Riverhead could cancel $40M industrial park sale in Calverton

TRD 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
The Uniondale Marriott and Ten-X's Matthew Schreck (Credit: LinkedIn)

Long Island’s hotel market could be headed for a downturn

Home sales up nearly 10% as Nassau and Suffolk inventory swells, Airbnb hosts could make $255K during PGA event & more Long Island real estate news

Home sales up nearly 10% as Nassau and Suffolk inventory swells, Airbnb hosts could make $255K during PGA event & more Long Island real estate news

Placeholder image

Potential traffic from New Hyde Park revitalization plan irks local residents

Placeholder image

North Babylon apartment plan altered to secure IDA funds, appease neighbors

Placeholder image

Former Superfund site in West Islip bought for $2.45M ahead of development

Placeholder image

Cedarhurst-based Postal Realty Trust seeks to raise $100M in IPO

Placeholder image

Airbnb hosts could make up to $255K from PGA Tour event at Bethpage Black

Placeholder image

Long Island home sales up nearly 10 percent in April as inventory swells

arrow_forward_ios
Loading...