A supplier of industrial chemicals and minerals plans to expand in Great Neck instead of moving out of state, spending $10 million for a larger headquarters, executives said.

Wego Chemical Group wants to purchase and renovate a 27,170-square-foot office building at 277 Northern Blvd. The company would eventually occupy about 80% of the space, the executives said.

Last month, Wego won final approval for 20 years of tax breaks from the Nassau County Industrial Development Agency.

The aid package consists of a sales-tax exemption of up to $241,500 on the purchase of construction materials and equipment and up to $56,250 off the mortgage recording tax. Property taxes on the Northern Blvd. building are $216,280 and the tax rate will be frozen for four years followed by 2% increases in each of the following 16 years.

Without the tax incentives, family-owned Wego said it  couldn’t expand on Long Island. The company has outgrown its 12,885 square feet at 239 Great Neck Rd., which is less than one mile from the proposed new headquarters, according to president Bert Eshaghpour.

“We love where we are,” he told the IDA board in March, referring to Great Neck. “A lot of our competitors from the tristate area moved to Florida or North Carolina as they were growing … Our choice is to stay here, with your help.”

In return for the tax breaks, Wego has pledged to add 23 jobs to its work force of 77 people in Great Neck.

Besides its Great Neck headquarters, the 44-year-old company has more than 30 warehouses around the world and offices in Brazil, China, Mexico, the Netherlands and Turkey.

The chemicals that it sells are primarily made in Asia.

A subsidiary, Wego International Floors, also in Great Neck, specializes in wood flooring.

Daniel P. Deegan, the company’s real estate attorney, said it would gradually occupy the Northern Boulevard building as existing tenants’ leases expire.

IDA chairman Richard Kessel said “one of the missions [of the agency] is to keep companies here, to keep jobs here. We want to help this company to grow in Nassau County,” he said last month.

Article: https://www.newsday.com/business/wego-chemicals-great-neck-ida-tax-breaks-utxe2d8u

Leave a Reply

Your email address will not be published.

Need More Information?

DGNY COMMERCIAL
175 Broadhollow Rd. Suite 140
 Melville, New York 11747

Phone: 516.402.3469
Email: Info@DGNYCommercial.com

 

DGNY Commercial Logo

© 2020 – DGNY COMMERCIAL. All rights reserved.

We are pledged to provide equal opportunity for housing to any prospective customer or client, without regard to race, color, religion, sex, handicap, familial status or national origin.

New York State Fair Housing Notice 

The source of the displayed data on all of our listings is provided by either the property owner or public record provided by non-governmental third parties. It is believed to be reliable but not guaranteed. This information is provided exclusively for consumers’ personal, non-commercial use.