News: Long Island

Brookhaven IDA accepts applications for economic assistance for a proposed Ronkonkoma hotel and a planned apartment complex in Port Jefferson

According to Brookhaven town supervisor Edward Romaine and Brookhaven Industrial Development Agency chairman Frederick Braun, III, the Brookhaven IDA has accepted applications seeking economic assistance for a proposed extended-stay hotel in Ronkonkoma and a planned 74-unit rental apartment complex in Port Jefferson. Each application is subject to a future, as yet unscheduled, public hearing and final approval by the IDA. An application from Ronkonkoma-based Sayville Browning Properties seeks assistance for construction of a 122-unit Homewood Suites by Hilton hotel behind the hotel operator's Courtyard by Marriott hotel on the Long Island Expressway South Service Rd. between Exits 60 and 61. The project would result in the creation of 90 full-time-equivalent construction jobs and 47 permanent full-time-equivalent positions. Separately, Port Jefferson-based Rail Realty LLC is seeking assistance to construct a two-building, 74-unit rental apartment complex at the northeast and southeast corners of Texaco Avenue and Linden Place, just north of the Long Island Railroad yard in Port Jefferson. The project would create 69 construction jobs and 5 permanent positions. "These are both worthwhile projects that deserve the IDA's consideration," said Frederick Braun III, chairman of the IDA. "I am pleased that the IDA has agreed to consider these projects, which have the potential to benefit our town by creating new jobs; additional, much needed rental apartments; and an all-suite hotel close to the planned Hub redevelopment," said Romaine. In 2013, the IDA assisted 11 commercial projects including a new school bus hub for Suffolk Transportation, expansion of distribution facilities for Intercounty Appliance and Quality King Distributors, the upgrading of a blighted Selden shopping center into a sports complex and construction of a planned Bristal Assisted Living Facility.
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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.