The Real Deal New York

Riverhead extends deadline for $40 million Enterprise Park buy in Calverton

February 26, 2019 11:23AM

The Riverhead Town Board narrowly voted that Calverton Aviation and Technology could extend its previous Feb. 19 deadline to close or opt out of its $40 million deal to acquire more than 1,600 acres of land at the Enterprise Park in Calverton, Newsday reported. The deal’s backers, a partnership between Luminati Aerospace and an aviation subsidiary of Canada’s Triple Five Group, now have 90 more days to complete “due diligence” on the property. Stuart Bienenstock, director of business development for Triple Five, said the would-be buyers are still working on “comprehensive programming” for the site, but he declined to elaborate on those plans. Bienenstock said he and his partners will release specifics in the coming weeks. As part of the deadline extension, Calverton Aviation and Technology has to pay $500,000 to Riverhead, which will put that money into an escrow account tied to the Enterprise Park and Riverhead’s Community Development Agency. The Enterprise Park was once home to defense contractor Northrop Grumman, which relocated its manufacturing facilities there to other states more than two decades ago. [Newsday]