News

Cooking With Chef Michelle

In gluten-free baking, still room for innovation

BY GREGORY ZELLER // Bakers are no longer known primarily for innovation. Television contests may demand interesting new shapes for cookies and cakes, but in the early 21st century, virtually every combination of eggs, butter and flour has been tried. The difference between a 350 or 375 degree oven has been well-documented. There are no baking worlds left to conquer. Save perhaps one. In an increasingly gluten-free world, many baked products prepared without traditional wheat-,…


CEO Allen Shayanfekr

Sharestates lands $30M to expand RE investments

Sharestates, the Great Neck-based online real estate investment platform, announced a $30 million commitment from Ranger Direct Lending Fund that will expand the startup’s  direct lending in residential, commercial and mixed-use properties in New York. Founded in 2013 by Allen Shayanfekr and title insurance veterans Radni and Raymond Davoodi, Sharestates focuses on financing fix-and-flip loans with an average value of $350,000.  So far, the firm has raised a total of $4.5 million for 13 projects. Ranger’s money could…


FFarmingdale business school

Farmingdale opens biz school expansion

Farmingdale State College officially opened its three-story, $19.3 million business school expansion on Thursday, adding new classrooms — eight of them with tiered “collaborative” seating — and offices for 40 professors. More than 2,200 students are enrolled in the business program, with total enrollment at the college now at 8,400. The business school addition is the largest component of a $185 million modernization and renovation of the campus, which includes a new Information Commons in…


Tom Golisano

BUFFALO WATCH: More Paychex for Western NY

In another non-Long Island score for Gov. Andrew Cuomo’s Start-Up NY program, former Buffalo Sabres owner Tom Golisano is spearheading a “multi-million-dollar investment” that will bring 267 new jobs to Western New York. The undisclosed investment by Golisano, founder of Rochester-based payroll-services company Paychex, will help tech manufacturer Bak USA create 167 new positions and expedite the creation of 100 jobs the company committed to when qualifying for Start-Up NY tax benefits. Bak USA, one…


CSHL's Bruce Stillman

CSHL plans new center to push research to market

BY JOHN L. KOMINICKI // Cold Spring Harbor Laboratory plans a $75 million therapeutic research center that would help speed to market treatments for cancer, autism and other diseases without waiting for the pharmaceutical industry to “catch up,” lab director Bruce Stillman said Tuesday. The center, which would rely on a $25 million grant from New York State and $50 million from the National Institutes of Health, would help cure a persistent problem with commercializing…


BNL magnet

At BNL, the force is with them

Brookhaven National Lab researchers have been kicking the tires on a 40,000-pound superconducting magnet – basically an elephant-sized MRI – that will be used to look at shattered atoms that mirror the earliest conditions of the universe. Kicking the tires? Well, yes, since the magnet is pre-owned, as they say in the car business, once used at Stanford’s linear accelerator program in Menlo Park, Calif. Brookhaven Lab physicists hope to use the magnet to upgrade…


Henry Schein posts record Q1 2015 results

An all-around great quarter for Henry Schein

The good times roll on at Henry Schein, with the Melville healthcare products distributor reporting record first-quarter results. Net sales for the quarter ended March 28 were $2.5 billion, a 1.4 percent increase over the same quarter a year earlier. The company also recorded a healthy increase in net income: Excluding pretax restructuring costs of $6.9 million, first-quarter net income was $108.4 million ($1.28 per diluted share), a 6.2 percent increase over 1Q 2014 net…


Traverse CEO Joseph Scaduto

Traverse Biosciences inks R&D, licensing deal

BY GREGORY ZELLER // Stony Brook-based startup Traverse Biosciences has inked an exclusive R&D agreement that could lead to an $8 million sublicensing option. Traverse, a resident of the Long Island High Technology Incubator at Stony Brook University, announced today that it has executed a $250,000 cooperative research and development agreement with Kansas-based Aratana Therapeutics to advance Traverse’s leading drug candidate, TRB-N0224, a potential treatment for periodontal disease in dogs and cats. Traverse Biosciences has…


Cablevision CEO James Dolan

Cablevision: Just trying to stay ahead of consumers

A loss of 28,000 video subscribers may sound like big trouble for a cable company, but Cablevision Systems Corp. is taking the decline in stride. In fact, despite that precipitous drop in TV subscribers, Cablevision still managed to beat Wall Street’s first-quarter expectations, according to an earnings statement issued Monday. The Bethpage-based television, telephone and Internet provider finished the quarter ended March 31 with net income of $44.6 million, or 16 cents per share. That’s…


Calone files for run against Zeldin

David Calone, CEO of local venture capital firm Jove Equity Partners and head of the Suffolk County Planning Commission, has filed to run against 1st District Republican Rep. Lee Zeldin in next year’s congressional election. Calone made the filing to the Federal Election Commission last week. He also gave notice of the formation of Calone for Congress, listing Virginia Capon, president of the Three Village Democratic Club and a former Port Jefferson village board member,…


LIAN Chair Michael Faltischek

DEBRIEF: Michael Faltischek, LI Angel Network

As chairman of the board of the Long Island Angel Network – which has reviewed over 600 financing applications and brokered in excess of $5 million in investments – attorney Michael Faltischek is point man in the local effort to unite entrepreneurs and investors, a mission plainly focused on the Island’s future success and growth. He is earnest and good-humored about this mission, but be careful when you suggest the network has a “tech” focus….


David Hershberg, STS Global

CEWIT residents soft pitch the Angels

The board of the Long Island Angel Network heard presentations from four aspiring companies on Friday and, for a change, not one of them was asking for money. Soliciting investments was not the main goal of this particular meeting, held at Stony Brook University’s Center for Excellence in Wireless and Information Technology. The idea, noted Michael Faltischek, the LIAN chairman, was “more a means of educating the board about what CEWIT has to offer, to…


Bettr founders Asish Pandhi and James Knaus.

Ashish Pandhi and James Knaus have a Bettr idea

By GREGORY ZELLER // Even Ashish Pandhi and James Knaus know it can’t be this easy. That’s why the entrepreneurs continue to tinker tirelessly on the functionality and marketing of Bettr, a social media-management platform that aims to “give people a voice and make a difference in the world,” according to Knaus. Bettr won’t officially launch until this fall, but the precursors to the final product, Queue+ and Archive Poster, have achieved enough success that the…


East Hampton wins microgrid funding

East Hampton microgrid plan wins state funding

An East Hampton solar power and energy storage proposal was selected as one of five projects to share $500,000 in initial funding from the state’s community microgrid program, which is designed to create energy backup for local community networks during extreme weather events or emergencies. The NY Prize Microgrid Competition’s first five awards, $100,000 each, will fund feasibility studies at each location. Applications for the second- and third-stage funding, which first stage winners are eligible to…


stuart rabinowitz

State’s annual eco-dev competition set to start

The state kicked off its annual regional economic development council competition, which this year includes an extra $1.5 billion for upstate projects. As in previous years, the competition will split $750 million between New York’s 10 regional councils, with three top winners receiving $105 million each and others landing about $90 million per region. The program will also award three $500 million awards, to be disbursed at a rate of $100 million per year for five…