Riverhead could cancel $40M industrial park sale in Calverton

April 22, 2019 03:46PM

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]