The Real Deal New York

Long Island Cheat Sheet: Mineola named one of the healthiest housing markets in the state … & more

By Aidan Gardiner | April 30, 2018 02:10PM

Clockwise from top left: Bethpage developer is fined for filing omissions, Syosset schools superintendent wants an environmental review of mixed-use development, defunct power plant to be redeveloped as a truck repair facility and local investors buy a Rockville Centre office complex for $22M.

Mineola is one of the healthiest housing markets in the state
Mineola ranked among the ten best housing markets in New York, according to a study by SmartAsset. The firm evaluated 160 communities across the state, based on the years owners spend in their homes, their value, ease of sale and cost of ownership. The study found that in Mineola, people stay in their homes for about 18 years and only 2.8 percent of owners have negative equity. Only about three percent of homes in the town lost value. No other Long Island markets broke the top 10. Number one on the list was Depew, New York, 10 miles east of Buffalo, Newsday reported. [Newsday]

Bethpage developer fined for condo filings omissions
Anthony Galeotafiore, president of AJG Capital of Bethpage, has to pay at total of $166,000 for leaving out information in filings for condo developments in Copiague, Westbury and Islip Terrace, Newsday reported. His omissions include the disclosure of six mortgages he negotiated without a broker license, a 2003 sanction from the Financial Industry Regulatory Authority and a fraud dispute with a co-developer. [Newsday]

Syosset schools head wants environmental review of Oyster Bay mixed-use project
Thomas Rogers, superintendent for Syosset’s schools, wants an independent review of a planned mixed-use development slated to go up next to one of the town’s schools. Indianapolis-based Simon Property Group and Castagna Realty Co. plan to build 625 townhouses and condos, two hotels, a 30-acre park, stores, offices and restaurants on a site that was once an industrial plant and landfill. [Newsday]

Rockville Centre offices sold to Westbury investors
Valley East Properties, of Westbury, bought a five-story office complex in Rockville Centre for about $22 million, according to Long Island Business News. The 141,000-square-foot complex holds two buildings that together are 92 percent occupied by offices and medical tenants. With the sale, Valley East now owns more than 1 million square feet of offices on Long Island, according to a company statement. The Rochlin Organization’s Adam Rochlin represented the buyer while the seller was represented by Jose Cruz and Kevin O’Hearn of HFF. Rochlin and his colleague Michael Levenstein will be the leasing agents on the property. [LIBN]

Costly former Bay Shore power plant to become truck repair facility
The former Hubbard Power & Light plant has sat empty for 23 years, accruing about $6.5 million in tax liens over that time. Vincent Trapani, a Bay Shore businessman, bought the site for $343,000, in a transaction completed in February. The liens were forgiven as a part of the transaction. He plans to redevelop the 1.3-acre property into a truck repair facility [Newsday]