Glen Cove is a city in Nassau County on the north shore of Long Island. It consists of approximately 6.7 square miles of land, has an urban-suburban feel, and is poised for vibrant economic and recreational growth.
Coming to the city are new developments such as Garvies Point, Village Square, and more. Continue reading to learn about these projects and what it means for the future of Glen Cove.
Garvies Point, a Mixed-Use Development For Long Island’s North Shore
The biggest change, already well underway, is a mixed-use development on a cleaned up Superfund site called Garvies Point.
This project will have 569 condominiums, 541 rental apartments, a 1.1 mile waterfront boardwalk, an amphitheatre, three marinas, retail shops, restaurants and cafes, a dog park, and more than 27 acres of open space and public parks.
The Garvies Point project also includes Harbor Landing, which will consist of 385 rental units, and another building called The Beacon consisting of 167 condos.
This project will breathe new life into the forgotten city. Condominiums are being pre-sold in the $1.3 billion mixed-use community, rising above the previously polluted waterfront property in Glen Cove. In fact, one of the condo complexes, The Beacon is already half sold out and on track to open in September 2019.
Amenities at The Beacon
Among the amenities at The Beacon are a movie theater, billiards, game room, library, fitness center, yoga studio, event space, outdoor pool, and a 24-hour concierge.
Details of Village Square
Less than a half-mile from the Garvies Point development, developers are also building Village Square, 146 market-rate rental apartments over 17,000 square-feet of retail space in downtown Glen Cove. That project, which includes an 18,000 square foot pedestrian plaza expects completion in early spring 2020.
Garvies Point Developer, RXR Realty
The developer for the Garvies Point project is RXR Realty. RXR is a New York- based, fully integrated real estate operating and development company. They boast expertise in an array of value creation activities, including distressed assets, structured finance investments, real estate developments, and discovering value in complex transactions.
“It’s going to be just beautiful”, said Joseph Graziose, Executive VP of Residential Development and Construction at RXR, when describing the Garvies Point project.
Tax Breaks For The Glen Cove Developers
RXR received a $263 million tax break from Glen Cove’s Industrial Development Agency, and the city’s Local Economic Assistance Corp to build Garvies Point.
Additionally, the agencies approved a bond to fund parks, the esplanade, marinas and road construction. After interest and other costs, the bond will total $283 million. The money is to come from about $615 million in payments, in lieu of taxes (PILOTs) that the developer and condo owners must pay.
For the Village Square development, RXR Realty received $53.9 million in construction finance.
Transportation from Glen Cove to New York City
Glen Cove is roughly 20 minutes north of the Long Island Expressway. The city is approximately an hour drive into Manhattan, and the LIRR train ride into Manhattan takes about the same time as it does to drive.
Commuters and visitors looking to travel to NYC from Glen Cove, can use one of three stops on the Oyster Bay Branch of the Long Island Rail Road: Glen Cove, Glen Street and Sea Cliff. But there will soon be a new way to travel from Glen Cove into NYC…
New Ferry Service Expected to Launch Soon
There is much, much exciting change coming to Glen Cove. One of those changes is a ferry service launching from Glen Cove to Manhattan set to begin in spring of 2020. There will be two ferry boats with express service from Glen Cove, to East 34th Street, and Wall Street in Manhattan.
Each vessel will make two outbound trips in the morning, and two in the evening, with an extra run mid-day.
The Glen Cove Ferry Terminal, and Boat Basin, lies on part of 56 acres of land that is being redeveloped in Glen Cove – a major project to revitalize the city of Glen Cove.
This new ferry service will link commuters and tourists from Long Island to New York City with the possibility of future Long Island Sound destinations. It has a long term potential of ferrying around 1,600 passengers each weekday, reducing up to 48,000 vehicle miles traveled each commuting day and leading to better environmental air quality.
Not only will the ferry be a regional transportation reliever, it will also bring about an economic boost, create jobs, and improve transportation linkages to and from downtown Glen Cove.
Glen Cove’s Population Current Day
Glen Cove’s current population is showing growth. Glen Cove’s population is approximately 27,376 residents and a median age of 38.1. Average household income is also showing growth and is currently at $74,767.
The Real Estate Market in Glen Cove is Growing
As the city continues to make vibrant changes, Glen Cove’s real estate market is gaining momentum and growth. The current median property values are at $480,300.
Residential properties start in the $200,000s for co-ops and condos, and in the low-mid $300,000s for single family properties. The majority of residential inventory are dormered capes, ranches and colonials from $500,000 to $750,000 on quarter to half-acre lots.
At the higher end, homes on half-acre-plus lots hover the $800,000 to $3 million range.
History of Glen Cove City
Founded in 1668 as a village, Glen Cove was previously ‘Musketa Cove’, but changed its name to Glen Cove in 1834 to make the city more appealing as a summer resort for wealthy “Manhattanites”.
In 1918 Glen Cove became a city and became part of the early 20th century Gold Coast of Long Island’s North Shore. At that time, many of Glen Cove’s waterfront areas became large country estates by wealthy entrepreneurs and businessmen such as J.P. Morgan, Phipps, DuPont Pratt, and Prybil.
Glen Cove also had a manufacturing and diverse population that worked in industry, local agriculture, and retail businesses. Like many other Long Island suburbs, Glen Cove grew in population after World War II when new residential developments became constructed on former farmland.
The city of Glen Cove thrived for a long time but then lost its character as a destination location, but, Glen Cove is on the verge of transition back into a vibrant and well-desired area.
Conclusion
These changes are going to be good for Glen Cove – it will create an exciting waterfront lifestyle while providing impressive economic growth into a city that needs it.
Sign Up For Our Newsletter
Stay updated on the latest developments on Long Island. Sign up for our Newsletter.
