ISLIP, N.Y.--(BUSINESS WIRE)--Rechler Equity Partners, the largest owner and operator of commercial properties on Long Island, announced plans for the development of three parcels that, when combined, offer 119,000 square feet of industrial/flex space within the Islip Foreign Trade Zone (FTZ).
Conveniently located adjacent to Islip’s Long Island MacArthur Airport, the FTZ was established in 1982 to promote and encourage international trade, providing local businesses the opportunity to reduce costs and compete in the international marketplace. Foreign Trade Zone tenants are offered several major benefits, including deferral of duties and taxes paid on merchandise when entering U.S. Customs Territory; exportation or transfer of cargo without the payment of any taxes or duties; and a lower rate of tax when purchasing products manufactured abroad.
“With assistance from the Town of Islip and the Islip Foreign Trade Zone, we will be able to create something truly exceptional – three significant properties that will create local jobs and provide tenants with solutions for their businesses,” said Gregg Rechler, co-managing partner of Rechler Equity Partners.
Once completed, the newest additions to the extensive Rechler portfolio will include a 54,000-square-foot property at 100 Trade Zone Drive, a 24,000-square-foot building located at 101 Roebling Court, and a 41,000-square-foot structure at 2 Roebling Court. These properties will join a fourth, fully-constructed Rechler-owned asset within the FTZ at 200 Trade Zone Drive. Each of the new properties will be built-to-suit.
“We are very fortunate to have the opportunity to work with Rechler Equity Partners, the largest owner and operator of commercial properties on Long Island, in developing three significant parcels located in Islip’s Foreign Trade Zone,” said Islip Town Supervisor Thomas Croci. “Rechler’s vast knowledge and expertise in the industry will no doubt help to attract companies to the FTZ, which will, in turn create jobs locally, a top priority in this administration.”
The Islip FTZ offers 435,000 square feet of prime warehouse and office space located on 52 acres of land. The complex is conveniently located on the grounds of Long Island MacArthur Airport and situated along the well-known Veterans Highway business corridor – an area abundant with restaurants, fine hotels and world-class recreational opportunities. The location is Long Island’s only Foreign Trade Zone.
About Rechler Equity Partners
Rechler Equity Partners is the successor company to Reckson Associates, founded over 55 years ago by Donald and Roger Rechler. Today managed by Mitchell and Gregg Rechler, Rechler Equity Partners is the largest owner of commercial real estate on Long Island with a portfolio of assets totaling over seven million square feet. Rechler Equity offers a wide range of services including leasing, property management, asset management, architecture, construction, environmental, finance and development.