News:
Spotlight Content
Posted: May 27, 2014
Brookhaven IDA to assist $4.5 million project
According to Brookhaven town supervisor Edward Romaine and Brookhaven Industrial Development Agency chairman Frederick Braun, III, Brookhaven IDA has approved assistance that will allow M.S. Packaging and Supply Corp. to move from Rocky Point to a new facility in Yaphank.
The assistance, which will provide property tax abatements and relief from sales and mortgage recording taxes, will allow MS Packaging to construct a 70,000 s/f building on 10 acres that it has purchased on Zorn Blvd. The new facility will be used as a wholesale distribution facility for packaging supplies, including corrugated boxes, stretch film, tape and related items. The company, which currently has 15 employees at Rocky Point, anticipates creating seven new jobs once the $4.5 million project is completed.
"This is a great project that will bring new jobs in our town and add to our tax base," said Romaine. "I applaud the IDA for its efforts to help businesses in our town, such as M.S. Packaging, to expand."
"We're pleased MS Packaging has chosen to expand in Brookhaven," said Braun III.
Tags:
Spotlight Content
MORE FROM Spotlight Content
Over half of Long Island towns vote to exceed the tax cap - Here’s how owners can respond - by Brad and Sean Cronin
When New York permanently adopted the 2% property tax cap more than a decade ago, many owners hoped it would finally end the relentless climb in tax bills. But in the last couple of years, that “cap” has started to look more like a speed bump. Property owners are seeing taxes increase even when an
.png)
Quick Hits
.gif)
.jpg)
Columns and Thought Leadership
Oldies but goodies: The value of long-term ownership in rent-stabilized assets - by Shallini Mehra
Active investors seeking rent-stabilized properties often gravitate toward buildings that have been held under long-term ownership — and for good reasons. These properties tend to be well-maintained, both physically and operationally, offering a level of stability
Properly serving a lien law Section 59 Demand - by Bret McCabe
Many attorneys operating within the construction space are familiar with the provisions of New York Lien Law, which allow for the discharge of a Mechanic’s Lien in the event the lienor does not commence an action to enforce following the service of a “Section 59 Demand”.
How much power does the NYC mayor really have over real estate policy? - by Ron Cohen
The mayor of New York City holds significant influence over real estate policy — but not absolute legislative power. Here’s how it breaks down:
Formal Legislative Role
• Limited direct lawmaking power: The NYC Council is the primary
The strategy of co-op busting in commercial real estate - by Robert Khodadadian
In New York City’s competitive real estate market, particularly in prime neighborhoods like Midtown Manhattan, investors are constantly seeking new ways to unlock property value. One such strategy — often overlooked but
.gif)