News: Long Island

Nassau IDA approves economic development compact for new Hilton Garden Inn

According to Nassau County executive Edward Mangano, the Nassau County Industrial Development Agency has approved an economic development compact that paves the way for a new Hilton Garden Inn. The project will create 300-full-time equivalent construction jobs and once completed, 62 permanent jobs. It is expected to generate total economic benefits of $6.2 million. "This hotel project is important to Nassau County. It creates new jobs for our residents, provides a convenient place to stay for business and leisure visitors in a part of the county where hotel rooms are scarce and rids a beautiful industrial park of an eyesore," said Mangano. The economic compact allows Roslyn O-S LLC to construct a $26 million, 165-room Hilton Garden Inn at 3 Harbor Park Dr. The new hotel will replace an abandoned, dilapidated sports facility in the Harbor View Corporate Park—near the headquarters of research firm NPD Group and filtration systems maker Pall Corp. The project will create 300 full-time-equivalent construction jobs and, once completed, 62 permanent jobs. It is expected to generate total economic benefits of $6.4 million. The hotel, the first branded hotel in northwestern Nassau County, has received the necessary approvals from the Town of North Hempstead. Construction, expected to begin within 30 days of the closing of the economic compact, will last 13 months. "This property has been vacant for many years and without the IDA's assistance it's unlikely that this project would be undertaken," said Joseph Kearney, executive director of the IDA.
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Suffolk County IDA supports expansion of A&Z Pharmaceuticals

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Columns and Thought Leadership
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.