Melville NY According to T. Weiss Realty Corp., a family-owned developer, landlord and manager of commercial real estate, Hardesty & Hanover, LLP, a 130-year-old civil engineering firm, has leased 2,594 s/f of office space.
Hauppauge, NY The Crest Group, headed by CEO Enrico Scarda, has closed on the Crossroads office portfolio consisting of 400,000 s/f which includes four buildings in Hauppauge and nine buildings in Islandia at exit 57 off Long Island Expressway. A sales prices was not disclosed. The transaction was direct with the buyer and seller.
Islip, NY Freeport Paper Industries, a leading manufacturer of pizza and bakery boxes, has been operating for 20 years with the acquisition of their main Central Islip facility in 1999. In the first quarter of 2016, they sought out Dean Greiner of Greiner-Maltz Company of Long Island LLC to assist in the expansion of their operations.
Yaphank, NY Rechler Equity Partners has signed two long-term lease agreements with Amneal Pharmaceuticals. The lease agreements, both at 19 Nicholas Dr., total 147,978 s/f that will be used to expand Amneal’s office, warehouse and distribution operations. The move was the result of both a need to relocate Amneal’s warehouse facility in Commack and to move warehousing operations out of its existing facility to increase manufacturing floor space. Richard Cohen of Ashlind Properties represented Amneal.
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.