Nassau OTB Headquarters Moving to Mineola

The administrative headquarters of Nassau Off-Track Betting (OTB) will be moving to Mineola in March 2014 after spending over four decades in Hempstead.

The move comes after an announcement that the agency has purchased the two-story building at 139 Liberty Ave. for $1.9 million, of which $1.4 million is said to be financed according to a Newsday report.

OTB had been spending about $300,000 each year to rent a 20,000 sq. ft. space on Fulton Avenue in Hempstead since the 1970s. The older building had been constructed in the 1940s and Nassau OTB president Joseph Cairo said it "was getting old and the space was too large for its needs."

According to Newsday:
The facility will house OTB's 40-person administrative staff, which handles payroll, finance, customer service departments and other duties.
OTB officials reached an agreement with the property owners, three limited liability companies, to break the lease a year early in exchange for a settlement of roughly $75,000.
Cairo estimates the move will save OTB about $2 million over the next decade.
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