Since the environmental consulting industry is now in its third decade (as far as lending institutions requiring them), many properties have had at least one Environmental Site Assessment (ESA) conducted. As many of the commercial loans available last less than 10 years, some of these properties have been evaluated multiple times. With a prior report (in which the loan closed) comes the question, “the last bank was fine with the environmental report.” Generically referred to as the phase one report, that question is usually asked when a new phase one report presents an Area of Concern (AOC) or Recognized Environmental Condition (REC) not previously identified.
Nassau County’s property tax appeal deadline has been extended to April 30th this year. Republican legislators pushed for the extension citing numerous errors associated with this year’s countywide revaluation of all properties. The current county executive and her administration, which happens to be Democratic, says they have extended the deadline in order to allow every property owner the opportunity to have their assessment reviewed. Regardless of which side was the true impetus or enactor of the change, the bottom line is that property owners now have an additional sixty days before a grievance must be filed to protest their taxes.
On Wednesday, December 19th, 2018, the Federal Reserve, under Chairman Jerome Powell, raised interest rates for the fourth and final time for 2018. The Fed increased the target range for its benchmark interest rate by 25 basis points to a range of 2.25%-2.5%. This rate controls the cost of mortgages, credit cards, and other borrowing. This is the interest rates’ highest level since early March 2008 where it was in the 3-3.25% range. This move marked the fourth increase of 2018 and the ninth since the Fed began normalizing rates in December 2015.
Bellport, NY Tommy Tsiolis of Diversified Realty LI, Inc. has brokered two leases in Long Island totaling 20,000 s/f. In the first lease, Tsiolis represented the tenant, Equipco LLC, in a 15,000 s/f lease at 4 Pinehurst Dr. Jeremy Hackett of of Metro Realty Services represented the landlord. Equipco is a steel fabrication company.
Melville, NY Paul Schneider, senior director, and Carmine Inserra, principal, of NAI Long Island, represented the tenant, Routesmart Technologies, Inc., in the lease of 2,079 s/f office space at 35 Pinelawn Rd. The space was leased from landlord Fairfield Properties, which was self-represented.
Hempstead, NY According to Frederick Parola, CEO of the town of Hempstead Local Development Corp. (LDC), the agency has given preliminary approval to the sale of tax-exempt bonds that will preserve the Evergreen Charter School, which serves 500 students.
East Meadow, NY On January 30th at the Library of Congress, Fred Skolnik, a partner at Certilman Balin, received the Excellence in Mentoring Award from the National Mentoring Partnership in the category of Corporate Leadership. This recognition is given to an employee from a company listed on the National Corporate Honor Roll who both volunteers time as a youth mentor and mobilizes others to engage in the mentoring movement.
East Setauket, NY Hanneke Talbot has been named CFO of TRITEC Real Estate Company, Inc. She is responsible for the development of the company’s financial management strategy and contributes to the development of the organization’s strategic goals. Hanneke will also be accountable for driving discipline and success in all areas of accounting, finance and property management for TRITEC.
Centereach, NY On February 13th, Community Development Corp. of Long Island (CDCLI) kicked off its partnership with the American Red Cross on Long Island to make homes safer in Nassau and Suffolk Counties. CDCLI received training to carry out the Red Cross Sound the Alarm program, which installs free smoke alarms and provides fire safety education in at-risk communities across Long Island and across the country.
Melville, NY According to H2M architects + engineers, Patricia Del Col has joined the firm as the deputy market director for the L.I. municipal market. She has 30 years of experience working on municipal and private projects on L.I., in the areas of engineering, environmental protection, solid waste/recycling, and overall municipal operations, finance, and management.
