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Hauppauge, NY The Suffolk County Industrial Development Agency (IDA) has preliminarily approved a transaction to assist Boss Facility Services, Inc. in purchasing and renovating a 31,000 s/f building at 60 Adams Ave. Assistance from the IDA will leverage a $5 million investment, retain 59 existing jobs and create six new ones for Suffolk County residents. 

In cities across America, where we are seeing more and more vacant storefronts, brands are reconsidering what the purpose of a physical store should be. These vacancies should be looked at as an opportunity for new brands as pop-up stores have the ability to offer temporary experiential retail space. The hope is that pop-up rejuvenates a “stale” retail market. 

Uniondale, NY Forchelli Deegan Terrana partner Daniel Deegan has been appointed by the Long Island Association (LIA) as the chair of the young professionals committee. The young professionals committee is comprised of a group of employees ages 22-35 who are designated by members of the LIA board of directors. The LIA is thus helping train the next generation of business leaders and integrating their input in confronting the challenges facing young people on Long Island while giving them an opportunity to learn, network and collaborate with each other.

Syosset, NY According to the Commercial Industrial Brokers Society of Long Island (CIBS), a new executive board has been elected. Serving two-year terms beginning January 1st, they are the following: • President: David Leviton. He is a managing director in the Melville office of JLL and previously was VP of CIBS. He has 30 years of experience in office leasing and sales and has been involved in 600 transactions, representing both landlords and tenants.

Sears is closing 140 stores before the end of 2018. They may also have to liquidate all of their roughly 700 existing stores if it can’t pull together enough financing to stay alive. Simon Property Group, the largest mall owner in North America (175 malls and outlet centers), Washington Property Group (owner of 106 malls), Kimco Realty (owner of 510 shopping centers) and other major mall owners all agree the demise of Sears is an opportunity. 

Bohemia, NY With 2019 shaping up to be an unprecedented year for environmental projects on Long Island, environmental engineering firm P.W. Grosser Consulting is gearing up with new management, an expansion, and a major rebrand. 2018 has been a whirlwind year for the environmental engineering firm. After carrying out a strategic management transition that gave the firm’s more than 70 employees an ownership interest in the company and restructured its upper management, PWGC doubled the size of its Bohemia headquarters.

Jericho, NY Canstruction Long Island held its 12th Annual Design/Build competition where 10 teams comprised of professionals from the architecture, engineering and construction industry, as well as local students, competed to make sculptures out of canned food to help feed the region’s hungry. The buildout took place on Wednesday, October 24, and the awards reception was held on Thursday, October 25.

Centereach, NY “Hitting the ground running and not looking back” is both symbolic and literal for Alexander Schuil and his staff. This CEO, as well as four other members of his organization (Briscoe Protective Systems), recently ran the NYC Marathon, with the entire team crossing the finish line with personal best times. They participated in the marathon to raise money for “NYRR Team For Kids.”  Setting goals, having vision, and moving forward are Schuil’s formula for success.  

North Hills, NY According to Pizzarotti, LLC, The Ritz-Carlton Residences in Long Island has recently obtained a Temporary Certificate of Occupancy (TCO) for buildings five and six of phase two of the project. The two buildings, located at 3000 Royal Court, accommodate 52 residences in addition to a clubhouse with a library and bar, a fitness center with equipment and a grand main entrance. The TCO was obtained on November 20th, 2018, 16 days before the original completion date which was expected to be December 5th, 2018. 

Mineola, NY John Magnani, a board member of the Commercial Industrial Brokers Society of Long Island (CIBS), told a Nassau County legislative hearing that Long Island’s largest commercial brokers organization supported a plan and a lease amendment that will give the operator of the NYCB Live’s Nassau Coliseum and the project’s master developer exclusive rights to propose building on the 72 acres of vacant blacktop surrounding the arena.

Hicksville, NY Cushman & Wakefield has served as the exclusive advisor to Lincoln Equities Group in procuring $28 million in financing for 344 Duffy Ave. The financing was provided by Heitman Capital Group for the development and construction of a 195,610 s/f class A industrial facility. A Cushman & Wakefield equity, debt & structured finance team of John Alascio, Sridhar Vankayala and Noble Carpenter III represented Lincoln Equities Group.

Ronkonkoma, NY Racanelli Construction Company, Inc. has been named the construction manager for two Long Island projects. The first project is for Excel Holdings 6, LLC (Arlington, VA). Racanelli Construction is working with Excel Holdings 6 to build a new 124 extended stay Homewood Suites in Ronkonkoma. The 102,125 s/f, four-floor structure will be constructing using a wood panelized system, and an exterior insulation and finish system (EIFS). Other materials being applied in the structure include pre-manufactured wood panels and floor truss system. In addition, the project will feature a new product offered by Dryvit; a prefinished EIFS called NewBrickwhich is a faux brick system. 

Hempstead, NY Fred Parola, executive director of the Hempstead Industrial Development Agency has closed on an agreement that will preserve affordable housing for hundreds of village residents. The IDA’s action, consenting to the sale of Park Lake Residences, an affordable housing complex in the village and the assignment of existing economic benefits to the new owner, closed on Nov. 28.

Wantagh, NY Breslin Realty has signed a 1,500 s/f long-term lease to Club Pilates at Willow Wood Shoppes. Club Pilates will be occupying 1,500 s/f of the shopping center, located at the Northeast corner of Jerusalem Ave. & Wantagh Ave. The transaction was arranged and negotiated for the landlord by Robert Delavale of the Breslin Organization.

Commack, NY Levin Management Corp. (LMC) has brokered two leases at Mayfair Shopping Center. Music & Arts, a sister brand of musical instrument retailer Guitar Center, and learning center franchise The Tutoring Center have leased 2,500 and 1,320 s/f, respectively (3,820 s/f total.) LMC serves as exclusive leasing and managing agent for the 222,000 s/f Mayfair Shopping Center, situated on Jericho Tpke., east of the Sunken Meadow Pwy. LMC’s E.J. Moawad, a leasing representative with the North Plainfield, N.J., commercial real estate services firm, arranged both commitments

Medford, NY According to Frederick Braun III, chairman of the Brookhaven Industrial Development Agency (IDA), the agency has closed on an agreement that will provide economic incentives to assist the purchase of the Medford headquarters and warehouse of the appliance cooperative Intercounty Appliance Corp. by a business affiliated with a NYC developer.

Melville, NY Rechler Equity Partners has entered into a long-term lease agreement with Catholic Health Services (CHS). The deal for 26,000 s/f of office/administrative space at 320 South Service Rd. will allow CHS to maximize efficiencies by locating several administrative services under one roof. “The share of companies that fall into the health care and pharmaceutical-related industries within our 6 million s/f portfolio continues to expand and represents the overall strength of this sector in our region,” said Mitchell Rechler, co-managing partner of Rechler.

Ronkonkoma, NY Coldwell Banker Commercial NRT (CBC NRT) has brokered the $1.325 million sale of 2060 Ocean Ave. The buyer was Long Island Power Solutions (LIPS), a growing Islandia-based firm specializing in the solar industry. LIPS provides on-site power solutions for commercial and residential properties.

Q: We will be placing an industrial building on the market shortly.  What is the best way to establish the right selling price? A: Setting an asking price is more art than science, but certainly the first step is to establish the market value of the property. The real estate appraisal process considers three means of establishing value:  the cost approach, the income approach and the market approach.