Long Island Cheat Sheet: Local home prices inch up, $51M warehouse proposed in Bethpage … & more

Long Island home prices up amid rising interest rates and low inventory
It’s a particularly rough time to be in search of a home to buy on the island. Nassau county homes sold for a median of $550,000 in August, a 7.4 percent increase from the same time a year before, Newsday reported. Suffolk home prices rose nine percent to a median price of $405,000 over the same period, according to data compiled by the Multiple Listing Service of Long Island. But there’s a bit of a silver lining: while in August, Nassau had 5,421 homes hit the market, which is low in historical terms, that’s still up eight percent from August 2017. Rising interest rates have driven some to buy before borrowing rates climb any higher, experts told the outlet. [Newsday]

Steel Equities proposes $51M FedEx warehouse in Bethpage
Steel Equities wants to spend the $51 million to build a FedEx warehouse in Bethpage that would bring 190 jobs to the area, Newsday first reported. The company hopes to buy six acres that are part of a 105-acre property that once housed the Northrop Grumman manufacturing complex. In 2011, Steel Equities bought an 84-acre portion of the property to transform into, among other things, a film studio. At the time, the Nassau County Industrial Development Agency reduced taxes on the company for 40 years because the land was contaminated. Those taxes, however, have increased because of Steel Equities’ incoming rent on the property. The IDA is now considering whether to incorporate the proposed warehouse into the 2011 deal. Steel Equities said FedEx is expected to use the new facility for at least 15 years. [Newsday]

Drug company seeks IDA help in Yaphank expansion
Amneal Pharmaceuticals wants the Brookhaven Industrial Development Agency to award the company economic incentives as part of its $1.1 million renovation and expansion in Yaphank. Amneal plans to lease 84,000 square feet of warehouse space from a building owned by Rechler Equity Partners. It currently operates out of a 410,000-square-foot building and employs about 700 people. Amneal’s changes are expected to bring seven new jobs. The IDA anticipates, however, that the company will likely expand more in the future. The application has already been subject to a public hearing, but faces further staff review before final approval. [LIBN]

Castagna Realty CEO John Gutleber dies at 71
After developing complications from pneumonia, Castagna Realty Company CEO John Gutleber recently passed away, Long Island Business News reported. He was 71. Gutleber joined the Manhasset-based firm in 1988. He oversaw the purchase, development and management of the company’s various major mixed-use properties including Americana Manhasset, Wheatley Plaza and offices in Garden City. He also oversaw Castagna’s role in a 90-acre mixed-use development named Syosset Park.  He previously managed the office for his family’s brokerage firm, Corwin Gutleber Agency, before joining Marine Midland Bank and then heading up tri-state real estate lending for HSBC. “His expertise, integrity and leadership were integral to the development and success of the company and all of our properties,” said Castagna’s founder, Frank Castagna. “We worked side by side for over 30 years and this is a significant loss to the company and to me and our family personally.” Gutleber is survived by his wife, daughters, stepdaughter, stepson, sisters and brother. [LIBN]

Hundreds of Bellport properties could be contaminated, officials say
More than 633 properties in Bellport may be contaminated and in need of remediation and redevelopment, according to Brookhaven officials. The contaminated pieces of land, called brownfields, are mostly warehouses, auto shops or factories where toxic fluids leaked into the soil and groundwater, Newsday reported. Now that local officials have identified the brownfields, the state will say which are indeed contaminated and need remediation. Twenty four percent of the identified properties are in already developed commercial areas, 18 percent are in industrial areas and 10 percent are in residential neighborhoods. The rest are vacant. In pointing out the potentially contaminated areas, officials hope to fix them and spur development. [Newsday]