Real Estate Weekly
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Construction & Design

Industrial development plan gets IDA ok

Steel Equities hopes to transform a pair of long-vacant industrial buildings in Mineola into a multi-tenant industrial complex.

The Bethpage-based company plans to spend $5 million renovating the 163,000 s/f buildings located at 222-224 East 2nd Street and 225-255 East 2nd Street.

Nassau County Industrial Development Agency (IDA) has given preliminary approval to an economic development incentive package for the project.

“These are outdated, empty buildings with unknown, potential environmental issues, leaky roofs and in need of numerous repairs” said IDA chairman Richard Kessel, it’s an eyesore and it’s producing nothing. To create jobs and remediate the buildings is a great thing for the county.”

The buildings formerly housed A.K. Allen Co. which made air cylinders, pumps and parts for aviation industries. The company ceased operations in 2017 after the firm was acquired by Ohio-based Alkon Corp.

Steel Equities has asked the IDA for a 20-year PILOT agreement and to be exempt from mortgage recording taxes on a construction loan.

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