Developer asks IDA for 20 years of tax breaks for Greenvale factory

A developer is seeking tax breaks from Nassau County for a Greenvale factory that it plans to purchase and renovate from a soon-to-close manufacturer.

On March 14, Slant/Fin agreed to sell the Greenvale facility to Steel Equities for $33 million, according to the latter’s application for IDA tax breaks. 

Slant/Fin “will be moving out in late September,” Joseph J. Lostritto, co-owner of Steel Equities, told the IDA board last month. “This is really an obsolete, old industrial building that needs upgrading … [and we] most likely will make it a multi-tenant building.”

He and others said the building is one level in some places and two levels elsewhere. The improvements will include a new roof, lighting and electrical and ventilation systems, among others.

Lostritto predicted the renovations would take about a year to complete. He said no tenants have yet committed to renting the space.

IDA board secretary Timothy Williams said he is generally opposed to granting tax breaks for projects without confirmed tenants. But he said he would “make an exception because Steel Equities has a good track record” with the agency.

Previously, the developer won IDA help for projects in Bethpage and Mineola, most notably the former Grumman manufacturing complex, which received 40 years of tax breaks in 2011.

The board voted unanimously last month to begin negotiations for a tax-aid package with Steel Equities for the Slant/Fin building.

IDA chairman Richard Kessel said, “To be able to utilize that facility and bring jobs there is critically important because people are losing their jobs [with Slant/Fin’s closure]. And you are creating a situation where we could actually add jobs there,” he said.

By James T. Madore

james.madore@newsday.comJamesTMadore

James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.