The Real Deal New York

Long Island Cheat Sheet: Home sales rise 10.5% after flat 2018, Nassau Hub slated for another $40M… & more

By Aidan Gardiner | February 11, 2019 01:30PM

Clockwise from top left: $1B Glen Cove development moves forward after legal challenge fail, Gov. Andrew Cuomo pitches another $40M to build bridges and a medical center for the Nassau Hub, e-commerce gives Milvado a strong start to 2019 and Long Island home sales rise after a flat 2018.

Long Island home sales up 10.5 percent after flat 2018
January saw 2,017 pending home sales in Nassau and Suffolk counties, a 10.5 percent increase over the same period last year, according to Long Island Business News. Suffolk had 1,155 pending home sales, a 10.7 percent jump from the 1,043 it had in January 2018. Nassau had 826 homes go into contract, a 10.1 percent bump from the same time a year before when it had 783. Closed home sales in both counties had been increasing for several years until 2018, which remained relatively flat with 28,790 closed sales compared to 28,768 a year prior. Inventory has also continued to rise with 10,535 homes listed for sale in both counties last month, according to the Multiple Listing Service of Long Island. That number is 10 percent more than in January 2018. In Nassau alone, inventory is up 17.4 percent from 2017. [LIBN]

Governor seeks another $40M for Nassau Hub
New York Gov. Andrew Cuomo hopes to spend another $40 million to build pedestrian bridges and a medical research center at the Nassau Hub, the $1.5 billion redevelopment project planned for the parking lots that surround the renovated Nassau Veterans Memorial Coliseum, Newsday reported. The additional cash would bring the state’s investment in the project up to $131 million. Cuomo made the announcement in front of roughly 500 people gathered in Woodbury by the Long Island Association, a pro-business group. The Nassau Hub project, which spans 72 acres, is being spearheaded by BSE Global and RXR Realty. It still needs to clear various hurdles in Nassau County and the Town of Hempstead. Cuomo’s $40 million plan would split it between a Northwell Health Innovation Center and three pedestrian bridges connecting the Nassau Hub to Hofstra University, Nassau Community College and the RXR Plaza office complex. [Newsday]

$1B Glen Cove development overcomes legal challenge
The Village of Sea Cliff and more than 100 residents lost their appeal to halt a $1 billion development on Garvies Point in Glen Cove, Newsday reported. The project’s opponents had appealed a 2016 decision by the New York State Supreme Court that dismissed lawsuits against Glen Cove and developer RXR Glen Isle Partners. Plaintiffs sought to reverse Glen Cove’s approval of the project. When complete, the development is slated to have 1,110 condominiums and apartments along with other amenities. RXR plans to finish about half of the Garvies Point project later this year. Sea Cliff’s board of trustees will discuss next steps at a meeting on Feb. 12. [Newsday]

Great Neck revitalization plan includes medical building sale
A 52,517-square-foot medical building up for sale at 310 East Shore Road in Great Neck could help revitalize the village, according to a plan put forth by the consulting company VHB. The Island News reported that town officials seeking to bring more housing options to Great Neck hope to do so by identifying opportunities in the area, as well as suggesting zoning changes and incentivizing developers. VHB spent more than a year studying East Shore and Middle Neck roads, according to Newsday. Kelly Koukou of Lee & Associates NYC, the exclusive sales agent for the property on East Shore Road, is already marketing the medical facility as “an outstanding opportunity for investors.” The building has a new roof, updated corridors and restrooms, a renovated 200-space parking lot, new HVAC units and frontage along the Manhasset Bay, according to Real Estate Weekly. VHB’s revitalization plan met mixed reviews at a public meeting on Feb. 5. Village trustees will vote on the plan at another meeting scheduled for Feb. 19. [Island Now]

E-commerce gives Milvado a jump start in 2019
The Milvado Property Group leased or renewed 51,431-square-feet of industrial space in January, a strong start that the Syosset-based company attributed to an increased demand from e-commerce, continuing a trend it saw in 2018. Milvado, which adopted its current name a year ago this month, signed 30 lease deals during the last two quarters of 2018, according to the New York Real Estate Journal. “E-commerce is driving retailers’ insatiable appetite for super large warehouse space to accommodate products purchased online,” said a statement from David Hercman, a regional director and director of asset management at Milvado. So far this year, Milvado has negotiated deals for 171-175 East Second Street in Huntington Station; 101-125 Comac Street90 13th Avenue and 100 13th Avenue in Ronkonkoma; 6851 Jericho Turnpike and 575 Underhill Boulevard in Syosset; and 270 Duffy Avenue in Hicksville. New tenants include the California Fragrance Company, Forward Industries Inc. and ESR Capital Fund, among others. [NYREJ]