SIXTY YEARS YOUNG INSURANCE AGENCY EXPANDS INTO OWN HOME

A sixty years young insurance agency, Friedman & Friedman, a full service insurance and brokerage firm, has purchased and renovated a 17,000 foot building in Mineola to use for its offices. This is with thanks to low cost financing from Long Island Development Corporation/Greater New York Development Co. (LIDC/GNYDC).

Started in 1945 by Murray Friedman in NYC, the firm moved to Roslyn in 1963 and then to a 5,000 foot location in Westbury. The firm has stayed in the family over the years and now has embarked on an aggressive expansion which necessitates significantly more space for the operations. Currently owned by Harry Friedman (brother to Murray), Robert Friedman (nephew), and Stephen Sharp (son in law), the business is truly a family affair. Friedman and Friedman sell property/casualty insurance products to businesses and individuals. It also provides personal life and disability products. The firm has created a unique niche due to the expertise and experience of its owners and employees and its long standing solid reputation in the industry.

The new location, a two story masonry building on a quarter acre, will provide sufficient space for the company to grow. Purchase and renovations of the building are being financed by a bank loan for 50% of project cost (including soft costs) and a 40% second mortgage loan from LIDC/GNYDC under the SBA 504 program. The company will inject just 10% into the project, thereby preserving its working capital for the expansion.

Sr. VP Carmine Fabio was the lender at LIDC/GNYDC who made the second mortgage loan. The deal was put together by Don Gallagher of Gallagher Associates, one of the region's premier mortgage brokers.

Stephen or Robert can be contacted for help with a client's insurance needs at 516 683-0500 (www.friedmaninsurance.com).