The Real Deal New York

Long Island Cheat Sheet: Plans for 93-acre Syosset Park unveiled, the people to know if you want to build in LI & more

By Aidan Gardiner | March 26, 2018 02:10PM

Clockwise from left: Developers unveiled plans for Syosset Park, L.I.’s governmental boosters for development include Rockville Centre Mayor Francis Murray, left, and Nassau County executive Laura Curran, right, Long Island real estate is strong 10 years after financial crisis.

Plans for 93-acre Syosset Park unveiled ahead of town vote
A developer unveiled its plan for Syosset Park including 625 townhomes and condominiums, two hotels, a 30-acre park and 350,000 square feet for shops and services on land that was once occupied by the Cerro Wire plant, a landfill and a Town of Oyster Bay public works complex. The developer, Syosset Park LLC, is made up of both Indianapolis-based Simon Property Group and Castagna Realty Co. of Manhasset. The Town of Oyster Bay will vote Tuesday on whether to accept the developer’s draft environmental impact statement. [Newsday]

These are the people you need to know if you want to build in LI
The Island’s reputation for shunning new development is slowly — ever so slowly — changing with the help of local government’s boosters of transit-oriented projects. The politicians who push for greater density throughout Suffolk and Nassau counties are no strangers to NIMBY opposition, and but, as Rockville mayor of Rockville Centre Francis Murray told Newsday, they recognize that “to sustain what you have you have to build to get better. Otherwise, you’re going to lose market share.” [TRD]

What’s changed for locals since the 2008 financial crisis?
A look back at how far we’ve come in a decade indicates that Long Island’s commercial and residential real estate markets are going strong, experts said. The median home price was $415,000 in Q4 2017, up 6.6 percent from the same time a year before, but still shy of the pre-crash heights, according to Douglas Elliman. “We’re almost there — we’re not there yet,” said Ann Conroy of Douglas Elliman’s Long Island division. [TRD]

Firm leases additional 59,000 square feet in Deer Park
Arma Container Corp., a packaging company, leased a 59,000-square-foot industrial building in Deer Park. Arma currently uses a 120,000 square feet nearby. The new space has 18-foot ceilings and five loading docks. Mario Asaro of Industry One Realty represented Arma and the landlord, 990 Metropolitan Avenue LLC, in the deal. [LIBN]