Mineola, NY According to Nassau County executive Laura Curran and Nassau County IDA chairman Richard Kessel, the IDA has approved an economic development incentive package to commercial developer Steel Equities, which has purchased a pair of long-vacant industrial buildings.
Steel Equities plans to spend at least $5 million to renovate the buildings, which total 163,000 s/f. Steel Equities is purchasing the properties at 222-224 E. 2nd St. and 225-255 E. 2nd St. and plans to redevelop them into a multi-tenant industrial complex.
The IDA board of directors granted the preliminary approval at its board meeting on September 19, 2019. A public hearing was held on Tuesday, October 15th and approved by the board on Thursday, October 17.
“I am extremely pleased to see the IDA working with local developers to return such properties to productive use,” said county executive Laura Curran.
“These are outdated, empty buildings with unknown, potential environmental issues, leaky roofs and in need of numerous repairs,” said Kessel, “it’s an eyesore and it’s producing nothing. To create jobs and remediate the buildings is a great thing for the County.”
The buildings formerly housed A.K. Allen Co. and its subsidiaries, Allenair Corp. and Allen Avionics Inc., which made air cylinders, pumps and parts for aviation and other industries. Allenair, which had been in Mineola since 1958, ceased operations in Mineola in 2017 after the firm was acquired by Ohio-based Alkon Corp.
Steel Equities, operating as Alkier Steel LLC and Steel Mineola Second Street LLC, has asked the IDA for a 20-year PILOT (payment in lieu of taxes) agreement and to be exempted from mortgage recording taxes on a planned construction loan and sales taxes on the subsequent renovation. Existing taxes on the site of almost $450,000 will serve as the base for the PILOT during renovations and payments would then escalate at a fixed rate between years 3 and 20. The number of employees who would work in the buildings has not yet been determined.
The IDA has assisted Steel Equities at various times in the past with its former Grumman properties in Bethpage and other properties elsewhere in Nassau County.
Sign up is quick, easy, & FREE.