Brookhaven IDA Seeds Feil Organization’s $30M Industrial Deal on Long Island
The benefits agreement for 10 National Medford LLC, whose managing member is Jeffrey Feil, assisted the $30-million purchase and leaseback of Intercounty’s facilities at 10 National Blvd., which total 250,000 square feet and sit on almost 30 acres.
MEDFORD, NY—The Brookhaven Industrial Development Agency reports it has agreed to provide incentives to an affiliate of the New York City-based Feil Organization in connection with a purchase/leaseback transaction between the developer and appliance cooperative Intercounty Appliance Corp. for its headquarters and warehouse property here.
The benefits agreement for 10 National Medford LLC, whose managing member is Jeffrey Feil, assisted its $30-million purchase and leaseback of Intercounty’s facilities at 10 National Blvd., which total 250,000 square feet and sit on almost 30 acres. The benefits agreement was approved by the IDA on Nov. 14. Feil is the CEO of the Feil Organization of New York City.
10 National received IDA approval of the sale and incentive package for the Suffolk County property that included an exemption from mortgage recording tax and the continuance of an existing PILOT agreement that runs through 2025.
The Brookhaven IDA assisted Intercounty’s 75,000-square foot expansion of the high-ceiling warehouse in 2014, which Intercounty built in 2005 with IDA help.
Intercounty has about 75 full-time employees who will continue to work at the facility, the IDA reports.
“Intercounty has long been a good corporate citizen of Brookhaven and we understand that the owners of the cooperative would like to get out of the real estate business,” says Frederick C. Braun III, chairman of the Brookhaven Industrial Development Agency.
Feil owns numerous properties on Long Island, including the Sunrise Business Center in Great River, the Levittown Mall and is planning to construct an apartment complex in Oceanside.
Eighty-three appliance dealers own Intercounty Appliance, a chapter of the Wayne, N.J.-based NECO Alliance buying cooperative founded in 1972, with 105 stores from Boston to Philadelphia.
A total of 18 dealers are current partners in the Medford property. Intercounty leverages its distribution centers to make low-cost, container-size buys that manufacturers ordinarily make available only to large retailers. It also relieves the independent dealers of inventory overhead while providing same-day deliveries of small-lot orders.
In February of this year, Intercounty Appliance opened a new 208,000-square-foot warehouse in Burlington, NJ. According to consumer electronics trade publication and website Dealerscope, Intercounty Appliance added its new location in order to build upon the company’s “Dealer Specific” advertising and marketing campaign strategy.