Long Island Cheat Sheet: $40M Riverhead industrial park sale on the rocks, group wants drag race strip in Suffolk… & more

TRD TRI-STATE /
Apr.April 22, 2019 06:00 PM

Clockwise from top left: An expanding dog food company buys space in Hauppauge for $7.35M, a nonprofit group seeks to build a drag race strip on Long Island, a mid-century ‘Cliffhanger’ house lists for nearly $2M in Port Washington and Riverhead could cancel the $40M sale of an industrial park amid a proposed buyer’s financial troubles.

Riverhead could cancel $40M industrial park sale
Officials in Riverhead are weighing whether to reevaluate and ultimately cancel the $40 million sale announced late last year of the Enterprise Park at Calverton, Newsday reported. One of the buyers, Luminati Aerospace, has run into financial troubles, a matter that Riverhead officials are considering hiring outside legal counsel to review. Luminati was recently sued by Stamford-based Hexcel Corporation, which claims that the aerospace company defaulted on conditions of a promissory note for a $10 million loan from Hexcel. Luminati could also be evicted from the Enterprise Park because the industrial property’s current landlord, Laoudis of Calverton, claims the company is owed roughly $53,300 in rent on 35,000 square feet of space. Luminati has partnered with an aviation subsidiary of Triple Five Group to form the Calverton Aviation and Technology. The joint venture was poised to acquire more than 1,600 acres at the Enterprise Park, which was once home to defense contractor Northrop Grumman. Riverhead officials will vote this week whether or not to hire outside counsel, according to Newsday, which noted that if a vote goes through in the affirmative a sale could be scuttled. [Newsday]

Group touts revenue in bid to build Suffolk drag race strip
The United States Motorsports Association published a report last week advocating for a drag strip to be built on Long Island, Riverhead Local reported. Such a facility would generate $17.6 million in spending and draw nearly 330,000 visitors each year, the 22-page report claims. The Motorsports Association didn’t suggest a specific location for such a facility, though local advocates are eyeing the Enterprise Park at Calverton, whose proposed $40 million sale is currently in question. But such a proposal and others like it have previously failed to move successive town boards. Calverton Motor Sports Park offered $25,000 to Riverhead to build a 200-acre racing site. The proposal made it through screening agencies, only to get shot down by the town board. The families of veterans have opposed such proposals due to how close the site would be to the Calverton National Cemetery. Last month another group seeking to build a new sports complex in Ronkonkoma scaled back its vision for the project. [Riverhead Local]

Growing dog food company pays $7.35M for Hauppauge space
Pet food company Health Extension Pet Care bought a 55,000-square-foot industrial building at 50 Commerce Drive in Hauppauge for $7.35 million, Long Island Business News reported. The space had been owned by Edgar Fabrics, but that company is in the middle of downsizing and moving its operations to a 12,000-square-foot space at 125 Wilbur Place in Bohemia. Health Extension, on the other hand, is expanding from its previous location, an 18,000-square-foot space at 90 Marcus Boulevard in Deer Park. The pet food company was aided in its purchase and renovation of the Hauppauge space by a package of economic incentives from the Suffolk County Industrial Development Agency. Gary Chimeri of Alliance Real Estate represented Health Extension. Howard Nemshin of Atlantic Properties took the lead for Edgar Fabrics. [LIBN]

Mid-century ‘Cliffhanger’ house in Port Washington seeks $2M
The Cliffhanger house, a mid-century modern home perched in Port Washington, has hit the market for $1.995 million, Newsday reported. The home was built in 1964 by its original owner, architect John Mascioni. The property at 121 Huntington Road is now owned by Stuart and Jill Gold. The 4,500-square-foot home has five bedrooms, three-and-a-half bathrooms, offices, a home theater and a gym. Outside, the property has a stone rock garden and a rear deck. Alexis Siegel and Amy Rosenberg of Douglas Elliman have the listing. Potential buyers, however, could be disappointed to learn that the home has no real tie to “Cliffhanger,” Sylvester Stallone’s cult-classic 1993 action film. “We named it that just because it’s on a hill,” Jill Gold told Newsday. “We’ve named each one of the houses we’ve owned. Our house out in the Hamptons, we call it the ‘Great Escape.'” [Newsday]

Commack Hampton Inn secures $13.5M refinancing
Washington Trust’s commercial real estate group has loaned $13.5 million to the owners of the 143-room Hampton Inn in Commack, according to REBusinessOnline. The hotel has five stories, an indoor swimming pool, gym, eatery and business area. Chartwell Hotels, which owns the hotel, plans to improve the hotel’s lobby and rooms, update its technology and expand its exercise facilities. Chartwell operates eight hotels in New York, Pennsylvania and Rhode Island. [REBusinessOnline]


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

Zillow CEO Rich Barton (Credit: iStock)

Zillow and Opendoor aren’t making much on home-flipping

Douglas Elliman's Scott Durkin (Credit: Getty Images, iStock)

Elliman foots bill for agents’ new business tool

Amenity insanity in LA luxe condo market

Amenity insanity in LA luxe condo market

Luis D. Ortiz and Ronita Kalra (Credit: Wikipedia, iStock)

Luis D. Ortiz splits with business partner Ronita Kalra

This week, the State Department of Taxation and Finance issued a new memo that notably made no mention of condos. (Credit: iStock)

Regulators quietly change stance on condos in LLC law

arrow_forward_ios