By David Winzelberg, December 22, 2014
Myra Properties, a division of telecom company Reliance Communications, has bought a 69,863-square-foot building at 555 Wireless Blvd. in Hauppauge for $8 million. Reliance had been leasing the building.
In order to take advantage of a 1031 tax-free exchange, Reliance sold an 118,042-square-foot building at 350 Wireless Blvd., which it owned but had not yet occupied. Pharmaceutical manufacturer A&Z Pharmaceutical purchased that building for $12.6 million to expand its operations—as reported by LIBN in September. A&Z secured nearly $1.7 million in tax concessions from the Suffolk County Industrial Development Agency after agreeing to expand by 30 employees over the next two years.
Read more +