Developer wins initial approvals for tax breaks on $6.3M Ronkonkoma industrial buy

Suffolk County granted early approval for tax breaks to the Milvado Property Group for its $6.3 million purchase of a vacant industrial site in Ronkonkoma, Newsday reported. The Syosset-based real estate firm wants to acquire the 49,850-square-foot space at 10 Drew Court and update 13 industrial condominium units that sit vacant there. The idea by Milvado, one of the more active industrial developers on Long Island, is to create a space for small companies to gradually expand. “A tenant could be a company that is currently in their basement or garage and this could be their first space out of that environment to grow their company,” said Anthony Catapano, executive director of the Suffolk County Industrial Development Agency. The IDA granted preliminary approval for a sales tax exemption of up to $103,500 on renovation costs, a $26,250 mortgage recording tax exemption and a 10-year deal on property taxes. All told, Milvado will save about $289,686 in property taxes over the next 10 years. Milvado, which told the IDA it expects its Ronkonkoma project to create 60 jobs, plans to close on its purchase of the site in July and begin leasing units next year. The company already owns 36 other properties on Long Island, according to Newsday, including more than 2 million square feet of space in Suffolk. [Newsday]