Long Island Cheat Sheet: Pending home sales in Nassau and Suffolk counties bounce back in October … & more

TRD New York /
Nov.November 12, 2018 01:00 PM

Clockwise from top left: Pending home sales in Nassau and Suffolk counties bounce back in October, review could take years for RXR Realty and BSE Global’s $1B coliseum project, a $20.5M car dealership will replace a shuttered Smithtown concrete plant and a Port Washington industrial building gets refinanced with $22.9M mortgage.

Updated, Wednesday, Nov. 14 at 11:44 a.m.:
Pending home sales in Nassau and Suffolk counties bounce back

The number of pending home sales in October managed to rebound after a drop in September, Long Island Business News reported. Nassau and Suffolk counties saw 2,806 homes contracted for sale. That’s a 4.4 percent increase from the 2,686 homes contracted for sale during the same month last year. Pending sales in Nassau rose by 6.5 percent to 1,221 from the 1,146 in October 2017. Suffolk only saw a 3 percent rise, going from 1,540 last year, up to 1,585 last month. Pending home sales in both counties fell a little more than 5 percent in September compared to the same period last year. [LIBN]

Review could take years for $1B RXR Realty and BSE Global coliseum project
Hempstead officials have said that the redevelopment of 66 acres around the Nassau Veterans Memorial Coliseum could take a couple of years because they still need to take an in-depth look at the project, according to LIBN. The CEOs of RXR Realty and BSE Global recently told local officials that they could begin construction of their $1.5 billion project within the year. They claimed their plan meets the town’s low-density zoning for the property and that they won’t need to get any variances. Town officials, however, have said it needs an extensive review. “All of this speculation that this is a done deal is entirely premature,” said Hempstead Councilwoman Erin King Sweeney. [LIBN]

$20.5M car dealership to replace shuttered Smithtown concrete plant
The Smithtown Town Council approved the demolition of the shuttered Smithtown Concrete Products plant in order to build a $20.5 million CarMax dealership, Newsday reported. The used car chain started its application two years ago, but the proposal needed an extensive review due to required zoning variances and environmental issues. Decades ago, the site was used as a municipal landfill. The CarMax dealership, which is slated to be 45,000 square feet, could open as soon as spring 2019. It will include a showroom, service area, car wash and 476 parking spaces. [Newsday]

Altice wants IDA tax breaks for $60M Bethpage renovation
Telecommunications giant Altice USA wants to get millions of dollars in tax breaks from the Nassau County Industrial Development Agency for a $60 million renovation of its Bethpage facility, according to Newsday. The agency gave preliminary approval on Nov. 8. Altice is moving its headquarters to Long Island City and wants to consolidate its five satellite offices in the 528,000-square-foot Bethpage building. Altice, which acquired Cablevision Systems in 2016, also wants the incentive package to cut its taxes over a decade and a sales-tax exemption of up to $2.5 million on the purchase of building materials. [Newsday]

Port Washington industrial building refinanced with $22.9M mortgage
A 135,000-square-foot industrial building in Port Washington has been refinanced with a $22.9 million loan, according to LIBN. Meridian Capital Group arranged the seven-year mortgage. The building, owned by BEB Capital, which was launched a year ago by the Brodsky family, hosts tenants such as kitchen and bathroom fixture maker Kraus USA, uniform maker Cintas and Milanese eyewear company Luxottica. The financing was put together by Bryan Kallenberg of Meridian Capital, who brokered the mortgage with a portfolio lender. [LIBN]

Correction: An earlier version of this Cheat Sheet misidentified BEB Capital’s role in the Port Washington refinancing. BEB Capital owns the property.

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