May’s Suffolk home prices were 10 percent higher than the year before — the biggest increase in a decade
Home prices across Long Island rose over the past year, according to the Multiple Listing Service of Long Island. Suffolk prices rose 10 percent — the county’s greatest year-over-year spike since 2005 — to a median price of $370,000. In Nassau, homes sold for an average $519,000, up 8.1 percent from the previous May, Newsday reported. Agents attributed the the island-wide rise to tight home supply, demand from first-time buyers and a general rush to snag low interest rates before they rise again.[Newsday]
East Farmingdale rezoning plan could spur development around Route 110
A proposed rezoning for the hamlet of East Farmingdale could bring 4,402 residents to the area, according to an early environmental impact statement. The plan could also bring $612 million in construction to a 109-acre swath of the town of Babylon, Newsday reported. Under the proposed rezoning, construction projects could create a dense walkable neighborhood with mixed-use buildings in a space that is currently occupied by a mulch maker, Home Depot, movie theater among other things. The review was done by White Plains-based AKRF. The rezoning still needs Town Board approval, which has yet to schedule any hearings or votes. [Newsday]
Self-storage company opens Woodbury headquarters and eyes expansion
The self-storage company Men on the Move is opening its headquarters in Woodbury, the Long Island Business Journal reported. The company bought the 51,000-square-foot office space last year for $5.75 million. The company also hopes to spend $20 million on a 90,000-square-foot addition, about 67,000 square feet of which will be used for self-storage with the rest used for Men on the Move’s operations. Since its beginning as a one-truck moving company, Men on the Move has expanded, last year buying a 150,000-square-foot storage space in Farmingdale for $16 million and a warehouse in Deer Park for $4.8 million. Broker Tom Attivissimo of Greiner-Maltz has worked with the company on many of its real estate deals. [LIBN]
New Jersey mattress retailer to open 3 LI showrooms
Fortunoff, which opened its first showroom in Paramus, New Jersey in May, plans to open three locations across Long Island in Carle Place, Huntington Station and Massapequa Park, Long Island Business News reported. In Carle Place, the company will open a 4,500-square-foot store and in Huntington Place, they’ll open a 5,600-square-foot shop. Both will open on August 1, with the 2,400-square-foot Massapequa Park space opening in September. “We want to be in the right trade areas,” said Fortunoff’s CEO Ben Sensale. “We want strong visibility on major thoroughfares in major trade areas.” [LIBN]
Peloton exercise bike maker signs lease on Syosset warehouse
Manhattan-based exercise bike maker Peloton signed a lease on a 13,800-square-foot Syosset warehouse with property owner Milvado Property Group. Peloton, which has “nearly 1 million” members who use the internet-connected home exercise system, plans to use the space as its first distribution center as soon as this summer. The warehouse space is just a part of Milvado’s 220,000-square-foot industrial and office building. CBRE’s Paul Leone represented Peloton while David Hercman represented the landlord. [Newsday]