Real Estate Weekly
Image default
Deals & Dealmakers

1-800-Flowers looking to expand at Jericho Plaza

Richard Kessel, chairman of the Nassau County Industrial Development Agency (IDA), announced that the agency’s board has given preliminary approval to a package of economic development incentives that will keep the headquarters of on Long Island and retain over 375 jobs in Nassau County.

The benefits package, approved at a video-conference meeting of the IDA Board held on April 7, includes sales-tax exemptions of more than $500,000 and a 15-year PILOT (payment in lieu of taxes) agreement that would keep property taxes at their current level for 10 years followed by five years of 1.81 percent escalations. currently leases 80,500 s/f of office space at 1 Old Country Rd. in Carle Place, where its lease is nearing expiration.

If the incentives are apprvoed, it plans to lease and renovate 96,867 s/f of office space at one of Nassau County’s most-iconic office buildings, 2 Jericho Plaza. said the benefits are necessary due to the high costs associated with the build-out and the tax burden of the new space, which would harm its competitive position.

“This is a globally recognized, blue-chip company with its headquarters in Nassau County and it has been a major economic contributor to the region since its relocation to Long Island in 1990 and its current location since 2005,” said Kessel.

“It is important to retain companies, such as, to maintain the economic growth of the county and ensure continued success.

The company currently has 377 full-time employees and 17 part-timers.
2 Jericho Plaza is a Class-A building owned by a partnership that includes S.L. Green, Onyx Equities, Taconic and Triangle Capital.

Related posts

Avison Young arranges 99-year ground lease for an estimated $21.5 million


Rosewood Realty Group Brokers $36.5 Million Sale of 15-Story Hells Kitchen Mixed-Use Building


Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando