Oct 26, 2012

Press Release: Suffolk IDA Okays Inducements for Bi-County Real Estate Group

Company to Invest $35 Million in 32 Properties in Suffolk & Nassau/ Bellone & Mangano Pledge Regional Approach to Create Economic Activity & Jobs/ Nassau IDA to Consider Application in the Future

(Hauppauge, NY-October 26, 2012) In a move designed to modernize outdated, blighted office and industrial properties in Suffolk County, the Suffolk County Industrial Development Agency (SCIDA) today gave preliminary approval to induce the Long Island Industrial Real Estate Group, which has committed $35 million to rehab and modernize 32 properties in Nassau and Suffolk counties.  The Real Estate Group will invest $20 million of their total $35 million investment in renovating 2 million square feet of space in 23 Suffolk properties.  The company estimates the overall project, which includes nine properties in Nassau County, will create 500 jobs in the region during the renovation phase and more than 1,000 jobs once the rehabbed buildings are fully occupied.

Although details of the incentive PILOT have not been finalized, SCIDA Executive Director Anthony Manetta anticipates the IDA will freeze property taxes on the properties at 2012 rates for three years. “This project will reinvent decades old dinosaurs as high performance buildings that will attract business back to Suffolk County,” said Manetta.

Many of the buildings, which in most cases are more than four decades old, have a less than 65% occupancy rate. “not only will this project rehabilitate nearly two dozen dilapidated buildings that now blight the landscape of Suffolk County, it will turn energy guzzling buildings into energy efficient buildings, which in turn will lower expenses for prospective tenants who will bring business and jobs to the region,” said Suffolk County Executive Steven Bellone.

The Nassau Industrial Development Agency will shortly consider the Nassau portion of the project. “This project is regional in scope,” said Nassau IDA Executive Director Joe Kearney. “I pledge the support of Nassau County Executive Ed Mangano and the Nassau IDA to ensure the redevelopment and rehabilitation of these nonproductive properties into vibrant centers of economic activity, economic growth and job retention.”

“I look forward to working with County Executive Bellone and both of our Industrial Development Agencies to rejuvenate these properties into centers of economic activity and job creation,” said Nassau County Executive Mangano.