The Real Deal New York

Long Island Cheat Sheet: Home prices in Suffolk and Nassau counties inched up in July … & more

By Aidan Gardiner | August 20, 2018 03:15PM

Clockwise from top left: Islanders head predicts speedy Belmont Park completion, Buyers struggle as home prices orise faster than incomes, Silber Investment Properties moves to Plainview and Developer outlines proposed senior housing project for Fort Salonga.

Home prices in Suffolk and Nassau counties tick upward in July, MLS report finds
Nassau County’s median home prices increased annually by 3.8 percent up to $540,000 last month, according to the Multiple Listing Service of Long Island. Suffolk saw similar gains, up 6.8 percent to a median price of $390,000. Compared to 2008 when there were approximately 32,000 listings on the market across the two counties, today there are just 13,000. The scarcity has driven prices higher. Fewer listings have forced buyers into bidding wars that’ve pushed up prices. These gains have well outpaces wage growth and in both counties, the typical resident can’t buy a home on one salary alone. [Newsday]

Hempstead town comptroller accused of withholding millions in payments owed to Nassau County, IDA says
Hempstead Comptroller Kevin Conroy hasn’t handed over millions of dollars collected by the town’s Industrial Development Agency [IDA] and owed to Nassau County, according to a statement released by the IDA, Newsday reported. The funds are from PILOTs — “payments in lieu of taxes” — collected from local businesses, which are allowed to make payments lower than regular taxes in order to spur economic growth. The payments go to the IDA, which then sends the money to the comptroller to disperse to the appropriate taxing jurisdiction, in this case Nassau County. IDA officials don’t know how much money wasn’t sent out, when that money had initially come in or where it is now. Conroy declined to comment. Spokesman for the Nassau County comptroller’s office, Robert Busweiler, told Newsday “it is irresponsible for any party involved to draw conclusions, discuss specifics or disclose contents of a draft audit publicly.” [Newsday]

General manager of the Islanders predicts a speedy Belmont Park project completion
The general manager of the Islanders, Lou Lamoriello, told Sirius XM NHL Network radio that the proposed Belmont Park arena could be finished sooner than expected. Lamoriello predicts having a more precise timeline by Jan. 1, 2019, but it’s been expected that the project would be completed by the 2021-22 season, Newsday reported. In the meantime, the team will split their time between the Barclays Center in Brooklyn and the Nassau Coliseum through next year. The project by Empire State Development is currently under environmental review with building expected to begin in the spring.  [Newsday]

Developer outlines proposed senior housing project for Fort Salonga
The Northwind Group, a developer based in Hauppauge, has filed a “draft scope” for the transformation of the Indian Hills Golf Course into The Preserve at Indian Hills. The draft scope outlines the aspects of the project that a consultant should look at in order to consider the plan’s environmental impact.  The proposed senior housing development would include 98 age-restricted units for those 55 and up on 154.56 acres. The plans call for 49 duplex buildings, in addition to a clubhouse and fitness center. On Aug. 8, Huntington Town’s planning board issued a declaration stating that the project could significantly impact the town, which prompted the necessity of creating an environmental impact statement. The Fort Salonga Property Owners Association opposes the project over environmental concerns.  [Newsday]

Silber Investment Properties moves to Plainview
The commercial real estate brokerage firm Silber Investment Properties will move from its Hicksville offices to a new 12,076-square-foot home in Plainview. Silber, which specializes in buying and selling of retail investment properties, hopes to recruit more people onto its brokerage team after the move. The Plainview space is about three times the size of their old home, Long Island Business News reported. They’re expected to move in mid-September. “The firm has been steadily growing since day one and now is the perfect time for us to set the stage and take advantage of the increasing market opportunities,” a company principal Adam Silber said. Alan Yaffe of United Realty represented Silber. David Hunt of Hunt Corporate Services represented landlord Anton-Cerrone Associates in the negotiations. [LIBN]