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Huntington Village startup receives $56G in tax breaks from Suffolk
Work Market Inc., a fast-growing technology startup, is expanding in Huntington Village.
The company is moving from 2,200 square feet of rented space at 14 Wall St. to 3,120 square feet at 7 High St., also rented space.
Chief executive Jeffrey Leventhal said Work Market needs a larger office to accommodate more employees.
The company has a workforce of 43; 20 in Huntington and the rest in Manhattan. He plans to add 17 locally over the next two years.
Records show that employees earn, on average, $83,720 per year, and in Huntington, $140,000.
Work Market has developed an online tool for businesses to manage freelancers and contract workers and for those people to find work. It began in 2010 in Manhattan and moved its headquarters to Suffolk County in 2012.
The county’s industrial development agency agreed on Thursday to support the $200,000 expansion project with tax breaks of $55,998 over five years. Most of the savings, $41,335, will come from a reduction in property taxes.
IDA executive director Anthony Manetta noted Work Market was the first recipient of incentives in 2012 under the IDA’s Boost Program for technology startups and other nonindustrial businesses. The Boost award consisted of $51,250 in tax breaks over five years.
He said those benefits will be replaced by Thursday's award.