Babylon IDA finalizes transaction for $15.8 million investment with National Compressor Exchange, Inc.

Babylon, NY The Town of Babylon Industrial Development Agency (IDA) approved a transaction to bring National Compressor Exchange, Inc. from Queens to Farmingdale. The IDA’s action will result in a $15.8 million investment by the company for the acquisition and renovation of two facilities that total over 72,000 s/f. National Compressor Exchange will bring with them a total of 45 jobs over the course of the transition.

The company will move its operations to two adjacent properties located at 1900 New Highway and 5 Dubon Ct. in Farmingdale. Thanks to the IDA’s assistance, the 1900 New Highway location, which features a 40,213 s/f building, will be renovated to minimize the existing office space in order to maximize the amount of space for manufacturing operations. The 5 Dubon Ct. location is a 31,873 s/f facility that will be renovated to include office space as well as the company’s production and assembly line operations.

“As the cost of doing business in New York, particularly New York City remains high, we will continue to see a migration of businesses from west to east,” said Babylon IDA CEO Tom Dolan. “National Compressor Exchange had solid offers to move their operations out of state, which is why we are proud to finalize this transaction that will bring the company, their jobs and the direct and indirect economic benefits to the Town of Babylon.”

The business specializes in the remanufacture and rebuilding of commercial refrigeration equipment with a nationwide customer base.

“We sincerely thank the Babylon IDA for their assistance as it will allow National Compressor Exchange to maintain a presence in New York that will ultimately increase employment opportunities and expand our customer base here on Long Island,” said Richard Staiano president of National Compressor Exchange. “Without the IDA’s support, our overhead costs would have been too high and we would have had no choice but to move our operations out of state to remain competitive. We are happy to stay in New York and bring a couple dozen jobs to the Town of Babylon.”

To secure the nearly $15.8 million investment and retention of 45 jobs, the Babylon IDA approved a 12-year Payment in Lieu of Taxes (PILOT) agreement which has an estimated savings of $950,400. over the course of the agreement. National Compressor Exchange will still be responsible for paying more than $2.1 million in property taxes over this period of time. In addition, the company was also approved for a sales- and use-tax exemption of $64,688. and a mortgage recording fee exemption of $45,125.