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.
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.
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.
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.
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.
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.
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.
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.
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.
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.