Mineola Condo Tower Gets $5.5M in Tax Incentives

Nassau County taxpayers are footing part of the bill for a nine-story condominium tower in Mineola’s downtown, and the financial breaks are significant.

The Nassau County Industrial Development Agency approved more than $5.5 million in combined financial incentives for “The Bridge,” a 101-unit mixed-use development planned for 212-214 Third Street, next to the Mineola railroad station. Developers projecting total expenses of $73.85 million will receive a sales tax exemption up to $2,777,250, a mortgage recording tax exemption up to $360,018.75, and a specialized Payment in Lieu of Taxes arrangement worth up to $2,372,887.75.

The development is headed by 212-214 Third Street Associates LLC and Mineola 212 LLC, partially owned by Adam Mann of AJM Real Estate and Scott Burman of Burman Real Estate.

“The Bridge is the type of condominium development which Long Island needs more of, multifamily housing in a walkable downtown with direct access to rail and existing infrastructure,” Burman told Long Island Business News.

The building’s location next to the Mineola Long Island Rail Road station anchors the project’s transit-oriented pitch. The proposal includes 25 one-bedroom units, 60 two-bedroom units, 15 three-bedroom units, and one penthouse unit. Underground parking provides 160 spaces, and amenities include lounges, patios, and a gym. A 10,000-square-foot event space qualifies the property as mixed-use, which factors into the tax agreement’s structure.

Construction is expected to take approximately two years.

The 15-year Payment in Lieu of Taxes agreement treats the residential and commercial portions differently, and the details matter for anyone trying to understand what public money is actually subsidizing.

For the commercial event space, developers pay a base rate tied to the land’s current assessed value. That rate increases by 10% annually starting in year two, reaching full assessed value by year 12. After that, full taxes kick in.

The residential side is more complicated. During the estimated two-year construction period, developers pay land-only rates. After that, the Payment in Lieu of Taxes obligation ends for each unit at the point of sale, continuing until 80% of the condos are sold. Once that threshold is crossed, remaining units move to full taxation.

That structure raises a practical question for school districts and local taxing jurisdictions: how long before this substantial development generates its full share of tax revenue? Families who buy into The Bridge will likely send children to Mineola schools, require municipal services, and add to the community’s infrastructure load. The timeline for full tax contribution is tied to sales velocity, which nobody can predict with certainty.

There is also a discrepancy worth tracking. Village of Mineola documents from September 2024 show approval for 112 units. The Nassau County Industrial Development Agency application lists 101 units. That gap of 11 units has not been publicly explained, and it matters because unit count affects projected tax revenues, school enrollment estimates, and parking calculations.

Supporters of transit-oriented development argue that projects like The Bridge address Long Island’s chronic housing shortage by adding density near rail infrastructure rather than sprawling outward. The argument has merit on its face. Long Island’s commuter towns need housing that doesn’t require a car for every errand.

But the financial incentives approved here are not small. More than $5.5 million in public subsidies for a project with nearly $74 million in projected expenses represents real money that would otherwise flow to local school budgets, fire districts, and municipal services. The developers are private investors who will profit from condo sales. The question taxpayers should be asking is whether the public benefit justifies the public subsidy, and who specifically makes that case before approval.

The IDA approved the incentives. The project moves forward. Construction could begin soon, with completion projected roughly two years out.

Mineola’s downtown will look different when The Bridge opens. Whether the tax structure delivers genuine long-term value for the school districts and residents surrounding it, or primarily accelerates returns for the development team, depends on details that deserve continued scrutiny.