Economic Development

LIREDC can’t win ’em all, but finds solace in $62M

By GREGORY ZELLER // While $62 million is nothing to sneeze at, it’s fair to say the Long Island Regional Economic Development Council was hoping for more. The LIREDC – a four-time “Top Performer” in Empire State Development’s annual funding contest, which marked the completion of its sixth round Thursday with an Albany awards ceremony – had submitted an ambitious agenda filled with 112 projects covering biotechnology, synthetics manufacturing, aerospace and half-a-dozen other key industries,…


LICA sets flashy lineup for Healthcare Forum

By GREGORY ZELLER // The Long Island Capital Alliance has announced a high-profile roster of presenters and panelists for its Dec. 9 Healthcare Capital Forum. The event – one of several capital forums hosted annually by the Capital Alliance, which aims to put regional early-stage companies in front of an experienced review board and an audience of potential investors from Long Island and beyond– has attracted a healthy cross-section of healthcare startups, including two based…


LI Bioscience Hub backs 10 in new funding round

By GREGORY ZELLER // A fresh batch of commercially promising biomedical innovations has been funded by the Long Island Bioscience Hub. The LIBH’s third round of grant awards – bestowed upon 10 distinct applicants hailing from Stony Brook University, Cold Spring Harbor Laboratory and the Feinstein Institute for Medical Research, three of the hub’s four partner institutions – totals $550,000. Stony Brook-based research earned seven of the awards, including the only $100,000 “proof of concept”…


Schumer: Biz-development funds big deal for SBU

By GREGORY ZELLER // New York’s two U.S. Senators, including the freshly minted Senate minority leader, are heralding a series of competitive U.S. Department of Commerce grants that will fund business-development initiatives around the nation – including formal mentoring and new training through Stony Brook University’s Center for Biotechnology. The SBU initiatives, including seminars for companies competing for National Institutes of Health funding, will be covered by a $500,000 grant from the Commerce Department’s Economic…


Start-Up NY adds 39, including two LI companies

By GREGORY ZELLER // Thirty-nine early-stage companies, including two on Long Island, have been welcomed into the Start-Up NY program. The companies will either launch in or relocate to “tax-free zones” at or near New York colleges and universities – an ambitious program designed to let entrepreneurs hold onto working capital while simultaneously fostering innovation hubs and bolstering regional economies. The Long Island region will be bolstered by the creation of 26 new jobs, according…


One and done for IDP Consulting, Suffolk IDA

By GREGORY ZELLER // It’s a win for Suffolk and a loss for Nassau, though ultimately, Long Island comes out ahead. The Suffolk County Industrial Development Agency on Thursday approved an incentives-laden deal for IDP Consulting, a 30-year-old IT firm that will use the assistance to relocate from Jericho to Hauppauge. The sales tax-abatement incentives package will allow the company to sink $315,000 into leasing, renovating and equipping its new 6,200-square-foot office on Engineers Road….


LIREDC 2016: Synthetic leather, wings and prayers

By GREGORY ZELLER // With a string of annual victories under its belt, the Long Island Regional Economic Development Council is shooting for the moon, once again. This week, the LIREDC – co-chaired by Hofstra University President Stuart Rabinowitz and Long Island Association President Kevin Law – recommended 112 distinct projects for tens of millions of dollars in state aid, to be doled out later this year through Gov. Andrew Cuomo’s annual REDC competition. Among…


Hofstra, NYIT join Start-Up NY family

By GREGORY ZELLER // It’s the startup of something big at Hofstra University and the New York Institute of Technology’s Old Westbury campus, which have both been added to the rolls of the Start-Up NY program. The Start-Up NY Approval Board green-lighted four individual action plans at its meeting Wednesday in Albany, approving new Tax Free NY Areas at Hofstra and NYIT and embracing plan amendments at two upstate institutions. In addition to approving the plans submitted…


Pitch Night heralds latest LI LaunchPad

By GREGORY ZELLER // The newest member of the LaunchPad Long Island family will celebrate its grand opening with a showcase of regional innovation. LaunchPad Westbury, an 8,000-square-foot co-working space carved out of the 180,000-square-foot office complex at 1025 Old Country Road, officially opens for business Monday. The sixth Long Island facility to wave the LaunchPad flag will mark its debut Monday evening with its first Pitch Night, a “Shark Tank”-like event placing four early-stage…


Suffolk IDA likes Royal Apparel’s look

By GREGORY ZELLER // When Morey Mayeri told Innovate LI he was “ready to do it immediately,” he wasn’t kidding. Speaking Aug. 17 about a possible intra-Hauppauge relocation for premium wholesaler Royal Apparel – including the acquisition and potential expansion of a larger warehouse/production facility– the cofounder and CEO said he and his brother, cofounder Abraham Mayeri, were ready to pull the trigger “if the help was there.” And they were eagerly anticipating this week’s…


A food movement grows in Amagansett

By GREGORY ZELLER // There’s fresh thinking and then there’s the Amagansett Food Institute, which operates well ahead of the food-innovation curve on its mission to promote regional producers. Just a year into its ballyhooed takeover of the decades-old Amagansett Farmer’s Market, the imaginative institute – a membership-based 501(c)3 catering to farmers, vintners, fishermen, beverage crafters and other food artisans – is already imagining physical renovations and other organizational enhancements designed to spice up the…


Best Market, Albany cooking up LI ‘food hub’

Regional grocery chain Best Market will take over about one-third of the former Entenmann’s facility in Bay Shore, Gov. Andrew Cuomo announced Tuesday, the first step in the establishment of a new Long Island “food hub.” The privately held, family-owned company – which started with small fruit-and-vegetable stores in Brooklyn and now manages 30 supermarkets in New York, Connecticut and New Jersey, including its newest in Islip – will consolidate distribution operations and its corporate…


India’s pharma king earns Suffolk IDA nod

Suffolk County has burnished its reputation as a choice commercial destination for early-stage pharmaceuticals. The Suffolk County Industrial Development Agency on Thursday approved a corporate incentives package for Evaric Pharmaceutical, a generic drug-maker founded by Bandi Parthasaradhi Reddy, owner and chairman of global distributor Hetero, India’s largest privately held pharma. The sales and mortgage tax-abatement package allows Evaric Pharmaceutical to proceed with a $15.5 million purchase-and-renovation plan targeting a 107,000-square-foot facility inside Hauppauge Industrial Park,…


Marching forward in New Cassel

The Salvation Army has won approval for a 24,000-square-foot chapel and community center on the site of its Prospect Avenue operation in New Cassel. The center, which will include a chapel, multi-purpose rooms and a basketball court, will replace a rundown former bar and two residences on the property. There was moderate opposition from local residents concerned with increased traffic and the fact that the hamlet’s own community center, Yes We Can, is barely a…


Suffolk IDA deals responsible for 1K jobs

The Suffolk County Industrial Development Agency closed almost a dozen deals in the first half of 2016, creating or helping hold onto almost 1,000 jobs. in the first six months of 2016 closed on 11 transactions slated to create or retain 976 jobs, officials said Monday. “By aiding a business’s growth in the short term, we create good jobs for our residents and expand the county’s tax base for years to come,” Tony Catapano, the…