Tritec Real Estate is the busiest developer on Long Island
With 477,300 square feet of multifamily space currently under construction in its Ronkonoma Hub project, Tritec Real Estate ranked as the area’s top developer, according to The Real Deal’s analysis of construction data compiled by CoStar. RXR Realty and The Beechwood Organization ranked second and third. Analysis of projects in progress finds that the vast majority of new developments are multifamily housing, making up 81 percent of the square footage under construction by Long Islands top 10 developers in the fourth quarter of 2017. [TRD]
A taste of Versailles can be yours in Old Brookville for $60M
A Versailles-inspired mansion built by an liquor entrepreneur in Old Brookville is on the market for $60 million. Raphael Yakoby, who brought to the world colorful spirits like Hpnotiq and Nuvo, bought the 8.4-acre property for $3.25 million in 2010 and built the 22,000 square foot palace several years later. It has eight bedrooms and 15 bathrooms and six 19th century marble fireplaces. The $60 million price tag includes all the furnishings, listing agent Eloise Halpern of Douglas Elliman said. [Mansion Global]
Protests continue over massive redevelopment of Pilgrim State Psychiatric Center in Brentwood
A $4 billion plan by Jerry Wolkoff to transform the former Pilgrim State Psychiatric Center in Brentwood met with continued protests this week, as some residents claim the massive Heartland Town Square mixed-use project will hurt the community. In what would be the Island’s largest project since Levittown, Wolkoff’s plan calls for construction of 9,100 apartments, three million square feet of offices and a million of square feet of retail space. Opponents say the scale of the redevelopment will overwhelm the area’s roads and schools and clash with the character of the town. The Islip Town Board approved the first phase of the project, which Wolkoff first announced 17 years ago, but the Brentwood school board and community groups have sued to stop it. [TRD]
Brookhaven IDA approves incentives for Rose-Breslin’s mixed-use development
The first phase of the residential and hotel development at the intersection of the Long Island Expressway and William Floyd Parkway in Yaphank will get a boost from the Town of Brookhaven Industrial Development Agency, which approved a package of economic incentives for the project. Rose-Breslin Associates plans to build 295 rental apartments and a 146-suit Hilton hotel on the 35.5-acre site. This phase of The Boulevard, as the project has been renamed, is expected to cost $96.6 million. [NYREJ]
Historic Hastings House in Old Westbury sold for $7M
Designed by Thomas Hastings for one of Long Island’s notable families, the Old Wesbury estate known as Hastings House has sold for $7 million to real estate property manager Helene Abiri. The 19-acre property was owned by the late Ogden Mills Phipps, a former chairman of the New York Racing Association and descendant of steel magnate Henry Phipps. In addition to the six-bedroom, five-and-a-half-bath main house, the property has two guest cottages, a three-bedroom staff house and a three-car garage. Kathleen Dodd and Margaret Mateyaschuk of Daniel Gale Sotheby’s International Realty had the listing. [LIBN]