LaunchPad Is One Step Closer to Opening in Great Neck

Nassau County green-lit tax incentives Tuesday for Launchpad, a high-tech incubator set to open in Great Neck Plaza, authorities said.

With locations in Huntington, Mineola and Stony Brook, LaunchPad will open a fourth site in a vacant space at 3 Grace Avenue in Great Neck Plaza with the help of the IDA. The incubator will offer co-working spaces for 20 to 30 small, start-up businesses.

The $4 million Great Neck project is expected to create 50 new, permanent full-time-equivalent jobs, generate $12 million in economic impact and $90,000 in net tax benefits, according to Nassau County.

The project is being undertaken by 3 Grace LLC, which is mostly owned by Namdar Family. The developer will lease the space to Launch Pad.

“We are very excited about opening the fourth LaunchPad in Great Neck, and taking advantage of all that the village has to offer,” said Peter Goldsmith, who is the the Great Neck director and also the president of LISTnet, which promotes Long Island as a center of excellence in software and technology.

Expected to open in 2015, the proposed project will receive as much as $32,300 sales tax exemption and $41,600 off the mortgage recording tax, according to Newsday. In addition, the developer will incur incremental property tax increases over the course of 10 years.

Goldsmith said LISTnet will operate in Great Neck. “We look forward to working with everyone to create more jobs and help tech startups grow in Nassau County,” he said.

Ed Mangano said the county is working to help “create an environment where businesses can produce viable high technology products and fuel the county’s future economic growth.”

“LaunchPad, with the assistance of the IDA, will move this forward,” he added.

Image: LaunchPad Great Neck/Facebook

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