The Real Deal New York

Long Island Cheat Sheet: Two local commercial brokerages merge, $1.5B coliseum plan advances … & more

By Aidan Gardiner | October 08, 2018 03:00PM

Clockwise from top left: Nassau County wants to amend lease and advance $1.5B Coliseum plan, AIRECO agrees to merge with Industry One Realty (president Mario Asaro pictured), blocked Long Beach towers to move forward after judge’s ruling and Kimco Realty sells Elmont retail property leased to CVS for $11M.

AIRECO agrees to merge with Industry One Realty
Two local commercial brokerages announced their merger last week. AIRECO Real Estate’s president, Robert Desmond, will join Melville-based Industry One Realty as an executive vice president and help manage and mentor that firm’s team of 15 brokers and sales agents. Industry One’s president, Mario Asaro, will continue in his role, but focus more on expanding the business in new markets. Desmond said he had received interest from several brokerage firms for years and had been reluctant about joining Industry One until recently. “Timing was right and Industry One seemed like the best fit,” Desmond said. [LIBN]

Nassau County takes next steps to advance $1.5B coliseum plan
Nassau County Executive Laura Curran proposed amendments to the Nassau Coliseum lease with BSE Global to reflect the size of its redevelopment plan for 66 acres around the site, LIBN reported. The Nassau legislature will need to approve the changes. Doing so would allow BSE and RXR Realty to move ahead with their $1.5 billion plan to develop 500 units of housing, 600,000 square feet of office space and another 200,000 of retail or restaurant space. Five acres within the property will be used by Memorial Sloan Kettering. The lease amendments would also add $85 million in state funds from the Empire State Development Corp. to build parking. Curran also hopes to get more state money for pedestrian bridges to connect the Coliseum to nearby buildings. [LIBN]

Construction of Long Beach towers to move forward after judge’s ruling
Nassau Supreme Court Justice Jack Libert reinstated the permit for Manhattan-based developer Sinclair Haberman to build three remaining buildings in the Seapointe Towers complex in Long Beach, Newsday reported. Three of the Seapointe Towers had already been built when the Long Beach Board of Zoning Appeals revoked the permit in 2003 over neighbors’ complaints and parking variances. In response, Haberman filed a lawsuit against the city seeking $50 million in damages, sparking a years-long legal battle. The town was found at fault for failing to respond to the suit in 2015. Libert’s decision awards no damages, but reinstates the building permit until the work is complete. [Newsday]

Kimco Realty sells Elmont retail property for $11M
A 13,000-square-foot retail building sold for $11 million, Long Island Business News reported. The building, which is currently leased to a CVS drugstore, sits on 1.4 acres in Elmont. It was built in 2007 and has a double drive-thru window. Michael Hagen of Axxis Real Estate represented the building’s buyer, 7814 13th Avenue LLC. That company is registered to an investor based in Rockville Centre. The property’s previous owner, Kimco Realty, was represented by Mark Walsh of Select Real Equity Advisors. [LIBN]

Shoreham school district wants to offload 111-year-old former mansion
Shoreham-Wading River school district officials want to sell or lease the former Briarcliff Elementary School building, Newsday reported. The mansion was built by oil tycoon Richard Upham in 1907. The school district bought the building inĀ 1950 and shuttered it in 2014 because of declining enrollment and other issues. Officials felt the 30,000-square-foot building just costs too much to keep up. Officials would like to see someone buy the building or lease it and use it for senior housing or a recreation center. They haven’t sought any kind of historical designation as that might hobble future owners. Officials haven’t yet gotten an estimate on the property’s value. [Newsday]