Long Island office market on pace for dreadful year: report
Newsday reported that the Nassau County Industrial Development Agency has granted tax breaks to Altice USA, a telecommunications giant that in 2016 completed its acquisition of Cablevision Systems, for a $60 million renovation of its Bethpage office space. A unanimous vote by the agency’s board approved a sales tax exemption of up to $2.5 million for the company to purchase construction materials, equipment and other supplies for the project. Altice USA also got a 10-year deal to limit property tax increases. The company won’t have any increase in the first year, but will then receive a 1.84 percent increase each year for the next nine years, according to Newsday. Altice USA, which is the process of moving its headquarters to Long Island City, owns the Optimum cable service brand and unloaded its remaining stake in Newsday last August. [Newsday]
