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By: David Winzelberg July 12, 2022 Comments Off on $38.55M Greenvale project gets IDA incentives
Bethpage-based Steel Equities will get economic incentives from the Nassau County Industrial Development Agency for a $38.55 million project in Greenvale.
As first reported by LIBN in April, the developer will purchase and renovate the 192,648-square-foot building on 10 acres at 100 Forest Drive that had been owned and occupied by Slant/Fin since the 1960s.
Steel Equities is purchasing the property for $33 million and will invest another $5.5 million on extensive renovations to accommodate a yet-to-be-determined tenant or tenants. The developer says the project will retain 247 full-time equivalent jobs by leasing the space to one or more tenants, according to an IDA statement.
The project, by Steel Equities affiliate Steel K LLC, includes improvements to the grounds, an updated façade, new loading docks, roof and waterproofing system replacements, restriping of the parking lot and loading spaces, rehabilitated floors and new HVAC, lighting and electrical upgrades, the IDA says.
“This project represents a great opportunity to bring in new businesses and replace the jobs lost with the previous tenant ceasing their operations,” Glenn Lostritto, principal owner of Steel Equities, said in the statement. “Through this project, we will be able to take a piece of the Greenvale community and turn it around for the better of the region. We are grateful to the IDA for their support in making this project a reality and we are excited to get it off the ground.”
The Greenvale project is expected to bring in more than $14 million in net tax benefits to Nassau County over the course of a 20-year payment-in-lieu-of-taxes agreement, providing nearly $760 million in overall economic benefit in that time.
Founded in 1949 as the American Slant Fin Radiator Corp., the company later moved its operations from Brooklyn to Long Island. The Greenvale facility was built in 1965. Last year, Slant/Fin sold its baseboard heating business to Westfield, Mass.-based Mestek Inc., which still markets the products under the Slant/Fin brand. Slant/Fin announced layoffs earlier this year, in advance of closing its Greenvale operations.
“While it is unfortunate that Slant/Fin moved their operations elsewhere, Steel K’s plan to renovate the building into a desired industrial space will once again turn this property into a job-creating, tax-generating facility for Nassau County,” NCIDA Chairman Richard Kessel said in the statement. “The market for quality industrial space continues to remain at record highs so we’re excited to see what type of tenant or tenants this new product will provide and the opportunities it will create for our residents.”
Tagged with: industrial real estate
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