Nassau IDA approves economic development compact, welcomes Keystone Electronics to New Hyde Park

New Hyde Park, NY According to Edward Mangano, county executive, the Nassau Industrial Development Agency (IDA) once again has attracted a New York City-based high-technology manufacturer to Nassau, bringing 128 new jobs to New Hyde Park.  For 60 years, Keystone Electronics has been manufacturing precision electronic interconnect components and hardware that are engineered specifically for use by OEM designers and engineers who create and develop electronic products, instruments and systems. 

“Nassau County is no longer fighting the exodus of jobs, but rather, we are effectively competing and attracting employers back to our communities.  My economic development team continues to attract employers to Nassau County where they enjoy success due to the skilled workforce, expanded housing opportunities, low crime rate and quality of life we offer.”

Keystone Electronics Corp., now located in Astoria, has been approved for an economic development compact that will allow it to relocate to a 48,759 s/f building at 50 Denton Ave. and a 21,000 s/f building at 2040 Jericho Tpke. 

The compact was approved by the IDA board at its meeting on June 28^th. Keystone, which plans to spend more than $8.2 million to purchase one building, lease the other and renovate both properties, considered relocating to New Jersey or the Carolinas.  Renovations to the buildings are expected to generate 15 construction industry jobs.  This relocation project is projected to have a positive economic impact of $653 million on the Nassau County economy and a net tax benefit to the county and other taxing jurisdictions of $1.4 million.

Keystone, currently located at 31-07 20th Rd. and 19-23 Steinway St., both in Astoria, is one of several New York City-based businesses that have been solicited by the IDA and have relocated to Nassau County in recent years.  Others include Supreme Screw, which moved from the Bronx to Plainview; Jesco Lighting Group, which moved from Queens to Port Washington, and Display Technologies, which relocated from Queens to Lake Success.  The Nassau IDA also has attracted other businesses from New York City and other nearby area, including R Best Produce, which moved from the Bronx to Port Washington and Kin & Bae Trading, which relocated a warehouse from New Jersey to Port Washington.

The Nassau County Industrial Development Agency consists of a team of professionals whose mission is to promote the economic welfare and prosperity of Nassau County. It is a resource for businesses in Nassau County and those considering relocation. The IDA provides assistance to businesses interested in relocating, expanding and financing new investments. It has provided assistance to a wide range of companies including Hain Celestial, Publishers Clearing House, Arizona Iced Tea, Dealer Track Technologies and Sleepy’s Mattress as well as Cold Spring Harbor Labs and Grumman Studios.