Steel Equities proposes $51M FedEx warehouse in Bethpage

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Steel Equities wants to spend the $51 million to build a FedEx warehouse in Bethpage that would bring 190 jobs to the area, Newsday first reported. The company hopes to buy six acres that are part of a 105-acre property that once housed the Northrop Grumman manufacturing complex. In 2011, Steel Equities bought an 84-acre portion of the property to transform into, among other things, a film studio. At the time, the Nassau County Industrial Development Agency reduced taxes on the company for 40 years because the land was contaminated. Those taxes, however, have increased because of Steel Equities’ incoming rent on the property. The IDA is now considering whether to incorporate the proposed warehouse into the 2011 deal. Steel Equities said FedEx is expected to use the new facility for at least 15 years. [Newsday]