Nassau County Executive Edward P. Mangano today announced the Nassau Industrial Development Agency’s (NCIDA) approval of an economic development compact that will allow New York Community Bancorp to keep 463 current jobs in Nassau County that might have been shifted out-of-state and create 80 new private sector jobs. The compact will generate approximately $870 million in new economic benefit to the local economy.
“My economic development team has worked tirelessly to help create and retain more than 19,000 private sector jobs,” said County Executive Mangano. “This latest job creation compact allows New York Community Bancorp, a major financial institution and one of the County’s leading employers, to keep hundreds of jobs in Nassau while also expand its workforce and generating millions for our local economy.”
Nassau County’s economic development compact allows Prospect Realty Holdings LLC, an affiliate of the bank-holding company, to renovate an existing, vacant 160,000-square-foot building at 102 Duffy Avenue that once housed a JP Morgan Chase back office. The project, estimated to cost the company $28.7 million, will generate 38 full-time-equivalent construction industry jobs over 18 months. The bank currently has back office operations in Westbury and Ohio.
With assets of $45.8 billion, NYCB is the 20th largest bank holding company. NYCB operates two bank subsidiaries. New York Community Bank, a thrift, has 236 branches in metro New York, New Jersey, Ohio, Florida, and Arizona operating as Queens County Savings Bank, Roslyn Savings Bank, Roosevelt Savings Bank and Richmond County Savings Bank; Garden State Community Bank, Ohio Savings Bank and AmTrust Bank. New York Commercial Bank has 35 branches in New York City, Westchester County, and Long Island, including 18 branches that operate under the name Atlantic Bank.
About the Nassau County IDA
The Nassau County Industrial Development Agency consists of a team of professionals whose mission is to promote the economic welfare and prosperity of Nassau County. The Agency is a resource for businesses in Nassau County and those considering relocation. The IDA provides assistance to businesses interested in relocating, expanding and financing new investments. It has provided assistance to a wide range of companies, from Hain Celestial, Arizona Iced Tea and Sleepy’s Mattress to Cold Spring Harbor Labs and Grumman Studios. For more information, please visitwww.nassauida.org or call 516-571-1945.