Two apartment developments in Hempstead slated to sell for $137 million

Castle Lanterra Properties is buying two apartment developments in the Town of Hempstead for $137 million, with the properties priced at $3 million to $4 million less than they sold for in 2014, public records show.

The incoming owner, a real estate investment firm based in Rockland County, N.Y., is in contract to buy the two market-rate apartment developments from UBS Realty Investors, which purchased them for $144 million in 2014, according to deeds and the Town of Hempstead Industrial Development Agency.

Castle Lanterra Properties is slated to spend $66.4 million on West 130, a 150-unit residence at 130 Hempstead Ave. in West Hempstead, the IDA said. UBS Realty Investors bought the property for $3.85 million more — or $70.25 million — in 2014, a deed shows.

Located next to the West Hempstead LIRR station, West 130's four-story development includes a fitness studio and outdoor pool. The cheapest rent disclosed on the property's website is $2,657 a month for a two-bedroom, two-bathroom unit.

Castle Lanterra agreed to lay out $70.7 million for Metro 303, a 166-unit project at 303 Main St. in Hempstead, the IDA said. UBS Realty Investors spent $3.15 million more — or $73.75 million — for the site in 2014, a deed shows.

The least expensive unit listed on Metro 303's website is a two-bedroom, two-bath loft that starts at $2,888 a month. The five-story development also includes a pool as well as an outdoor fireside lounge and an underground parking garage.

Neither UBS nor Castle Lanterra responded to requests for comment before deadline.

Castle Lanterra Properties is slated to inherit reduced property taxes and mortgage recording fees for the sites, which will provide the firm with an estimated $21.86 million in savings until the public benefit agreements expire at the end of 2032, according to cost-benefit analyses released by the IDA.

By Sarina Trangle

sarina.trangle@newsday.comSarinaTrangle

Sarina Trangle covers affordability and cost of living issues and other business topics. She previously worked as an editor and reporter at amNewYork.