News: Brokerage

Long Island Real Estate Group hosts breakfast meeting; Panel discusses Long Island Rail Road expansion

Shown (from left) are: Kyle Strober, Elisa Picca, LIREG co-president Michael Blaymore; David Kapell, LIREG co-president Richard Herzbach, LIREG breakfast co-chairman Scott Burman and Michael Balboni.

Shown (from left) are: Kyle Strober, Elisa Picca, David Kapell and Michael Balboni

Old Westbury, NY A top Long Island Rail Road (LIRR) official told a breakfast meeting of the Long Island Real Estate Group (LIREG) that the country’s busiest commuter line must go forward with a $2 billion third track expansion plan despite costly derailments, delays and other major recent problems at Penn Station.

Elisa Picca, the railroad’s executive vice president was a member of a panel that discussed the project and implications at a LIREG meeting at the Old Westbury Country Club. Other panelists included David Kapell, former Greenport mayor and now executive director of the Right Track for Long Island Coalition, a supporter of the plan; Kyle Strober, executive director of the Association for a Better Long Island, and Michael Balboni, a former New York State senator, and now president of a consulting firm, Redland Strategies Inc.

Asked about recent derailments at Penn Station, track closings and delays in the last few weeks. Picca said, “We have a lot of old infrastructure. There’s a lot of places [on the railroad] that need intervention. The tracks and the signals need routine maintenance. But we see this [third track project] as a re-birth of the railroad.”

Panelists voiced strong support for the project, which calls for building a 9.8 mile third track on the Main Line within the LIRR’s existing property, between Floral Park and Hicksville. 

Picca said the LIRR hopes to award construction contracts by the end of this year. The plan calls also for eliminating all grade crossings in the 9.8 mile stretch. Construction is estimated to take between three and four years, she said.

Picca said the LIRR hopes to get funding sources in place soon. The LIRR has been holding public hearings on the plan and has launched a publicity campaign to promote it.

The third track is aimed at providing more reliable LIRR service, creating jobs, growing the Long Island economy and keeping young people in Nassau and Suffolk.

The LIRR’s five branches “are running on 19th century architecture,” Kapelll said. “It’s not an overstatement to say this is the most important project for Long Island in decades.”

Strober called the project crucial, adding that “it will maintain a young workforce on Long Island. I’m the youngest person on this panel, and I can tell you, from my generation, we need this.”

Balboni, a republican, praised gov. Andrew Cuomo, a democrat, as “a visionary” for supporting the project. “I think this is going to be enormous for Long Island,” Balboni said.

LIREG, formed in 2004 to encourage networking among Long Island real estate developers, owners and allied trades and to raise funds for charitable real estate-related projects on Long Island, has almost r00 members. Since its founding, LIREG has contributed more than $1 million to numerous real estate-related projects undertaken by charities on Long Island. For more information, visit www.LIREG.org

 

 

 

MORE FROM Brokerage

AmTrustRE secures 5,754 s/f lease with GKV Architects at 360 Lexington Avenue

Manhattan, NY AmTrustRE has executed a 5,754 s/f lease at its premier boutique Midtown East office tower, 360 Lexington Ave., with longtime partner GKV Architects. The award-winning firm will occupy a portion of the 14th floor. >“GKV Architects has been a trusted partner to AmTrustRE for over two decades, playing an integral role in shaping and elevating several
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced