NORTH HILLS, NY—The $112-million relocation of Dealertrack Technologies Inc.'s corporate headquarters from Lake Success, NY to here got a major boost late last week when the Nassau County's Industrial Development Agency approved millions of dollars in tax incentives for the venture.
According to IDA officials, the company had been wooed by the states of Texas, Utah, Florida, New Jersey and South Carolina to move operations from Long Island.
Dealertrack will construct a new a 233,000-square-foot building at 3400 New Hyde Park Rd. in North Hills. Construction is expected to take two years and is projected to create 552 full-time-equivalent construction jobs. The new building will be owned by X-Cell III Realty Associates LLC, a joint venture of Castagna Realty of Manhasset and Tritec Development of East Setauket. Don Catalano of Corporate Realty Consultants arranged the lease transaction.
“My economic development team has reached an economic compact with Dealertrack for the creation of 357 new private sector jobs in Nassau County as well as the retention of 367 current positions,” Nassau County Executive Edward P. Mangano says. “From creating new jobs to generating economic activity in our local economy, this announcement is a win-win for Nassau residents.”
Dealertrack Technologies offers web-based software solutions and services that enhance efficiency and profitability for all major segments of the automotive retail industry, including dealers, lenders, OEMs, third-party retailers, agents and aftermarket providers.
According to a report in Newsday, Nassau County's Industrial Development Agency incentives consists of up to $1 million off the mortgage recording tax, a $5.7-million sales tax exemption and a 19-year break on property taxes. Empire State Development is also providing Dealertrack with $12 million in state tax credits and a grant and the New York State Power Authority is reportedly going to lower the company's energy costs over seven years.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
