The Real Deal New York

Long Island Cheat Sheet: Riverhead town board to vote on one of the largest land sales in LI history … & more

By Aidan Gardiner | November 05, 2018 03:00PM

Clockwise from top left: The Vistas of Port Jefferson gets $52.5M construction loan, Riverhead to vote on $40M sale of 1,643 acres in Calverton, demolition begins on 24 Fire Island homes and Long Island sees rise in construction jobs.

Riverhead to vote on $40M sale of 1,643 acres in Calverton
The Riverhead town board will vote Wednesday on whether to approve the $40 million sale of 1,643 acres in Calverton, Long Island Business News reported. About 600 square feet of the parcel is slated to be developed into an industrial park. The buyer is a partnership between Calverton Aviation & Technology, Triple Five Worldwide Group and Luminati Aerospace. The property, which was last used by the U.S. Navy and and Northrop Grumman, has sewers, rail freight service and two runways. “What we’re putting together is a very robust program geared toward manufacturing that’s going to focus on workforce development training and become a resource center for manufacturing on Long Island,” Triple Five director of business development told the outlet. [LIBN]

Long Island sees a rise in construction jobs
Nassau and Suffolk counties gained about 7,000 construction jobs between September 2017 and September 2018, LIBN reported. The numbers, published by the Associated General Contractors of America, marked an eight percent increase and brought the current total construction jobs up to 89,700. New York City saw a four percent rise in construction jobs while the Orange-Rockland-Westchester area was up five percent. New Jersey saw some of the country’s biggest construction job losses. Middlesex lost 4,000, which is a 10 percent drop. Newark lost 3,000 jobs and Camden lost 2,500 jobs. [LIBN]

Port Jefferson senior living project gets $52.5M construction loan
The Benjamin Companies got a $52.5 million loan to build a senior housing facility with 244 units. The loan from Santander Bank was secured by Brian Warwick and Burt Miller of ABS Altman Warwick, the capital markets division of ABS Partners Real Estate. Construction began in May and leasing should launch in fall 2019 with 15 percent of the units reserved for affordable housing. The 27-acre site will contain 30 residential buildings including 64 two-bedroom townhomes, 36 one-bedroom apartments with another 144 two-bedroom apartments. There will also be a 7,000-square-foot clubhouse, a fitness center and an outdoor pool complex. [LIBN]

After buyouts and relocations for homeowners, demolition begins on 24 Fire Island homes
Workers have begun razing two dozen homes on Fire Island to fortify the Hurricane Sandy-damaged dunes that could stop the ocean from overtopping the resort island, Newsday reported. Federal taxpayers are paying for the dunes, but Suffolk County had to try to get hundreds of easements, arranging home buyouts as well as relocating pools and decks. The buyout prices were based on current appraisals, as per federal regulations. Some homeowners disputed the buyouts and 17 were spared. The 24 homes being razed in Ocean Bay Park, Davis Park and Fire Island Pines are expected to be fully destroyed by January. [Newsday]

Target to shutter Commack location
Amid declining business, Minnesota-based Target plans to close its store in Commack come February, according to Newsday. The location, which opened in 2002, is one of six underperforming stores in five states. Target leases its 143,000-square-foot Commack South building. Competing retailers like ShopRite, HomeSense and Walmart opened nearby in recent years and significantly cut into Target’s business, according to the owner of the shopping center Commack-based Cosentino Realty Group. The landlord is in talks with several potential tenants about the Target space. Target has 18 stores on Long Island. [Newsday]