Economic Development

Albany backs Island downtown-rehab efforts

Three Long Island downtown-restoration projects were among 75 statewide rehabilitation efforts earning state funds Thursday through Albany’s Restore New York Communities initiative. All told, project manager Empire State Development – Albany’s main economic-development engine – doled out nearly $40 million in Round 4 of the competitive initiative, which Gov. Andrew enacted as part of the state’s Fiscal Year 2016 budget Round 4 began in June 2016 with statewide towns and villages applying for program funds…


The end is nigh for sputtering Start-Up NY

By GREGORY ZELLER // While several components of Gov. Andrew Cuomo’s proposed FY2018 budget will probably meet resistance in Albany’s corridors of power, at least one is likely to sail straight to legislative approval: the end of the Start-Up NY program. While not officially terminating Empire State Development’s underachieving economic-development effort, the governor’s spending plan purposefully rebrands it: Say hello to the Excelsior Business Program (but make it quick, because phonetic similarities to the existing…


LI rainmakers applaud Albany’s life-science focus

By GREGORY ZELLER // A day before sharing his 2017 social and economic vision for Long Island, Gov. Andrew Cuomo offered some music for the Island’s ears. Cuomo, who on Monday delivered the Buffalo and New York City versions of his 2017 State of the State proposals, is scheduled to bring his annual SOTS tour east on Tuesday. But first, his office reaffirmed the governor’s plans to pump $650 million into the state’s burgeoning life-sciences…


Suffolk IDA approves RPA spending

Suffolk County’s Industrial Development Agency has re-upped its consulting agreement with the NYC-based Regional Plan Association, experts at redeveloping downtowns and creating next-gen housing and transportation hubs. The IDA approved spending up to $100,000 with RPA in 2017, continuing a relationship that extends back to 2013. Since then, the RPA has worked with several Suffolk communities, including Lindenhurst, Amityville, Smithtown, Kings Park and the town of Babylon.


Center for Biotechnology answers feds’ ‘Challenge’

A $500,000 U.S. Department of Commerce “challenge award” for the Center for Biotechnology at Stony Brook University is part of a $15 million round of federal economic-growth stipends – including nearly $2 million for New York-based initiatives. The Center for Biotechnology – designated a Center for Advanced Technology by NYSTAR, the science and innovation division of Empire State Development, Albany’s main economic-development engine – received the largest of the six federal awards announced Thursday. The…


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…