Long Island Cheat Sheet: Rockefeller heiress’ former home lists for $30M … & more

New York /
Sep.September 24, 2018 05:00 PM

Clockwise from top left: Contract Pharmacal gets IDA breaks for $40M expansion in Hauppauge, Rockefeller heiress’ former Mill Neck home lists for $30M, Brookhaven and Islip officials want county to ax $1.1B Ronkonkoma arena project and Manorhaven officials punt zoning decision amid fears of overdevelopment.

Rockefeller heiress’ former Mill Neck home lists for $30M
A 56-acre Gold Coast estate that once belonged to Abby Rockefeller Mauzé, granddaughter of oil magnate John D. Rockefeller, has hit the market for $30 million, according to the Wall Street Journal. The current owner, William Catacosinos of shareholder services communications firm Laurel Hill Advisory Group, bought the home in 1978 from the estate of Mauzé, two years after she died. A wrought-iron gate opens to a half-mile-long driveway, leading to the property’s 10,000-square-foot main house, which was revamped by Castacosinos and his wife when they moved in. The property also features an oversized gunite pool, a Har-Tru tennis court, two garages, a greenhouse and a carriage house with additional bedrooms and bathrooms. The estate has been co-listed. Jason Friedman and Rudi Friedman will represent it for Daniel Gale Sotheby’s International Realty. Robert Olita and John Martin will handle it for Douglas Elliman Real Estate. [Wall Street Journal]

Brookhaven and Islip officials want Suffolk County to ax $1.1B Ronkonkoma arena project
Supervisors from Brookhaven and Islip, Suffolk County’s two largest towns, said the process to approve a $1.1 billion sports arena development in Ronkonkoma was so “fatally flawed” that county officials need to cancel the agreement to build it, Newsday reported. A developer selected in April, Ronkonkoma Vision Project LLC, claimed they were actively building a sports area near Seattle, but officials there said “no substantive work” had been done since 2015. Ronkonkoma Vision Project partnered with Jones Lang LaSalle to build a 17,500-seat arena, 500-room hotel, housing and a medical research office with restaurant and retail space. [Newsday]

Contract Pharmacal gets IDA breaks for $40M expansion in Hauppauge
The Suffolk County Industrial Development Agency gave $5 million in tax breaks to Contract Pharmacal Corp. for its $40 million expansion in Hauppauge, according to Newsday. The company plans to buy a 17,500-square-foot manufacturing building and then build a 140,000-square-foot extension that’d connect that building to its current facilities. The IDA benefits include about $3.6 million in property tax breaks over two decades. They’ll also get sales tax breaks for the expansion. Contract Pharmacal has several facilities in Hauppauge, several of which benefitted from IDA assistance. [Newsday]

Manorhaven officials punt zoning decision amid fears of overdevelopment
The Manorhaven Board of Zoning Appeals will pick up a hearing for a proposed 52-foot-tall building in November, they decided after a heated, standing-room-only meeting with the community, Newsday reported. The project, proposed by New Jersey-based Secatoag 20-26 LLC, would exceed village zoning code height limits. The proposal includes two-mixed-use buildings with retail on the ground floor and nine two-bedroom apartments in each. The applicant argued that it needed variances to make the project economically viable, but opponents believe the project would set a dangerous precedent for overdevelopment in the village. [Newsday]

Hempstead affordable rental complex sells for $42M
A 240-unit affordable housing complex known as the Park Lake Residences sold for $42 million, Long Island Business News reported. The Hempstead complex, which was built in the 1940s, has 14 buildings. It had been owned by an affiliate of Manhattan-based Omni New York — the managing director of which is former MLB player Mo Vaughn. The complex was sold to the partnership of Camber Property Group, Jaffe Family TIC LLC and E. Nelson Family TIC LLC. The Hempstead IDA gave Omni economic incentives in 2005, but transferred those benefits to the new owners along with a 10-year package of tax breaks. The new owners will spend about $7 million on renovations that’ll include landscaping, painting and new appliances. [LIBN]


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