New development will deliver 20 units of fully electric, transit-oriented housing near the LIRR Hicksville station
HICKSVILLE, NY (December 9, 2025) — The Community Preservation Corporation (CPC) announced the closing of a $7.528 million construction loan to Premerio Cherry LLC for the development of a new 3-story building located at 33-37 West Cherry Street in downtown Hicksville.
The 20-unit, fully electric building is one of the first 100% electric multifamily projects financed by CPC in Nassau County and one of the first transit-oriented, net-zero-ready developments in the Town of Oyster Bay. The project is expected to deliver 21,349 square feet of residential space. Three apartments will be reserved as permanently affordable: two at 80% of Nassau County’s area median income (~$108,000 for a family of three) and one at 100% area median income, ensuring working families—teachers, nurses, first responders—can live steps from the Long Island Rail Road (LIRR).
The project sits three blocks from the LIRR Hicksville Station. The station is undergoing a $300 million modernization, set to finish in 2026, which will add a third track, new platforms, and 1,000 daily train movements. Premerio Cherry residents will be the first to benefit from 40-minute train service to-and-from Manhattan.
“This project reflects CPC’s mission to invest in housing that strengthens communities and meets the needs of Hicksville’s residents,” said Andrew Giglio, Vice President, Deputy Director of NYC Originations at CPC. “By supporting energy efficient, transit-oriented development in downtown Hicksville, we’re helping create housing that’s accessible, affordable, and future-ready. We thank Premerio Cherry LLC, the Town of Oyster Bay, and all of our partners for working with us on this exciting project.”
“We’re proud to bring this project to life in downtown Hicksville, where demand for modern, well-located housing continues to grow,” said Ishmeet Singh, Managing Member, Premerio Cherry LLC. “Our goal is to create a community that offers convenience, sustainability, and quality of life for residents. With CPC and the Town of Oyster Bay’s support, we’re delivering homes that meet today’s needs while contributing to the long-term vision for a vibrant, transit-oriented downtown.”
Residents will enjoy 20 covered parking spaces, some with Level-2 EV chargers, a fully equipped gym, and a dedicated coworking lounge, catering to Long Island’s growing remote workforce.
The property qualifies for a 20-year PILOT tax agreement through the state of New York and administered by the Town of Oyster Bay Industrial Development Agency. Ambrosino Construction Corp. is serving as the general contractor on the Premerio Cherry project.
Construction began this past summer and is expected to finish in spring 2027.
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About The Community Preservation Corporation (CPC)
CPC is a nonprofit, multifamily finance company that was founded in 1974 to provide financial and technical resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity and equity within the development industry, and expand investment in the green economy and lessen the impact of climate change. Since its founding, CPC has invested over $15 billion to finance the creation and preservation of more than 230,000 units of housing. The company provides a suite of construction and permanent products including Freddie Mac, Fannie Mae and FHA mortgages, and is an Equity Investor with approximately 4,500 affordable units under ownership. CPC is a carbon-neutral company and maintains AA- S&P rating. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.