Mattress giant Sleepy's Inc. may relocate Bethpage headquarters

Mattress giant Sleepy's Inc. aims to relocate its Bethpage headquarters and build a of recent origin king-sized industrial home on a former Grumman campus.

Adam Blank, Sleepy's executive vice president, said the fresh site is being designed and that the facility's size hasn't been finalized.

Industry sources, however, say the facility could be as large as 380000 square feet an expansion of 65 percent above its current 230,000-square-foot operation upon Central Avenue.

Blank said the stir would happen "as soon as possible," notwithstanding that plans haven't been submitted to the Town of Oyster Bay.

"This is about the largest warehouse [deal] that I can remember, especially given the fact that to find that kind of land to build that kind of space without here is very difficult," said T Stratigos, a Cushman & Wakefield industrial skilful not part of the Sleepy's transaction. "This is a deal that approachs a long every 10 or 20 years on the outside here on Long Island."

CB Richard Ellis' Philip Heilpern and Martin Lomazow, the go-betweens representing Sleepy's, did not annotate for this story.

Sleepy's has approached the Nassau shire Industrial Development Agency to certain financing assistance, said Patrick Duggan, Nassau's agent County Executive for Economic exhibition who couldn't say where the application is in the approval process

The IDA didn't get back several calls and e-mail messages seeking annotate Sleepy's said it is also working with the Empire State unfolding office and said both have "been extremely helpful," without commenting further.

An announcement from economic disentanglement officials about the deal could approach as soon as Wednesday.

Nassau's Duggan supports the throw out which would undoubtedly create piece of works "It's a great deal. We reliance it works," he said. "Sleepy's is a great company. I brought my last four mattresses from them. We want them to help in Nassau County."

Sleepy's, with more than 400 stores across seven states, was lay the foundation ofed in 1957 and says it is now the country's largest mattress retailer. sum of two units decades later, it moved to 20000 square feet in fresh Hyde Park and later tripled the square footage. In 1994 it mov into the popular Bethpage headquarters that houses everything from telemarketers to executives.

Six years ago, Sleepy's added a of recent origin Jersey distribution center and, about three years ago, a Connecticut center Blank said. Last year, the lengthy Island Business News ranked Sleepy's as the Island's 15th largest company with 2004 income of $325 million, up 30 percent from 2002 It then had 1300 employee - 500 of them local. At the time, Sleepy's aimed to lay open a store a week.

"It's important for the drawn out Island economy that a company of this magnitude has decided to stay in this area," said Bill Greiner, co-founder of Greiner-Maltz Co single of the Island's first and greatest in quantity well-known commercial real estate firms.

Industry sources the popular headquarters - which has 60 loading and receiving doors - is upon the market for $20 to $25 million.

Space that big rarely hits the market - the Island's average warehouse building is about 25000 square feet and factors have for months lamented a dearth of bigger spaces. In the next to the first quarter, just 5.56 percent of industrial space was available Islandwide. In Nassau, the rate dropp more than 32 percent in the next to the first quarter to 5.43 percent, according to Sutton & Edwards Inc./TCN Worldwide. The submarket including Bethpage, meanwhile, has an ultralow 517 percent available.

on the contrary a Sleepy's deal might not improve those stats. Several sources hinted the site could be recycl for a residential project

"Should that be an industrial building? No," said T Sasso, president of Renaissance Realty Services and a commercial real estate middleman "From a value point of view, it's too valuable to be an industrial building. The logical thing is a certain number of kind of residential development."

Blank couldn't say what will happen to the in every one's mouth home base.

"We have a doom of options with our popular building and we have a allotment of time to work with," he said. "We are exploring all of our options right now."

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