The Real Deal New York

Long Island Cheat Sheet: LI home prices are up despite sluggish sales … & more

By Aidan Gardiner | April 16, 2018 01:36PM

Clockwise from top left: a group wants to strike down job site union rules, Westbury mall redevelopment launches, home prices up and the owner of historic Ebo Hill mansion pledges to rebuild after fire.

Long Island home prices up despite sluggish sales
March home prices have climbed higher across Long Island even while sales have cooled, the Long Island Business Journal reported. In Suffolk County, the average price rose to $365,500 — about six percent higher than March 2017. Nassau saw a similar hop to $510,000 — about five percent higher than that same time last year. But the number of houses sold dropped to a total of only 2,692 for both counties combined — that’s about five percent lower than the previous March. Brokers attributed the slowdown to the parade of winter storms that hit the island. [LIBN]

Big Nassau leases raise Long Island office market in Q1
Large deals in Nassau County boosted the Long Island office market in the first quarterm after three consecutive quarters of sluggish activity. Only 510,000 square feet were leased, which was 22 percent below Q1 2017 leasing activity but 43 percent higher than Q4 2017. Nassau lead the market thanks to big leases from NYU Winthrop Hospital, which grabbed 77,500 square feet in Mineola, and Sterling National Bank snatching up 56,000 square feet in Jericho. [CBRE]

Advocates aim to kill job site union rules island-wide after Oyster Bay injunction
A coalition of business and construction leaders want to end rules across Long Island requiring job sites hire union labor. In February, a federal judge issued a preliminary injunction on the Town of Oyster Bay’s apprenticeship laws, making it possible for non-union labor to work on major construction projects in the town. Now, the group hopes to strike down similar laws in Babylon, Brookhaven, Huntington, North Hempstead and Smithtown. The group includes Association for a Better Long Island, Long Island Builders Institute and Associated Builders & Contractors. [LIBN]

Westbury mall redevelopment begins
The chairman of the China-based Lesso Group officially started the redevelopment of the mall formerly known as the Mall at The Source when he took a sledgehammer to the building his company bought in May 2017 for $92 million. By the multi-million dollar project’s end, the site will become a 723,326-square-foot home furnishings and decor retail center designed by Perkins Eastman. It’ll also include new restaurants, community centers and shared co-working space for interior designers. Newmark Knight Frank will handle its leasing. The demolition will be done by Turner Construction. [LIBN]

Babylon backs away from controversial mixed-use project
It seems as though the NIMBYs of Babylon recently won out after offering vocal opposition to a mixed-use property that would’ve added 70 apartments to the area, Newsday reported. “After receiving many thoughtful presentations and emails, the overwhelming majority of which were in opposition, the Town Board and I have agreed to not present the mixed-use permit proposal for a vote at a future meeting,” Babylon Supervisor Rich Schaffer said in a Facebook post. Opponents largely argued that the town did not need or want increased density. [Newsday]