News: Long Island

Brookhaven IDA accepts application from Penn Fabricators for Medford expansion

According to Frederick Braun III, chairman of the Town of Brookhaven Industrial Development Agency, the agency has accepted an application for economic assistance from Penn Fabricators, which intends to construct an industrial building to accommodate its growth. Penn, a manufacturer of quartz kitchen countertops now in Yaphank, has filed an application seeking assistance to construct a 30,000 s/f building on 3.5 acres on Platinum Court in Medford. The company, which began business in 2,000 s/f in 1991, now occupies 22,500 s/f of leased space at 100 Bellport Ave. The third-generation family business is a wholesale fabricator of DuPont brand Corian and Zodiaq quartz countertops. Penn said the $5.3 million project would allow them to expand operations and add 10 employees to its current roster of 73. The company is expanding into the fabrication of Dekton material, a high-tech, quartz-based product developed by Spain's Consentino Group that is used for indoor paneling and outdoor siding. The IDA will consider the application over the next few months, but first it must schedule and hold a public hearing. "The Brookhaven IDA is pleased to accept this application," said Braun. "The IDA is ready and willing to help businesses such as Penn Fabricators that wish to expand their operations in our town." This year, the IDA has already assisted 7 commercial projects including Rail Realty, an apartment complex in upper Port Jefferson Village, Crestwood, a milk distributor, and Meadows at Yaphank Phase 1, a mixed-use development in Yaphank. The Brookhaven IDA has 11 additional projects under consideration with the potential to create and retain 2,000 jobs and result in $225 million in investment to the community.
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The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.