The Real Deal New York

Long Island Cheat Sheet: Plainview law firm accused of intentionally overbilling Fannie Mae, home sales dip … & more

By Aidan Gardiner | April 02, 2018 03:30PM

Clockwise from top left: The Belmont Park should be finished by 2021, experts talk commercial lending on Long Island and a Plainview law firm overcharged Fannie Mae by millions of dollars.

Plainview law firm accused of overcharging Fannie Mae by millions of dollars
A Long Island law firm is accused of falsely inflating their bills for services it provided for mortgage foreclosures. The firm, Rosicki, Rosicki and Associates, overcharged Fannie Mae by 750 percent or millions of dollars since May 2009, according to federal prosecutors. A spokesperson for the firm disputed the charges, saying they were based on “questionable legal theories.” [TRD]

Home sales dip amid bad weather, low inventory and high mortgage rates
March home sales are down by about seven percent compared to the same period last year, according to the Long Island Business Journal. The decline has been attributed to the series of storms that hit the area, rising mortgage rates and fewer available houses. [LIBJ]

Commercial real estate lending expected to stay strong through 2018
Commercial real estate lending on Long Island should carry on its strong and steady pace through 2018, experts told TRD. A strong economy and low interest rates have encouraged businesses to seek loans. Large projects in the area are expected to keep lending strong as well. [TRD]

Inside the Belmont Park Arena’s stadium plan
In December, Governor Andrew Cuomo announced a new home would be built for the Islanders and an entertainment complex at the Belmont Park. The New York Arena Partners pledged to spend $1 billion on the facilities. The 60,000-square-foot, 18,000-seat arena should be finished by 2021. [TRD]

Southampton office building sells for $9.8M
A 21,000-square-foot office park at 365 County Road in Southampton sold for $9.8 million. The buyer is 1695 Realty LLC, which is listed to the real estate investor, Robert Rankell. Rosewood Realty Group’s Jack Zalta represented the buyer while Dan Flynn of JLL represented the seller. [LIBJ]