Long Island

Greiner of Greiner-Maltz Co. of L.I. reps buyer in $1.55 million sale; Hackett of Metro Realty Services reps seller

Islip, NY Freeport Paper Industries, a leading manufacturer of pizza and bakery boxes, has been operating for 20 years with the acquisition of their main Central Islip facility in 1999. In the first quarter of 2016, they sought out Dean Greiner of Greiner-Maltz Company of Long Island LLC to assist in the expansion of their operations.

Rechler Equity signs two leases totaling 147,978 s/f

Yaphank, NY Rechler Equity Partners has signed two long-term lease agreements with Amneal Pharmaceuticals. The lease agreements, both at 19 Nicholas Dr., total 147,978 s/f that will be used to expand Amneal’s office, warehouse and distribution operations. The move was the result of both a need to relocate Amneal’s warehouse facility in Commack and to move warehousing operations out of its existing facility to increase manufacturing floor space. Richard Cohen of Ashlind Properties represented Amneal.

All lending institutions do not view environmental issues the same way - by Chuck Merritt

Since the environmental consulting industry is now in its third decade (as far as lending institutions requiring them), many properties have had at least one Environmental Site Assessment (ESA) conducted. As many of the commercial loans available last less than 10 years, some of these properties have been evaluated multiple times. With a prior report (in which the loan closed) comes the question, “the last bank was fine with the environmental report.” Generically referred to as the phase one report, that question is usually asked when a new phase one report presents an Area of Concern (AOC) or Recognized Environmental Condition (REC) not previously identified. 

Nassau Property tax notices cause confusion and grievance deadline extension - by Brad and Sean Cronin

Nassau County’s property tax appeal deadline has been extended to April 30th this year. Republican legislators pushed for the extension citing numerous errors associated with this year’s countywide revaluation of all properties. The current county executive and her administration, which happens to be Democratic, says they have extended the deadline in order to allow every property owner the opportunity to have their assessment reviewed. Regardless of which side was the true impetus or enactor of the change, the bottom line is that property owners now have an additional sixty days before a grievance must be filed to protest their taxes.

The Federal Reserve rate hike and outlook for 2019 Federal Reserve’s recent rate hike - by Ron Koenigsberg

On Wednesday, December 19th, 2018, the Federal Reserve, under Chairman Jerome Powell, raised interest rates for the fourth and final time for 2018. The Fed increased the target range for its benchmark interest rate by 25 basis points to a range of 2.25%-2.5%. This rate controls the cost of mortgages, credit cards, and other borrowing. This is the interest rates’ highest level since early March 2008 where it was in the 3-3.25% range. This move marked the fourth increase of 2018 and the ninth since the Fed began normalizing rates in December 2015.

Tsiolis of Diversified Realty LI arranges two leases - 20,000 s/f total; Includes a 15,000 s/f lease to Equipco in Bellport

Bellport, NY Tommy Tsiolis of Diversified Realty LI, Inc. has brokered two leases in Long Island totaling 20,000 s/f. In the first lease, Tsiolis represented the tenant, Equipco LLC, in a 15,000 s/f lease at 4 Pinehurst Dr. Jeremy Hackett of of Metro Realty Services represented the landlord. Equipco is a steel fabrication company.

Schneider and Inserra of NAI Long Island lease 2,079 s/f

Melville, NY Paul Schneider, senior director, and Carmine Inserra, principal, of NAI Long Island, represented the tenant, Routesmart Technologies, Inc., in the lease of 2,079 s/f office space at 35 Pinelawn Rd. The space was leased from landlord Fairfield Properties, which was self-represented.

Hempstead LDC gives preliminary approval for charter school bond sale

Hempstead, NY According to Frederick Parola, CEO of the town of Hempstead Local Development Corp. (LDC), the agency has given preliminary approval to the sale of tax-exempt bonds that will preserve the Evergreen Charter School, which serves 500 students.

Skolnik of Certilman Balin recieves Excellence in Mentoring Award from the National Mentoring Partnership

East Meadow, NY On January 30th at the Library of Congress, Fred Skolnik, a partner at Certilman Balin, received the Excellence in Mentoring Award from the National Mentoring Partnership in the category of Corporate Leadership. This recognition is given to an employee from a company listed on the National Corporate Honor Roll who both volunteers time as a youth mentor and mobilizes others to engage in the mentoring movement.

Talbot appointed CFO of TRITEC Real Estate Co., Inc.

East Setauket, NY Hanneke Talbot has been named CFO of TRITEC Real Estate Company, Inc. She is responsible for the development of the company’s financial management strategy and contributes to the development of the organization’s strategic goals.  Hanneke will also be accountable for driving discipline and success in all areas of accounting, finance and property management for TRITEC.