Developer acquires pair of Mineola industrial buildings for $16M

Bethpage-based developer Steel Equities bought two industrial buildings in Mineola for $16 million, the latest in a spate of local industrial property sales, Long Island Business News reported. The two buildings, which total 163,000 square feet stretched over five acres, were once home to A.K. Allen Co. and its aircraft part manufacturing subsidiaries Allenair Corporation and Allen Avionics. Steel Equities, which this week donated a parking lot to the Town of Oyster Bay, plans to redevelop the properties at 222-234 East Second Street and 235-255 East Second Street into a multi-tenant industrial complex. Allenair had been headquartered in Mineola since 1958, but shuttered its facility in 2017 after it was acquired by Ohio-based Alkon Corporation. Willy Becker and Tony Gerrato of Racanelli Becker & Associates in Melville represented Steel Equities in the sale, while Jason Miller and Jeff Schwartzberg of Premier Commercial Real Estate in Plainview advised the seller. Elsewhere in Mineola, the hot market for industrial properties saw electronics company SBG Distribution, advised by Joicey Varughese of Schacker Realty in Melville, pay $3.59 million earlier this month to buy 257 East Second Street, according to LIBN, which noted that David Hunt of Hunt Corporate Services in Plainview advised the seller, Great Neck Saw Manufacturers. In Bohemia, Tri-Par Manufacturing recently paid $2.85 million to acquire 2050 Arctic Avenue from IIJ Associates. LIBN noted that Tommy Rosati, Jason Maietta and Brandon Lichtenstein of Colliers International Long Island represented both parties on that industrial sale. In Hicksville, Modena Realty Corporation paid $2.8 million this month to buy a manufacturing plant at 761 South Broadway from Giachinno Realty Corporation in a deal that LIBN reported was brokered by Premier’s Miller and Schwartzberg. [LIBN]