News: Long Island

Damianos Realty Group celebrates opening of new headquarters

Principals of Damianos Realty Group, accompanied by a host of public officials, marked the opening of the company's new headquarters in the heart of the historic district of Smithtown's Village of The Branch at a Dec 11 ribbon cutting. The new offices, which total 11,000 s/f, feature lots of glass and black wood and shades of grey and white. The sleek, modern style represents a sharp contrast to the exterior of the colonial-style brick office building constructed in 1974. "We wanted to do something that was very corporate looking," said Cristofer Damianos, noting that the new offices showcase the company's capabilities in design and construction to prospective tenants, presents a sophisticated image to those who do business with the company and provides a better working environment for Damianos Realty's 20 employees. "They were looking for an elegant spin," said James Acunto, principal of Innersite Inc., the Hauppauge-based interior design firm that was responsible for the new look." It has a moving forward look to it." Damianos Realty, which occupied 4,000 square feet for 20 years at 285 Middle Country Rd., Smithtown, moved into the new space several months ago. The company also renovated public areas in the 80,000 s/f building, which it acquired in 2004. The building is 100 percent leased and anchored by the financial service firm A.G. Edwards (which is being acquired by Wachovia Financial) and a Chase Bank. Medical and professional tenants lease the remaining space. "We wish them much success," said Mayor Kissane, who participated in the ribbon cutting. Other public officials at the ceremony included Smithtown supervisor Patrick Vecchio; Smithtown Receiver of Taxes Deanna Varricchio; Smithtown council member Patricia Biancaniello; Smithtown council elect Robert Creighton; Assemb. Michael Fitzpatrick; Brookhaven town clerk Pamela Betheil; Brookhaven director of economic development Raymond Donnelly; Village of Port Jefferson mayor Brian Harty; and Village of the Branch clerk Robert Morlath. Four bank presidents also attended. They were Thomas Kohlmann of Suffolk County National Bank, Brad Rock of Bank of Smithtown, Douglas Manditch of Empire National Bank (in formation) and James Gay of Gold Coast Bank (in formation).
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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.