing and community revitalization finance company, announced the closing of a $7.53 million construction loan to Premerio Cherry LLC on Tuesday, Dec. 9, for the development of a new 3-story building located at 33-37 West Cherry St. as part of downtown Hicksville’s revitalization.
The fully electric building will feature 20 units and is expected to encompass 21,349 square feet of residential space. The building will be one of the first 100% electric multifamily projects financed by the Community Preservation Corporation in Nassau County and one of the first transit-oriented, net-zero-ready developments in the Town of Oyster Bay.
The building comes with 20 covered parking spaces for residents, which include Level-2 EV chargers, a fully equipped gym, as well as a coworking lounge.
“We’re proud to bring this project to life in downtown Hicksville, where demand for modern, well-located housing continues to grow,” Ishmeet Singh, a managing member of Premerio Cherry LLC, said in a statement.
The property qualifies for a 20-year PILOT, or payment in lieu of taxes, tax agreement, according to the Community Preservation Corporation. The completed project will generate approximately $144,700 in taxes per year, according to the Nassau County Industrial Development Agency.
Construction began this past summer and the building is expected to be completed in the spring of 2027. Ambrosino Construction Corp. is serving as the general contractor on the Premerio Cherry project.
The town has worked to revitalize Hicksville’s downtown area for multiple years. It received a $6.2 million grant from the state in 2024 for improvement projects, as well as $10 million in funding in 2017. Multiple multi-use complexes have been in construction and planning, with the town expecting to bring hundreds of new apartments to the community.
Three apartments at the West Cherry Street property will be reserved as permanently affordable: two at 80% of Nassau County’s area median income, roughly equalling $108,000 for a family of three, and one at 100% area median income.
The project sits three blocks from the LIRR Hicksville Station, which is currently undergoing a $300 million modernization that is set to finish in 2026. The train station will have a third track, new platforms and 1,000 daily train movements when construction is completed.
