Steel Equities, a real estate company based in Bethpage, will receive tax breaks for its planned $26.9 million purchase of industrial properties in Mineola.
According to an application to the county Industrial Development Agency, the company is looking to find a tenant for the properties after it purchases them from the current occupant, Great Neck Saw, which is moving its headquarters out of the village. The application did not specify the amount of tax breaks being sought.
The venture will be very similar to an application submitted in 2019 by a subsidy of Steel Equities, when the property left by A.K. Allen Co. on 2nd Street became vacant, according to lawyer Daniel Deegan of Forchelli Deegan Terrana LLC in Uniondale.
The buildings formerly housed the company along with Allenair Corp. and Allen Avionics Inc. The three companies specialized in aviation products and left Mineola in 2017; they had been in the village since 1958.
“If you take a look in the area, there are high-quality tenants, the whole place is renovated and it’s a tremendous success story,” Deegan said during a Nassau IDA board meeting on Nov. 18.
The property being left by Great Neck Saw amounts to 200,739 square feet on 6.46 acres, which Steel Equities plans to renovate. In its application, the company said the project’s purpose is to “attract a high-quality tenant” after updating and renovating the site it described as in disrepair.
Deegan said the plan will have five phases and is expected to take place from 2022 to 2025.
The IDA Board of Directors granted preliminary approval at its meeting on Nov. 18. The next hearing for the application is slated for Dec. 14
In phases, Steel Equities will acquire 147, 165, 185, 205 and 215 East 2nd St. The properties range in price from $2.1 million to $5.5 million.
The Bethpage-based company plans to invest over $6 million as a part of updating and renovating the properties, according to the application.
Included in the improvements are HVAC, roofing, flooring and infrastructure upgrades, according to Deegan.
“It’s continuing the revitalization of Mineola,” IDA Chairman Richard Kessel said during the hearing. “I commend you for your vision, it’s a great addition and I’m very excited about this project.”
Great Neck Saw leaves behind a Mineola plant that it has occupied since 1941. The family-owned company also has other endeavors, including distribution and manufacturing different products globally.