Economic Development

Ronkonkoma Hub (finally) gets its Brookhaven IDA deal

By GREGORY ZELLER // The ambitious Ronkonkoma Hub development project has at long last secured an incentives package from the Town of Brookhaven Industrial Development Agency. The tax-abatement deal has been a long time coming: Phase 1 of Tritec Real Estate Co.’s $538 million, transit-oriented commercial and residential master plan actually earned unanimous approval in 2014 for a Brookhaven IDA economic-benefits package. But the long-discussed project – “soon expected to break ground,” according to the…


At Stony Brook’s CEWIT, never too old to incubate

By GREGORY ZELLER // A Stony Brook University business-development program known primarily as a haven for startups has opened its doors to a 24-year-old tech innovator. Islandia-based “medical informatics” firm ZyDoc Corp. has been accepted into SBU’s Incubator Program and will move a research-and-development team this month into the university’s Center of Excellence in Wireless and Information Technology. Although CEWIT’s own mission statement lists “new enterprise development” as a core function, ZyDoc – launched in…


LICA cooks up tasty Food & Beverage investor forum

By GREGORY ZELLER // Bring your appetite to the Long Island Capital Alliance’s next Capital Forum. After three quarterly innovator-meets-investor events with a decidedly high-tech flavor – early-stage technology in March, cybersecurity in June, healthcare in September – LICA will wrap up its 2017 series with a Food & Beverage Capital Forum, spotlighting “premier growth companies” in the gastronomical realm. As always, the event will feature a handful of what LICA calls “dynamic, emerging companies”…


With ESD’s help, Seviroli plans a new pasta course

By GREGORY ZELLER // A maker of “artisan dining at home” selections is expanding its foodie-friendly Long Island footprint. The Empire State Development Corp., Albany’s main economic-development engine, announced Thursday that Seviroli Foods Inc. will grow its regional presence with the acquisition of a 33,000-square-foot production and warehouse facility in Garden City. Leveraging $350,000 in performance-based tax credits offered through ESD’s Excelsior Jobs Program, the company will invest $9 million to acquire and renovate multiple…


Tomorrow’s health tech to shine at LICA Capital Forum

By GREGORY ZELLER // Another intriguing combination of presenters and panelists marks the next Capital Forum on the Long Island Capital Alliance’s schedule, this one focused on the lifeblood of the Island’s innovation economy. Following a June networker centered around cybersecurity startups and a March pitch-a-thon spotlighting early-stage technology firms, the latest Capital Forum returns to healthcare, a Long Island socioeconomic cornerstone that has naturally become a go-to theme for LICA and its (roughly) quarterly…


Suffolk IDA engineers deal for new national HQ

A corporate consolidation in Melville is in the works, thanks in part to the Suffolk County Industrial Development Agency. The agency on Thursday issued preliminary approval for a transaction that will help Grace Industries LLC establish a national corporate office – a $17 million company investment that will consolidate several of the civil engineering firm’s existing offices in the new Melville HQ. Grace Industries, a subsidiary of the Plainview-based civil engineering conglomerate Haugland Group, currently…


Albany rings bell for Restore NY, round five

Hempstead will host an informational meeting for Long Island municipalities craving a slice of Gov. Andrew Cuomo’s latest competitive-funding pie. With $80 million up for grabs in Round 5 of the Restore NY Communities Initiative, the Empire State Development Corp. – Albany’s main economic-development engine – has scheduled three workshops around the state to educate would-be applicants on the urban-revitalization program. All three informational workshops, including a Sept. 29 meeting at Hofstra University, are scheduled…


Study: Babylon IDA tax cuts spurred $600M in activity

Take a bow, Babylon Industrial Development Agency: You leveraged just $6 million in tax incentives into nearly 100 times that in economic activity, and created some 10,000 new jobs, in just five years. So says “Investing in Babylon: A Study of Babylon’s Economy to Plan for the Future,” a 45-page dissertation following 80 transactions incentivized by the Babylon IDA between 2011 and 2015. The economic impact analysis, conducted by the agency in conjunction with the…


Albany pumps $10M into a new downtown Hicksville

By GREGORY ZELLER // Hicksville has won the regional round of New York State’s second-annual $100 million downtown-redevelopment contest. The Nassau County hamlet in the Town of Oyster Bay will pocket $10 million in a ceremony scheduled to be hosted Wednesday by Gov. Andrew Cuomo. Hicksville beat out nearly two dozen Long Island municipalities vying for the regional award, which is managed by the state’s Downtown Revitalization Initiative, one of many competitive-funding programs launched by…


Light the lights: Broadway National eyes new stage

By GREGORY ZELLER // Broadway National is changing venues. The three-decade-old property-management firm with the big-name clientele is taking its big-stage flair from Ronkonkoma to Hauppauge, thanks to a new incentives package preliminarily approved this week by the Suffolk County Industrial Development Agency. Launched in 1989 in the garage of founder William Paparella as sign manufacturer Broadway Neon Corp., Broadway National Group LLC is a bona fide hit. The company now offers a diverse set…


Developers jockey for position after Belmont RFP

By GREGORY ZELLER // Like a bugle call summoning the field to the starting gate, New York State is beckoning developers to Belmont Park. Trumpeting “an exciting and much-anticipated development opportunity on Long Island,” Empire State Development President and CEO Howard Zemsky on Monday issued a Request for Proposals for the redevelopment of property within the hallowed racetrack’s grounds, located in the “census designated place” Elmont, within the Town of Hempstead. Two parcels totaling roughly…


Aerospace is swell and all, but this is about land

By GREGORY ZELLER // Make no mistake: For Greek-American billionaire John Catsimatidis, this is a land deal, pure and simple. The owner of Gristedes Foods, the largest grocery chain in Manhattan, can issue press statements noting his “deep roots and interest in aviation,” as he did after word spread that United Refining Energy Corp. – one of several companies under the umbrella of Catsimatidis’ Red Apple Group – would back Luminati Aerospace LLC’s efforts to…


Suffolk IDA backs an old friend in Hauppauge

A Hauppauge-based tech consultancy will expand its global headquarters and business operations, with the help of the Suffolk County Industrial Development Agency. The IDA on Thursday granted preliminary approval to a transaction that will help Flexible Business Systems, which provides professional IT and cybersecurity support for client companies without indigenous IT departments, purchase and renovate a 40,000-square-foot-facility on Motor Parkway. Terms of the incentives package were not disclosed, but the expansion effort amounts to a…


Feds OK $537M loan for NYC’s Farley train project

New York has been greenlighted for more than $500 million in federal loans to covert the Farley Post Office building in Manhattan into a modern transit hub, replacing the rabbit warren of tunnels known as Penn Station. The credit program, formerly called the Transportation Infrastructure Finance and Innovation Act but better known as TIFIA, has been used repeatedly by the state for big construction projects, including the State Island ferry terminals and the new Tappen…


LICA seeks healthcare heroes for next forum

Fresh from its successful June 9 Cybersecurity Capital Forum, the Long Island Capital Alliance has put out the call for its next inventors-meet-investors networker, this focused on one of Long Island’s most active verticals: healthcare. The nonprofit capital-formation and business-development organization is accepting business-plan applications through July 21 from early-stage healthcare companies interested in pitching at the Healthcare Capital Forum, scheduled for Sept. 27 at RXR Executive Park in Melville. Like other LICA forums, the…