Long Island Cheat Sheet: Shrinking industrial inventory should push businesses to buy properties instead of rent, experts say … & more

TRD New York /
May.May 14, 2018 12:00 PM

Clockwise from top left: Anti-development Huntington supervisor faces test in vote on $80M project, Long Island to get $25.6M for 239 affordable housing units, Plainview industrial parts company wants tax breaks in $4.7M expansion and ‘Taj Mahal’ of dog kennels in Aquebogue goes up for sale.

Shrinking industrial inventory should push businesses to buy properties instead of rent
The industrial market on the island reported a 3.1 percent vacancy rate in the first quarter, down slightly from a year ago, according to data from Newmark Knight Frank. Similarly, the office market saw a vacancy rate of 8.9 percent, up slightly from the year before, but lower than the 13.5 percent national average. That coupled with an influx of businesses moving to Long Island from New York City have created a tight market. “If you’re planning on doing something, you’ve got to be quick because in this market the buildings are staying on the market for a very short time,” Michael Freedberg, president of West Babylon-based Suffolk Industrial Properties told Newsday. [Newsday]

Long Island to get $25.6M for 239 affordable housing units
New York state officials awarded Long Island $25.6 million to build affordable housing units in Bay Shore, Port Jefferson Station, East Hampton and Southold. The money is from a fund that gives tax credits and low-interest financing to affordable housing developments. Of the recipients, Port Jefferson Station will see the biggest development project with $8.1 million to fund a 77-unit apartment complex. Forty-five of those will be set aside for homeless people. [LIBN]

Anti-development Huntington supervisor faces first test in vote on $80M project
Huntington supervisor Chad Lupinacci won his seat in November after a slew of campaign promises to oppose what locals saw as overdevelopment of the town. His first chance to make good on those vows comes in the form of an $80 million, 486,380-square-foot commercial development proposed by the Villadom Corporation, opponents of the project said. The development requires a zoning change from residential to commercial that Lupinacci must approve or deny but the official has so far stayed mum on the matter. [Newsday]

First phase of Renaissance Downtowns’ Huntington Station revitalization completed
Plainview-based developer Renaissance Downtowns, as the master developer of Huntington Station’s revitalization plan, partnered with Blue & Gold Homes to complete the first phase of the project. The developers and town officials gathered last Monday to celebrate the completion of the mixed-use building featuring 16 residential rental units and 6,500 square feet of retail space, Long Island Business News reported. Another 66 residential units and more retail space are in the works for the master plan. [LIBN]

Plainview industrial parts company wants tax breaks in $4.7M expansion
Supreme Screw Products is looking for some tax breaks in its effort to expand its Plainview facilities. The company is in talks to buy another 31,000-square-foot industrial spot right next door, at a cost of $4.7 million. Now, it wants Nassau’s Industrial Development Agency to help with the mortgage recording tax, sales taxes and property taxes. The IDA helped the company relocate from The Bronx more than two years ago. [Newsday]

‘Taj Mahal’ of dog kennels in Aquebogue goes up for sale
The six-acre home to Scoshire Kennels — “recognized on the national level of the dog world” according to Newsday — is on sale for $1.4 million. Dubbed the “Taj Mahal of kennels,” the property includes a 9,000-square-feet of kennels, a grooming area, heated floors, walk-in showers, 40 kennel runs along with a two bedroom, two bathroom mobile home. Barry Novick of Daniel Gale Sotheby’s International Realty is representing the property. [Newsday]


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