Long Island Cheat Sheet: Designer’s Oyster Bay home lists for $19.5M … & more

TRD New York /
Jun.June 25, 2018 01:00 PM

Clockwise from top left: Islanders seek $400K tax break for coliseum renovation, designer Oleg Cassini’s home in Oyster Bay on the market for $19.5M, Farmingdale apartment complex to sell for $15.55M and Developer plans 90-acre industral park for Central Islip.

Designer Oleg Cassini’s home in Oyster Bay lists for $19.5M
The onetime home of Oleg Cassini, who designed clothes for Jacqueline Onassis, has hit the market for $19.5 million, Newsday reported. The late designer’s widow recently landed in jail amid a protracted legal dispute over his fortune. The Italian Rennaissance style mansion, which was built in 1915, sits on 43.5 acres and has 14 bedrooms and eight-and-a-half bathrooms. It also features a pool, tennis court, stable and a great room on the upper floors offering a water view. Philip Laffey of Laffey Real Estate is handling the listing. [TRD, Newsday]

Islanders seek $400K tax break for coliseum renovation
The Islanders want Nassau County’s Industrial Development Agency to grant them a $400,000 sales tax break on their contribution to the $8.7 million renovation of the Nassau Coliseum, Newsday reported. The team is pitching in $2.7 million along with a $6 million state grant to update the facility to NHL standards. The Islanders want a break on the building materials, equipment and other materials that they need to do that. The renovation, which will is set to begin this month, will bring new video infrastructure, upgrades to the ice rink and an overhaul of the home team’s locker room. [Newsday]

42-unit Farmingdale apartment complex sells to Fairfield Properties
Melville-based Fairfield Properties is in contract to scoop up a 42-unit apartment building in downtown Farmingdale for $15.55 million, Long Island Business News reported. Completed in 2016 by Terwilliger & Bartone Properties, The Cornerstone, as it’s called, will become Fairfield’s seventh rental complex near the Farmingdale LIRR station. The company owns about 10,000 apartments throughout Long Island and Queens. The sale must still be approved by the Nassau County Industrial Development Agency. Apartments in the 27,841-square-foot Cornerstone go for up to $3,395 a month. [LIBN]

Steel Equities plans 90-acre industrial park for Central Islip
Bethpage-based Steel Equities hopes to build an industrial park on a vacant 90-acre plot that currently belongs to the New York Institute of Technology in Central Islip, Long Island Business News reported. The developer wants to construct 10 buildings on the property, though more details haven’t been disclosed. Executives with the company have already met with civic groups and the Central Islip Fire Department to get community input. Many of the 20 brick buildings currently on the property will likely have to be demolished under the plan. The property would also have to be rezoned. NYIT bought the site in 1984 but hasn’t held full classes there since 2005. The school has recently been selling off parts of the property. [LIBN]

State approves Huntington Station land transfer, making way for redevelopment
In one of its last acts of the most recent session, state legislators approved the transfer of 4.16 acres of land in Huntington Station to Huntington Town, thereby paving the way for a redevelopment project there. The land will be appraised, sold to the town and then sold to the hamlet’s master developer Plainview-based Renaissance Downtowns. The town and developer hope to start building a hotel on the site once the sale is complete, Newsday reported. [Newsday]

Related Articles

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Racial inequality in homeownership across US is sharpest in New York: report