Spotlight on LONG ISLAND

SPECIAL ADVERTISING SECTION OF CRAIN’S NEW YORK BUSINESS In partnership with Nassau County Executive Laura Curran the Nassau County IDA strives to make Nassau the best place to LIVE, WORK AND PLAY! HERE’S WHY YOUR BUSINESS SHOULD BE HERE • Diverse and highly educated workforce. • Access to the region’s top colleges, universities and research facilities. • Close proximity to New York City. • Convenient access to major air and Spotlight on rail transportation hubs. • Unsurpassed quality of life. Long Island Expressway THE NASSAU COUNTY INDUSTRIAL LONG ISLANDreinvention of its Main Street, thanks to rental apart- DEVELOPMENT AGENCY CAN HELP ong Island is positioned ments. She emphasizes the need for change as she for a rosy future, with gives local politicians the support they need. “Our county has been stagnant for decades,” the a healthy real estate • Tax incentives, including real estate county executive says, explaining that people will tax relief, sales and use tax market, major growth at complain that their grown children cannot afford to stay but complain even louder that multifamily rent- exemptions, mortgage recording its colleges and universities, and al units in downtowns will increase traffic and bring tax exemptions. dynamic entertainment options unwanted strangers. “NIMBYism is a real problem,” she stresses. “We that have been refurbished or • Access to tax exempt financing cannot be the land of ‘no’ anymore.” and other financial resources. are in the works. “The biggest challenge now is to make sure we capitalize on all this economic activity in New York Crain’s explores the commercial real estate market, City,” Curran says, adding that she has been • Site selection assistance. the expansions underway at more than a half-dozen collaborating with the city’s planning department. institutions of higher learning and the latest devel- “There has been a reluctance to talk about that opments at some of the island’s most popular enter- connection—we are proud of suburbia, but we are tainment venues. absolutely connected.” Things are going well, Nassau County Executive Long Island’s positive Laura Curran says. But to keep moving forward, she outlook for econom- Nassau County is adds, Long Islanders will need to shed some of their ic development, com- “[WE HAVE] TO MAKE long-held views about “not in my backyard” and bined with its proximity SURE WE CAPITALIZE embrace that giant metropolis to the west. to the city and its inher- ON ALL THIS The suburbs need to be reinvented, Curran says, ent attractions, gives with more housing, including more affordable hous- it a unique advantage. ECONOMIC ACTIVITY ing. In addition, the county executive says, the em- Jennifer Maizel, commu- IN NEW YORK CITY.” phasis must be on development—housing, office nications manager at the - Laura Curran, Nassau County and retail—that’s connected to mass transit, which accounting firm Grassi & executive NASSAU COUNTY will bring businesses and residents from New York. Co., was born and raised INDUSTRIAL DELEVOPMENT AGENCY Many developers and real estate executives en- on Long Island. “We like to say that we have the NCIDA thusiastically agree, but they add that many native Long Islanders want their home to remain the way it best of both worlds here,” she says. “You can drive NassauCountyIDA @IdaNassau @nassaucountyida NassauCountyIDA was 20 or 50 years ago. 20 minutes and be at the beach or get on a train and “Courageous” mayors are helping foster econom- be in Manhattan in 30 minutes. It gives people the ic growth, Curran says—and points to Farmingdale’s quality of life they are looking for.” For more information, visit www.NassauIDA.org, or call us at 516-571-1945 S1 Untitled-6Untitled-5 1 1 6/5/196/5/19 5:37 5:35 PM PM SPECIAL ADVERTISING SECTION OF CRAIN’S NEW YORK BUSINESS Spotlight on LONG ISLAND Demand builds for commercial real estate OFFICES SEEK BALANCE IN DESIGN WILL NEW CONSTRUCTION FINALLY FOLLOW? Cushman & Wakefield is leasing this Class Grassi & Co, an accounting and au- A office space on 290-300 Broadhollow Rd. diting firm headquartered in Jericho, in Melville, which features amenities. has been in Long Island for nearly four decades. But its chief adminis- Celebrating 80 Years trative officer, Julie Vadnais, says the Servicing All Business Environments The exception is medical-related space itself has undergone some office space, which is flourishing the radical changes. length of the island, “all the way out to “We work so differently than we As a fourth generation women owned Riverhead,” he says. “It’s not even nec- did five years ago,” Vadnais says. business, Waldner’s has sustained due to essarily confined to areas adjacent to Paper is barely used, she explains, its commitment to honest work and hospitals—they are taking land for out- and newer technology is slimmer willingness to evolve. patient care near major thoroughfares than older computers and bulky fax with good accessibility.” machines. Pennetta concurs about the medical This means furniture can be small- We believe in creating business spaces, but he’s more optimistic on of- er, making room for renovations that environments that are healthy, innovative fice space overall, saying it’s running incorporate collaborative spaces. and productive to cultivate the growth, about two years behind the industrial “There was a point when people confidence and success of our market, meaning that when rents reach wanted wide open spaces,” she customers and their employees. near $40 per square foot, then new says, “but now we need spaces to construction will begin again. work privately and spaces to come ong Island’s commercial real estate “If you are looking for a 50,000-square- together.” We seek to understand our clients wants foot building now, there are five build- That outlook puts Grassi & Co. and needs in order to provide tailored market has faced its share of ings to show in Nassau and Suffolk, in line with current thinking on office solutions utilizing a collaborative team whereas years ago there would have design. approach with the most experienced and challenges in recent years, buoyed been 20, so new construction eventu- “Five years ago, there was a dra- ally needs to happen,” he says. matic shift to open plans, but it back- knowledgeable staff in the industry. It’s no mostly by the steady expansion of health In the interim, landlords and several fired,” says Enara Nektalov, manager wonder that in a recent CEM Viewpoint care-related businesses, especially from developers are pushing down another of marketing and workplace strategy Relationship Survey*, our customers gave path. “To attract a diminishing office Waldner’s top scores for solutions, Northwell Health. market, landlords are realizing they reputation and service. need to make their existing buildings But this year the overall market seems roof for the industrial market, so it is go- more attractive,” Katz says. to be turning a corner, statistics show ing to go through a big upheaval since Pennetta says he sees “developers and experts say. there has not been a lot of construct for buying properties and renovating them “The state of the market is pretty decades,” he says. “Rising rents were externally and internally and adding strong now,” says Tony Fromer, princi- finally enough to offset construction amenities to make more true Class pal at We’re Associates, a Jericho-based costs, so there is now finally new indus- A buildings.” He says these will push real estate developer. “For the first time trial development on the books.” rents upward, which will eventually lead in a long time we are attracting New York William Katz, senior associate at to new construction. City businesses reaching out to Nassau American Investment Properties, says Fromer, who has 3 million square feet and Suffolk to find cheaper space. We the demand is there, but most con- of property, is one of the developers at Waldner’s Business Environments, Come Visit Our welcome them with open arms.” struction will be limited to “suit to leading that push. He says it’s the only an office furniture and design com- Just a few years ago, a stagnant pop- build” for clients that want something way new Class A buildings will come to pany that has been on Long Island ulation, the appeal of New York City customized. market for a while. for 80 years. Newly Renovated and a lack of enthusiasm from potential Lee Rosner, managing principal at “The cost of land and construction is “Now the plans are more bal- companies were hampering growth. Coldwell Banker Commercial Island too expensive, so I don’t foresee any anced,” she elaborates. “People Long Island The relentless scrutiny required for ap- Corporate Services, is a bit more skep- new buildings soon,” Fromer says, don’t have to run home for privacy.” proval in any real estate project across tical. “This is a historic low for vacancy adding that the hospitals have “eaten “You need collaboration,” Waldner’s the hundreds of zoning and building rates, but the cost of steel and concrete up a lot of the space, and there is not chief operating officer, Ryan Showroom! districts on the island added to the has gone up 25%, so it is still hard to much land left.” Osborne, adds. “But if you do not problem. But commercial offices and make the numbers work—there’s some “There is a supply of existing build- have a portfolio with private space Experience innovative the industrial market have both been and space for meetings, then an on the rebound. open-plan environment will fail.” workspace solutions This year, studies have shown crucial Research has shown that smaller that integrate fundamentals on Long Island improv- “FOR THE FIRST TIME IN A LONG TIME meetings, with six people maxi- furniture, technology, ing across the board in 2019, with a WE ARE ATTRACTING NEW YORK CITY mum, are more productive because notable rise in leasing activity and a they encourage participation and architectural walls drop in vacancies.

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