The Real Deal New York

Long Island Cheat Sheet: Pair of hotels added to $1.5B Nassau Coliseum plan …
& more

By Aidan Gardiner | October 22, 2018 01:00PM

Clockwise from top left: Pair of hotels added to $1.5B coliseum redevelopment plan, Home prices rise in September throughout Long Island, Sea Cliff renews bid to halt Garvies Point project in Glen Cove and Plainview-based Rechler Equity lands first tenant for $10.8M project.

A pair of hotels added to $1.5B Nassau Coliseum redevelopment plan
Brett Yormark, CEO of BSE Global, and Scott Rechler, CEO of RXR Realty, for the first time laid out a time frame for their plan to redevelop 72 acres around the Nassau Coliseum, Newsday reported. The developers added two hotels to the $1.5 billion redevelopment plan. One of them will be a hotel offering “limited services” while the other will be “a high-end facility” according to the plans. The Nassau Legislature will have a public hearing on the proposal on Nov. 27. Lawmakers could approve the plan as soon as December, which would allow developers to quickly launch its first phase, which will see the construction of two parking garages, medical or research buildings and some entertainment facilities. [Newsday]

Home prices rise in September throughout Long Island 
The median price of homes that were pending closing in Nassau County in September was $500,000, Long Island Business News reported. That’s a two percent hop from the $490,000 median price during the same time last year, according to numbers put out by the Multiple Listing Service of Long Island. The story was similar in Suffolk County, where the median price of homes contracted for sale was $385,000, a nearly seven percent rise from last year’s median of $360,000. The rise in prices however came amid a slowdown in sales, which brokers attribute to weakening demand and rising interest rates. [LIBN]

Group has 6 months to distribute nearly $10M to Central Islip redevelopment projects
A 17-person committee has begun debating plans to distribute $9.7 million to potential development and rehabilitations projects along Carleton Avenue in Central Islip, according to Newsday. They have six months to distribute the money awarded by Gov. Cuomo as part of the 2018 Downtown Revitalization initiative grant. State officials paid $300,000 to New York City-based consultants HR&A Advisors Inc. to guide the committee. Committee members worry they won’t meat the state-imposed deadline and expect to rely heavily on the consultants. They’re considering projects like renovating a former firehouse, building a mixed-use retail and housing development, renovating a train station and improving streets. [Newsday]

Plainview-based Rechler Equity lands first tenant for Hampton Business District project
Produce provider ADS Management leased 30,000 square feet of office space in the Hampton Business District, which is being developed by Rechler Equity Partners, LIBN reported. The food company will be the anchor tenant in the $10.8 million building, the third of nine at the developer’s planned industrial park in Westhampton Beach. The building still has 66,000 square feet under construction. That space will be leased to smaller businesses that will be able to rent units up to 6,500 square feet. [LIBN]

Sea Cliff renews bid to halt Garvies Point project in Glen Cove
The Village of Sea Cliff and more than 100 area residents went to court to appeal a 2016 state Supreme Court decision that dismissed two lawsuits and allowed to go forward a $1 billion Garvies Point development on Glen Cove’s waterfront, Newsday reported. They want the appeals court to annul at 2015 city planning board approval of the RXR Glen Isle Partners plan to build 1,110 condominiums and apartments, parks, esplanade, marina and commercial space. Plaintiffs argued that Glen Cove deliberately skewed the project’s environmental impact statement and made so many changes to its plans that another needed to be done. [Newsday]