News: Long Island

Queens-based business displaced by Willets Point redevelopment seeks Brookhaven IDA assistance for Medford move

According to Frederick Braun III, chairman of the Town of Brookhaven Industrial Development Agency, the agency has accepted an application for assistance from a Queens company displaced by the planned redevelopment of Willets Point, adjacent to Citi Field. The IDA will consider the application, accepted on May 13, for assistance sought by T. Mina Supply Inc. over the next few months, but first it must schedule and hold a public hearing. T. Mina, a distributor of sewer pipes headquartered in Douglaston, Queens, plans to move its Willets Point operations to a 12,000 s/f building on 4 acres at the Long Island Expressway N. Service Rd. and Old Medford Ave. in Medford. The $4.9 million project would initially bring 25 jobs to Medford with another five to be added in the future. "This application demonstrates that Brookhaven can offer solutions to businesses being forced out of the New York City area by redevelopment and rising real estate costs," said Braun. "Brookhaven has land available for these businesses to relocate and grow." This year, the IDA has already assisted five commercial projects including Rail Realty, an apartment complex in upper Port Jefferson Village, and Meadows at Yaphank Phase 1, a mixed-use development in Yaphank. The Brookhaven IDA has 9 additional projects under consideration with the potential to create and retain 1,800 jobs and result in $225 million in investment to the community.
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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.