The Real Deal New York

Riverhead OKs $40M sale of vast Calverton property

November 13, 2018 01:43PM

The Riverhead Town Board approved the $40 million sale of 1,643 acres of Calverton land in a 3-2 vote, Long Island Business News reported. Calverton Aviation & Technology bought the property in a partnership with Triple Five Worldwide Group and Luminati Aerospace. Luminati is already based on the property, which is known as the Enterprise Park at Calverton. The new owners plan to redevelop about 600 acres of the property, which is zoned to accommodate 9.8 million square feet of development, into an industrial park. Calverton Aviation & Technology is required to build a minimum of 1 million square feet at the Enterprise Park within the first five years. [LIBN]