The town IDA has approved an incentives-laden economic-development package for Holtsville Industrial LLC, a real estate firm owned by Lawrence Frisina, owner of Bethpage-based E&F Trucking and Warehouse, and broker Tod Buckvar.
Holtsville Industrial will renovate a currently vacant building that, until 2013, served as an IRS call center. The real estate firm is yet to name any potential tenants, according to the Brookhaven IDA, which said this week that the tax incentives included in the economic-development package – which was actually approved in February – will expire in 2019 if no tenant leases have been signed.
Holtsville Industrial, which purchased the 48,416-square-foot building at One Corporate Drive for $3.2 million, plans to invest about $800,000 converting the space for use by two to three distinct industrial users. The firm projects 50 full-time jobs at the site within two years of the renovations, according to its IDA application.
Andrew Presberg, Holtsville Industrial’s attorney, called the Brookhaven IDA “forward-thinking” for assisting the redevelopment of “a long-abandoned office property in foreclosure” into “a more practical industrial use which will be much more beneficial to the community overall.”
“The benefits we sought and which were granted to the developer will go a long way to attract new and growing businesses to the property and region by allowing our client to offer attractive, competitive rentals and related incentives,” Presberg said in a statement.
The building, which has been vacant since 2015, has changed hands several times since the IRS pulled out in 2013. Holtsville Industrial purchased it from a Manhattan-based investment fund that took possession in 2016, when the building entered foreclosure; the previous owner, Florida-based Ardell One Corporate Drive LLC, defaulted on its $6 million commercial mortgage, according to the Brookhaven IDA.