Nassau County Executive Edward P. Mangano announced that the Nassau County Industrial Development Agency (IDA) has approved an economic development compact that will assist the owners of a crane and derrick engineering firm to upgrade their Lynbrook office building, allowing the company to remain and grow in Nassau County.
The company, which considered moving out of Nassau County, will spend more than $1.2 million on the renovations to retain 47 jobs in Lynbrook and create another five jobs.
County Executive Mangano stated, “My economic development team is working tirelessly to help local companies succeed and grow their operations in Nassau County. Retaining this Lynbrook employer is good news for the local economy and our residents.” The IDA approved an economic development with CMS Real Estate Holdings, LLC that will assist it in the renovation of 266 Merrick Road in Lynbrook.
The 39,000 s/f multi-tenant office building is primarily occupied by Howard I. Shapiro & Associates Consulting Engineers, P.C., a third-generation family business founded in 1946. Jay and Lawrence Shapiro, who own the engineering firm, also own CMS.
By retaining the company, Nassau County will reap about $67 million in economic benefits and a net tax benefit of more than $500,000 to the affected tax jurisdictions. The project is expected to create as many as 12 full-time equivalent construction jobs.
Joseph Kearney, IDA executive director, added: “Our participation in this project ensures that Howard I. Shapiro & Associates will r grow in Nassau County.”
