The Real Deal New York

Long Island Cheat Sheet: Deadline again extended for Nassau Coliseum proposals … & more

By Aidan Gardiner | August 06, 2018 04:00PM

Clockwise from top left: Westbury’s Vanderbilt luxury apartment building is nearly entirely leased, Developers seek change to IDA criteria for affordable housing, Deadline again extended for Nassau Coliseum proposals and Sanders Equity refinances Long Island portfolio for $19.2M.

Updated: 11:58 a.m., August 7

Deadline again extended for Nassau Coliseum proposals
After receiving a handful of responses, Nassau County officials have again pushed a deadline for developers to submit proposals for the Nassau Hub Innovation District, a 70-acre parking lot near the Coliseum. The deadline had been July 20, but was then extended to Aug. 3 and now Aug. 17. Officials said the extension was to “keep the door open” for prospective developers. Some of the proposals already submitted include a mixed-use office campus with restaurants and multifamily housing. While some ideas already put forward fall within the current zoning for housing in the area, which allows for 500 residential units, others are pushing for zoning changes allowing for more units, in order to make the project viable. [LIBN]

Sanders Equities refinances portfolio for $19.2M
Jericho-based Sanders Equities, a real estate investment and management firm, secured a seven-year loan to refinance a portfolio that includes commercial real estate holdings Nassau County. The local holdings consist of six industrial properties, a mixed-use one as well as a retail space. Bryan Kallenberg of Meridian Capital Group helped negotiate the loan which has a four percent interest rate and a 30-year amortization schedule. Sanders sought the financing in order to capture the relatively low interest rates available before they rise again. Sanders is currently developing its first “ground-up project,” a 43,000-square-foot industrial building in Hicksville. [LIBN]

Group of local developers lobby to change state-issued IDA criteria for affordable housing
Developers want the state to re-examine how it reviews housing projects that get tax breaks from Industrial Development Agencies, which they feel undermine the construction of affordable units, Newsday reported. A coalition of developers called the Association for a Better Long Island have asked the Authorities Budget Office that, going forward, IDA-supported projects be based on the number of units created, not the number of jobs created. The developers argue that demand for these units has surged recently and by focusing on jobs, the rules ignore this demand and could the hamper local economies they aim to help. [Newsday]

Beechwood Organization says its Westbury luxury rental/hotel property The Vanderbilt is 95% leased
After opening in March, The Vanderbilt has leased 95 percent of its luxury apartments and extended-stay hotel suites, according to a press release issued by its developer, the Beechwood Organization. The Vanderbilt features 178 rental apartments and 17 hotel suites. Monthly leases for 880-square-foot one-bedrooms start at $3,500 with 1,700-square-foot two-bedroom penthouses going for as much as $8,000 a month. The Kingfish Oyster Bar & Restaurant by Tom Schaudel also opened in the apartment building this month.

15-acre Medford office complex sells to NJ-based investment firm
New Jersey-based PAG Investments bought the Brookhaven Executive Center in Medford for what real estate sources estimate was $7.2 million. The price wasn’t officially disclosed. The 155,079-square-foot office complex sits on 15-acre campus and is 53 percent occupied. It was once owned by Paul Elliott, the CEO of Soundview Realty Group. It was foreclosed on in 2014 and then taken over by American General Life Insurance, a subsidiary of AIG Global. Kevin Welsh, Brian Schulz, Chuck Kohaut and Jason Emrani of Newmark Knight Frank’s Tri-State Capital Markets team worked with colleagues in their company’s Melville office — Scott Berfas, Dan Oliver and Jordan Oliver — to represent AIG and find a buyer.  [LIBN]