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Long Island Real Estate Briefs: November 9, 2007

Long Island Business News, Nov 9, 2007 by David Winzelberg

Fixing the flooding, in a roundabout way

Anyone who's tried to navigate northern New York Ave. in Huntington in a heavy rain knows a Bayliner does better than a Buick, with knee-high water masquerading as a street. But now a solution is finally in sight, although it may send traffic driving around in circles.

After three years of study, the New York State Department of Transportation has proposed building roundabouts at two different Route 110 intersections - at Mill Dam Road and Creek Road - as part of drainage and roadway improvements for the Huntington-to-Halesite portion of Route 110, a.k.a. New York Ave.

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The existing drainage system, constructed in 1929, is inadequate and easily clogged by leaves, plastic bags and other debris. High tides and heavy rain bring rising water, raising the frustration of local residents and business owners along the busy stretch, who feel they've been getting soaked for way too long.

They'll have a chance to review the DOT's plans at a public hearing, scheduled to run from 4 p.m. to 9 p.m. on Wednesday at the Huntington Library on Main Street. The cost of the project depends on which plan is favored by the community - roundabouts, raising the roadbed, creating new culverts, etc. - but could range from $19.8 million to $26.2 million, according to DOT spokeswoman Eileen Peters.

Whichever plan is chosen, Huntington residents will have to wade a little bit longer - construction isn't scheduled to begin until 2009.

Rechler inks 178,000 square feet

Rechler Equity Partners, one of Long Island's largest owners of commercial real estate, signed more than 178,000 square feet in leases - mostly renewals - during the third quarter of 2007.

Rechler Equity completed nine transactions retaining an occupancy level above 98 percent throughout its nearly 6-million-square-foot portfolio, according to Mitchell Rechler, a company principal.

The largest among the renewals was an 110,000-square-foot lease by AtLite Lighting at 100 Andrews Ave. in Hicksville and Milex Electronics' 20,400-square-foot renewal at 85 Engineers Road in Hauppauge.

Harry Stavro of Rechler Equity represented the ownership in all of the transactions listed above.

Realtors, MLS honor brokers

The Long Island Board of Realtors and the Multiple Listing Service of Long Island held their annual awards breakfast Tuesday at Oheka Castle in Huntington, honoring three brokers for outstanding achievement.

Alan Hendrickson of Coldwell Banker Commercial was named Long Island Consultant Network Member of the Year; Christopher Armstrong of Century 21 Princeton Properties in Holbrook won the MLS Tasso Award; and Valerie Van Cleef, manager of Coach Realtors' East Norwich office, was named Womens' Council of Realtors Member of the Year.

Real Deals

* Family Dollar signed a seven-year lease at 1245 Middle Country Road in Middle Island for an aggregate rent in excess of $1 million. Construction has already started and the store is scheduled to open next month.

Family Dollar will be taking the former Revco location at the 140,000-square-foot Middle Island shopping center, which has tenants including King Kullen, Blockbuster, Subway, Tutor Time, Aide Auto and H&R Block.

With sales in excess of $5 billion, North Carolina-based Family Dollar was founded in 1959. The company has more than 5,000 stores throughout the United States.

Chris Nicholson of Island Associates Real Estate in Smithtown represented the owner of the shopping center and Cindy Gluck of Gluck & Co. represented Family Dollar.

* A two-story office building on Jericho Turnpike in Mineola sold for $900,000, according to Wazi Wazihullah, managing partner of Commercial Realty Hub in Carle Place.

The 3,500 square-foot building has a full basement and a dentist's office on the first floor. Wazihullah represented the seller, Dr. John Rupolo. The buyer, Dr. Eric Shatz, who will be operating the dentist's office, was represented by Rich Pisacone of Sutton & Edwards in Lake Success.

The building is across the street from the Entenmann's facility and not far from the Meadowbrook Parkway.

* A 6,000-square-foot retail building in Great Neck once occupied by Blockbuster and three local retail tenants was sold for $4.85 million, according to Kenneth Roth of NAI Long Island in Roslyn Heights.

Roth, formally of Rothwood Real Estate Services, represented the building's ownership - a group of private investors - in the sale of 136 Northern Blvd. The high-profile retail property was purchased by developer Kevin Kim, who plans to upgrade and subdivide the building to generate higher rents per square foot.

Long Island Real Estate Briefs: November 9, 2007

Long Island Business News, Nov 9, 2007 by David Winzelberg

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