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Author: David Winzelberg On November 29, 2021, LI developers receive IDA funding for Mineola project worth 26.9 million USD. Comments Off
Steel Equities, headquartered in Bethpage, will receive financial incentives for plans to acquire and renovate several industrial properties in Minola for US$26.9 million.
The Nassau County Industrial Development Bureau has initially approved tax relief for the project, which aims to transform the total area of 200,739 square feet on 6.46 acres now owned by Great Neck Saw Manufacturers, and the company eventually moved its business out of the state. The IDA application for the project.
Steel Equities will purchase properties at 147, 165, 185, 205 and 215 East 2nd St., which will be carried out in phases over the next four to five years. According to IDA documents, these properties are sold for US$20.6 million, and Steel Equities plans to invest more than US$6 million to renovate and modernize the buildings.
The renovation project will include new roofs, floors, HVAC, plumbing and electrical systems. Dan Deegan, an attorney at Uniondale-based Forchelli Deegan Terrana, has represented Steel Equities before IDA in Nassau.
The origins of Great Neck Saw can be traced back to a tool and mold maker named Samuel Jacoff in Massachusetts, who started manufacturing hacksaw blades in the 1920s. Jacoff later merged with the blade manufacturer Great Neck Manufacturing, and the company established a factory in Minola. The family business has been based there since 1941. It has a total of approximately 700 employees, including approximately 200.
Great Neck Saw manufactures and distributes hand tools and thousands of related products under several different brands, including Sheffield, OEM Tools, Mayes and Buck Bros. Some of its largest customers include major retailers such as Home Depot, Lowe's, Walmart and AutoZone.
According to published reports, Great Neck Saw's annual sales revenue is approximately US$150 million.
The property at 147 E. 2nd St. will be the first of several Mineola buildings sold to Steel Equities. / Google Map Image
The company recently started to shrink its Mineola footprint. In June 2019, the company sold a 16,836-square-foot building at 257 East 2nd St. for $3.59 million. The sale of its 0.65 acre, 34,000-square-foot building at 147 East Second Street is expected to be completed in December. This will be the first building sold to Steel Equities.
David Hunt of Hunt Corporate Services acted as an intermediary for the 2019 sales, and he also represented Great Neck Saw in the phased disposal of its remaining Mineola properties.
The manufacturer also has factories in West Babylon, Millbury, Massachusetts, Johnson City, Tennessee, and Memphis, Tennessee, where it has a 220,500-square-foot distribution center. The person in charge of the company has not yet responded to a request for comment.
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Tag: Industrial Real Estate
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