Riverhead could cancel $40M industrial park sale in Calverton

New York /
Apr.April 22, 2019 03:46 PM

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 has not paid roughly $53,300 in rent on 35,102 square feet of space. Luminati has partnered with an aviation subsidiary of Edmonton-based 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. The town has already hired the Central Islip-based Sinnreich Kosakoff & Messina to recoup false alarm fees and back taxes owed by Luminati. [Newsday]


Related Articles

arrow_forward_ios
Cushman's Gary Gabriel and Adam Spies with one of the Long Island Industrial Assets (Cushman, Sherwood Equities, Getty Images)
Silverman grabs Sherwood industrial portfolio for $76M
Silverman grabs Sherwood industrial portfolio for $76M
Ruschmeyer’s Hotel (Facebook, Getty)
Montauk hotspot quietly for sale after losing liquor license
Montauk hotspot quietly for sale after losing liquor license
Planet FItness' Chris Rondeau with 177 Old Country Road (Planet Fitness, Google Maps)
Planet Fitness filling Long Island’s retail vacuum
Planet Fitness filling Long Island’s retail vacuum
Five Pointe Real Estate's Corey Gluckstal with 7 Beach Lane (Five Pointe Real Estate, Douglas Elliman)
Westhampton Beach inn to reopen as luxury hotel
Westhampton Beach inn to reopen as luxury hotel
Verco Properties' John Verni with 227-239 Harrison Avenue (Twitter, Google Maps)
Tri-state deals: NJ industrial portfolio sale, multifamily deal in Westchester
Tri-state deals: NJ industrial portfolio sale, multifamily deal in Westchester
Illustration by Kevin Cifuentes for The Real Deal with Getty Images)
“Sucks, right?” Long Island landlord fined for fair housing violation
“Sucks, right?” Long Island landlord fined for fair housing violation
Tesla's Elon Musk and 1350 Corporate Drive in Westbury (Mattone Investors, Getty)
Tri-state deals: Tesla snaps up 50K sf for showroom, Albany hotel trades hands
Tri-state deals: Tesla snaps up 50K sf for showroom, Albany hotel trades hands
1724 5th Avenue (Loopnet, iStock)
Foodmaker ups footprint by 200K sf at former Entenmann’s factory
Foodmaker ups footprint by 200K sf at former Entenmann’s factory
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...