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REAL ESTATE NEWSMAKERS OF THE YEAR Going viral ust as most everything else was dominated by COVID this year, real estate was no exception. However, despite a cou- Jple-of-months pause, the residential sector thrived, making up for the lost sales of the spring throughout the second half. The commercial sector hasn’t bounced back as quickly. Though industrial real estate flourished with the continuing demand for e-commerce distribution and the multifamily sector has remained resilient through the pandemic, hospitality and retail properties took a big hit, and the office market grappled with a glut of sub- lease space. Here’s how LIBN reported it.
Commercial real “Tenants are calling and the number one sommersby via depositphotos question they have is ‘Do we have to pay estate struggles the rent?’,” said Adam Rochlin, principal of The Rochlin Organization, a Melville-based there could see transactions…without commercial brokers amid virus-choked brokerage firm that more consolidation. and their knowledge of the scarce available environment represents about 3 “But there sites, the process of obtaining space for the million square feet remains a sup- storage and distribution of crucial medical While some sectors are being impacted of office space. ply-constrained equipment and products, as well as other more than others, commercial real estate on Rochlin said two environment on essentials, will be intolerably delayed.” Long Island is now sharing the pain that the tenants that had al- Long Island, so it Leviton, who is also managing director COVID-19 virus and its protocols continue ready signed leases may not be as bad of JLL’s Long Island office, said the industry to inflict on the region. and were supposed as in other mar- is bracing for the impact of the COVID-19 Clearly the hospitality and retail sectors to begin occupying kets,” Lee said. “The virus and its related considerations. have been the first to show the scars, as emp- their new spaces on industrial market BRIAN LEE “Due to the unknowns about the duration ty hotels and restaurants struggle to survive April 1 now want to will remain strong, and extent of the disease spread, it’s hard to ADAM ROCHLIN the stay-at-home and social-distancing rules push that back for especially because predict how long the impact will be,” Leviton the state has put in place, but they won’t be 90 days. of the continued demand for warehouse and said. “In times of uncertainty, we often see the only ones to suffer. “The problem is that the landlords have distribution operations from online busi- delays in decision making for leasing and Brokers say vacancies are likely to rise invested money and were expecting to see nesses.” investment as well as moderating demand as across the board, especially in the office revenue from those tenants,” he said. And Lee insists there are opportunities in short-term cost reduction can overtake long- and industrial real estate markets, though a Rochlin suggested that the federal gov- every crisis. term planning.” segment of the latter will remain robust with ernment needs to loosen regulations on “If you recognize and take advantage of But Leviton said there are other things to the increasing demand for warehousing and defaulted commercial mortgages and allow those you can have tremendous success think about besides the business implica- distribution facilities from online merchants forbearance of payments for three months. during a cycle like this,” he said. “We can tions. and delivery businesses. Jonathan Goldman, a principal of Jeri- help many clients with creative real estate “We must take care of our families to stay One of the safest property types on Long cho-based M. Robert Goldman & Company, solutions to help lessen the impact on their safe and healthy,” he said. “We are all in this Island remains multifamily rentals, especially a mortgage banker servicing more than $2 businesses and real estate.” together, and now is the time to support as investors pivot to safer havens in the cur- billion in commercial property loans, said Not listed as an essential business, real each other so that we can solve our current rent low-interest-rate environment. But even lenders will need to show some flexibility. estate trade groups, such as the Commercial challenges, be ready as things improve and owners of apartment buildings may see a “Most portfolio lending sources, such Industrial Brokers Society of Long Island, come out of this stronger.” short-term dip from their usual 95-percent- as banks, insurance companies and credit have appealed to the governor’s office to be Lee agreed with that sentiment. and-up occupancy rates, as the ranks of the unions, realize that they’ll have to make recognized as essential. “It’s important during this time to reach unemployed swell through the next couple of accommodations on a case-by-case basis for In a letter to the state’s Economic Devel- out to clients and assist them in any way months or so. properties where tenants are unable to pay opment Office, CIBS-LI President David you can, whether it’s about business or not,” Hotels here are in a world of hurt. The rent because of the COVID-19 pandemic,” Leviton wrote: “As the need for physical he said. “This is the time to give back to the occupancy rate for hotels in Nassau and Suf- Goldman said. “By early April, we expect locations for the delivery of medical services community, clients and friends.” folk counties has dropped steadily since the that the National Association of Insurance will significantly expand over the next weeks -DAVID WINZELBERG beginning of March. Last week, the occupan- Commissioners will provide their members and months, the brokerage community will cy rate at hotels on Long Island fell to 32.1 the flexibility they need to make case-by-case be called upon by its medical and related Open space percent, less than half of the 65.2 percent modifications on performing loans without strategic clients to assist in the expansion. Opened with great fanfare just three years occupancy rate recorded two weeks prior, ac- an increase in capital charges. The Federal The lack of an essential business designation ago, the new 232,000-square-foot Dealer- cording to numbers from STR. In addition, Reserve and the Treasury Department gave for the pertinent track Technologies headquarters in North revenue per available room plunged to just banks similar guidance about a week ago.” brokerage commu- Hills was the largest single-tenanted office $37.81 last week, a substantial decline from Meanwhile, commercial real estate bro- nity will slow down complex built on Long Island in the last the $88.16 reported by STR for the first week kerage firms are trying to navigate the new the acquisition or decade. in March. COVID-19 landscape, with their brokers leasing of addi- The $120 million project, a partnership As LIBN reported last week, struggling working remotely and keeping in touch with tional space and between Tritec Development and Castagna retail tenants have been contacting their their clients. However, most are reporting a inhibit vital medical Realty and designed by the Spector Group, landlords about not being able to make rent slowdown in activity. services.” boasts amenities aimed at attracting a payments. Some landlords are deferring rent “There’s not a lot of business going on,” In addition, the talented workforce, including a basketball for a few months and some are accepting said Brian Lee, a principal of Newmark letter maintained and volleyball court, game room and fully partial payments, though property owners Knight Frank’s Long Island office. “Real that “commercial equipped gym. DAVID LEVITON say they will need similar considerations estate is one of the industries with long-term real estate bro- Dealertrack leased the entire North Hills from their lenders. commitments. Very few are willing to make kers involved in building and relocated more than 500 em- The same situation is also playing out with those in this environment.” negotiations for warehouse space should ployees to its new digs from its leased space office and industrial tenants whose opera- According to his assessment, the closing of also be designated as essential workers to the in Lake Success. The company received more tions have been shuttered due to the state’s businesses and curtailing of their operations extent they represent parties in warehouse guidance on non-essential business. could impact demand for office space, where and logistic distribution leasing and sale See REAL ESTATE, Page 6 LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM I 5 6 I LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM
REAL ESTATE NEWSMAKERS OF THE YEAR
Continued from Page 4 the office market in core suburban markets. The company just bought a 10-building, 1.55 than $45 million in economic incentives million-square-foot office portfolio in Morris from the state and the Nassau County Indus- County, N.J. for $158 million. trial Development Agency in exchange for its Here on Long Island, brokers point to the pledge to add 350 more jobs to the building limited supply of office space, which is much in the next few years. less than other New York suburbs, as the But three years in, that hasn’t happened. market’s saving grace. Instead, Dealertrack recently put the build- “The Long Island market was well posi- ing’s entire first floor, nearly 40,000 square tioned because of the tight supply,” Leiderman feet, on the market as a sublease offering, and said. “I’m confident that we’ll come out of this real estate brokers predict the company would strong, but there’s still a lot of uncertainty.” give up even more space if it could find takers. -DAVID WINZELBERG Though Dealertrack was purchased for $4 billion by Atlanta-based Cox Automotive in Housing crunch 2015, while the North Hills building was un- Soaring Long Island home prices have der construction, Cox executives insisted they reached record highs, propelled by strong were committed to keeping Dealertrack and demand and an anemic supply of available its hundreds of employees on Long Island and Photo by Judy Walker properties. And though that’s good news for wouldn’t be looking to move the operation to existing homeowners and those that work in Georgia. Then came the coronavirus. Citigroup and CityMD, have been out in the firms heading for Long Island. the residential real estate industry, it’s bad news However, a company spokesperson market in recent weeks looking to lease office “Companies have kicked the tires, but I for those struggling to find a place to live that said the “Dealertrack North Hills office space on Long Island. don’t think anyone’s leased space yet,” he said. they can afford. has continued to employee approximately “We’re seeing a lot of activity on smaller, “I think we might see it more in the fall and Not only have Long Island home prices fi- 550 full-time employees” since it opened. short-term deals,” Rochlin told LIBN. “Last winter. It doesn’t seem like a dramatic shift.” nally recovered from the Great Recession, they Dealertrack didn’t respond to a question on week we signed three Long Island office deals Oliver, one of the exclusive leasing are now higher than they’ve ever been. whether it plans to give up more of its North with firms that have an office in Manhattan, agents for the The median price of closed home sales in Hills building. but their people don’t want to work from 275,000-square-foot Nassau County in September was $590,000, “We continually evaluate our office space home any longer.” office complex at up 9.3 percent from the $540,000 median price to utilize it most efficiently,” the spokesper- And just as hub and spoke has upped the 888-898 Veterans recorded in Sept. 2019, according to OneKey son said, “and this allowed us to place the demand for office space here, the need to Memorial Highway MLS. first floor on the sublease market.” keep workers safe has also prompted some in Hauppauge, add- The rise was even higher in Suffolk County, Dealertrack isn’t alone in shedding some businesses to expand their offices. ed that many firms where the median price of closed home sales of its office space. Other Long Island com- Rochlin has a client that had been looking are waiting for the last month was $464,375, up 13.3 percent from panies, such as Hain Celestial and Integra for about 6,000 square feet of office space dust to settle, before the $410,000 median price of a year ago. Managed Care in New Hyde Park and prior to the pandemic, but now that company making any long- And sales are booming. Despite the Professional Physical Therapy in Melville, is looking for 9,000 square feet. term commitments. DAN OLIVER COVID-19 pandemic and its state-mandat- are offering a combined 70,000 square feet of “Tenants need 20 percent more space for “We’re seeing ed shutdowns that slowed home sales to a sublease space. social distancing purposes,” Rochlin said. short-term extensions, from one to three crawl for a few months this spring, a flurry of With many employees still working from Darren Leiderman, a broker with Colliers years,” he said. home-buying activity in the last several months home at least some of the time, parking lots International, agrees that some office tenants And while many employees continue to have now pulled 2020 pending sales ahead of at many Long Island office properties remain need more room. work remotely, Oliver says he is starting to the previous year. at least half empty, six months after the “We’ll see less hear pushback on that. At the same time, the number of homes on buildings were closed due to the COVID-19 density within of- “As the summer ends and as the weather the market here has continued to shrink, which pandemic. And as some businesses rethink fices,” he said. “The turns, people are going to want to get back has prompted bidding wars and limited op- their office space needs amid a sea of unoccu- problem that we’re to the office,” Oliver said. “Our parking lot portunities for prospective buyers. There were pied work stations, more are downsizing their seeing now is that in Melville is starting to fill up. It’s probably 9,399 homes listed for sale with OneKey MLS physical footprints. offices aren’t full.” about two-thirds full. People are starting to at the end of last month. That’s 27.2 percent Traditionally, sublease offerings have ac- Leiderman come back to the office.” fewer than the 12,917 homes listed for sale in counted for a small fraction of the inventory believes that tradi- And that’s exactly what office landlords Sept. 2019. of available space in the Long Island office tional Long Island want to see. The pandemic has exacerbated Long Island’s market. But today, the amount of sublease service businesses John Saraceno, co-founder and managing housing crunch in a couple of ways, including space is three times the historical average, will likely maintain DARREN principal of Woodbridge, N.J.-based Onyx putting extra strain on the finances of the state according to Adam Rochlin, broker/owner of their space, but LEIDERMAN Equities, which owns more than 8 million and local municipalities which are counted on The Rochlin Organization in Jericho. larger national firms square feet of office space, including the for subsidizing affordable housing projects. The situation is more acute in Manhattan, might consolidate some of their space. two-building, 695,000-square-foot Jericho And while COVID-inspired layoffs and where sublease offerings currently make up “Vacancy rates may tick up a bit by the end Plaza, says working from home is a short- pay cuts have caused people to miss rent and 23 percent of all available space, the most in of the year,” Leiderman said. “But we’re very term trend. mortgage payments, prospective homebuyers a decade, according to a report from Colliers busy and there are still plenty of firms looking “Summertime is a great excuse not to go coming from New York City have also created International. for opportunities in the market.” to work,” Saraceno said. “As time has passed, increased competition for the Island’s dwin- While the fallout from the pandemic One of those opportunities, he says, is the productivity has ebbed significantly.” dling supply of existing homes for sale. continues to unfold, the area’s office market is 136,000-square-foot building at 275 Broad- Last month, Onyx kicked off its “You’re Add those suburban-seeking city dwellers going through a metamorphosis, which some hollow Road in Melville, where Leiderman is Better at the Office” campaign, putting the to the already formidable number of house brokers liken to the aftermath of 9/11. In the one of the exclusive leasing agents. National slogan on 18 billboards along major New York flippers that can buy properties for cash and months following the attack on the World Grid had been negotiating to lease the entire City-area roadways in North Jersey, Long the competition for homes has become fierce. Trade Center, several companies sought to re- building, which is in the midst of a multi-mil- Island and Westchester. duce their Manhattan office space and began lion dollar capital improvement project. But Saraceno estimates that 60 percent of the Rental prices rise leasing satellite offices in the suburbs, where the deal fell apart once the pandemic took tenants in Onyx buildings have at least 50 Though renting may be a less-expensive the real estate is less expensive and would be hold. percent occupancy in their offices. alternative, market-rate rental apartments less likely to be impacted by terrorism aimed Despite the hype surrounding hub and “There are a lot of people and businesses are also getting more costly. The U.S. at the city. spoke, Leiderman doesn’t think there will be a that rely on people going to the office every Department of Housing and Urban Devel- The latest decentralizing strategy, brought mass exit of companies from the city. day,” Saraceno said. “I’ve seen it in our portfo- opment’s latest Fair Market Rent for Nassau about by the virus, is commonly referred to as “Some are comparing it with the exodus lio. Since Labor Day, we’ve seen a reasonable and Suffolk counties is $2,035 a month for a “hub and spoke.” It has companies maintain- after 9/11, but it’s a very different situation,” he increase in people coming to the office. We’re two-bedroom apartment. That’s up nearly 27 ing a primary headquarters in the city and said. “Don’t expect an exodus from Man- getting emails from a lot of our tenants and percent from the $1,608 FMR from just four additional offices in the suburbs, where many hattan, though there will be a reshuffling of human resources folks about density require- years ago. But the FMR merely represents a of their employees live and can more easily employees from the city.” ments and safety protocols. We’re starting to baseline for current market conditions, since socially distance. Dan Oliver, a broker with Newmark Knight see firms migrating back.” Brokers say Manhattan-based firms, such as Frank, says so far, he hasn’t seen Manhattan Saraceno said Onyx remains bullish on See REAL ESTATE, Page 8 LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM I 7
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REAL ESTATE NEWSMAKERS OF THE YEAR
Continued from Page 6 in vain to derail it. But even though the proj- ect’s developer Blue Sea Development received monthly rents for two-bedroom market-rate all of its building approvals in 2016 and $2.2 apartments on Long Island usually eclipse million from Suffolk County for a sewage $2,500. treatment plant in Nov. 2019, construction has Eric Alexander, director of Vision Long yet to begin. Island, says there’s always been an over- Though company principal Les Bluestone whelming need for affordable rental units for did not respond to requests for comment, working people, particularly in downtown sources say the project’s initial financing areas. package no longer covers construction costs, “The coronavirus shutdowns have in- which have risen nearly 30 percent in the last creased this need due to job losses, under- four years. employment and bills that have piled up,” However, a key state agency says it’s working Alexander said. “Add to that the exodus of on it. New York City residents seeking apartments A spokesperson for New York State Homes that has increased demand even further and Community Renewal, which has invested while driving up the rents.” $364 million towards creating and preserv- Pricey housing has forced many mil- ing affordable housing on Long Island, said lennials and downsizing baby boomers to Photos by Judy Walker the agency has increased its initial financial consider moving out of the area, which ulti- LEONARD D’AMICO and PETER FLOREY: The principals of D&F Development have a couple commitments to the Matinecock Court project mately hurts the economy. In fact, the lack of of affordable rental projects under construction, including this 70-unit complex in Bellport. and secured an enterprise grant for additional affordable housing, both for sale and for rent, funds. poses a serious threat to its recovery and than 1,000 units since 2012. tion for each averages close to $450,000 and The NYSHCR spokesperson added that the future economic growth, according to a new Georgica Green recently completed or the homes are sold for about $250,000 apiece. agency is “continuing to work closely with its report from the Regional Plan Association. is currently constructing several affordable The homeowner, who leases the land from the public and private partners to identify and Since 2000, Long Island’s median income rental developments, including the 77-unit land trust, can resell the home, but the land secure financing for the project that will move has dropped while housing costs have in- Homestead Senior Apartments in Westbury; itself stays with the nonprofit so the property the development forward to construction creased by 24 percent, the RPA report found. the 37-unit Gansett Meadows apartments in maintains its affordability. closing.” More than 300,000 Long Island households Amagansett; the 38-unit Speonk Commons; LIHP has sold nine of the land trust homes Much of the financing for affordable housing are housing cost-burdened, meaning they the 28-unit Sandy Hollow Cove apartments over the last two years and has another seven projects here come from tax credits provided are spending more than 30 percent of their in Southampton; and the 116-unit Riverview more awaiting construction. The properties to the developer by the state on a competitive income on housing, according to the report, Lofts in Riverhead, where a well-appointed, are located throughout Nassau and Suffolk, in basis, which are then sold to banks, such as which also found that by 2040, the number one-bedroom apartment will rent for $1,200 a places like Patchogue, Rocky Point, Central Citibank, J.P. Morgan Chase, Bank of America, of people over 65 here is expected to increase month. Islip, Bay Shore, Island Park, Baldwin and and TD Bank. By purchasing the credits, the by 40 percent, while Long Island’s population GGV principal David Gallo says rising home Freeport. banks become equity partners and receive an under 35 could shrink by 13 percent. prices means living and working on Long Both the pandemic and rapidly rising real annual yield of between 3 and 5 percent. They “Younger Long Islanders are forced to Island is impossible for many people. estate prices have created challenges for the also get the lion’s share of the depreciation of leave their communities to find housing “It means senior citizens struggle to stay in effort. the properties, creating additional value. that’s affordable elsewhere, aging emp- the communities where they raised their fam- “There’s much deeper competition with the However, though tax credits usually make ty-nesters often struggle to downsize, and ilies, working families can’t make ends meet, open market to get the properties,” said LIHP up from 60 to 80 percent of the funding, the owners and renters of all ages and back- and young people just starting out have to look CEO Peter Elkowitz. “It’s a sellers’ market.” rest relies on grants and gap financing in the grounds are saddled with high housing elsewhere to begin their careers,” Gallo said. Issues related to COVID, like contractor form of low-interest loans from state programs. costs,” Tom Wright, RPA’s president and “Safe, quality affordable housing means these shortages and delays in dealing with local That’s where the pandemic’s strain on budgets CEO, said in a written statement. “To retain populations can participate in our communi- municipalities that have reduced staff haven’t has been most apparent. the talent that will drive future economic ties.” helped either. Florey says there’s a pressing need for more success, Long Island must diversify its hous- The Community Development Corporation “Time is money,” Elkowitz said. “Everyone is gap financing. ing stock.” of Long Island has partnered with Roches- on the same page to get these homes built and “We’ve already seen an effect on the amount ter-based Conifer Realty in creating hundreds occupied by the families. However, it requires of available subsidy from the state, mostly New prospects of affordable rental apartments here in recent a lot of people to come together and get it when it comes to the availability of low-interest And while the outlook isn’t rosy, there have years, including the 90-unit Copiague Com- accomplished.” loans,” he said. “That’s what has been impacted been some advances here over the last decade mons and the 176-unit Wincoram Commons Both Florey and Gallo agree that the biggest by what’s going on right now.” or so when it comes to creating more rental in Coram. Earlier this month, LIBN reported obstacle in developing affordable housing here Public buy-in needed developments and attainable housing oppor- that San Francisco-based Belveron Partners is time. While financing remains as challenging as tunities. bought a majority equity stake in Conifer, “With entitlements and infrastructure, like ever, affordable housing first needs buy-in from Since 2004, Levittown-based D&F Devel- which may inject more capital into future sewage treatment plants, the process can take residents and elected officials before a project opment has built about 2,400 residential units, development plans. from three to five years,” Florey said. “Where can get off the ground. Pally cites the reluctance most of them rentals priced well-below market “We’re really excited for broader housing margins are quite thin to begin with, that pres- of many Long Island municipalities to even rate. opportunities from this new partnership,” ents a huge challenge.” entertain that they need affordable housing in “Overall in the last 10 years we’ve made said Gwen O’Shea, CEO of CDCLI. “This will Probably the most unwieldy part of develop- their area. progress, but there’s always room for improve- expand the type and make-up of affordable ing affordable housing is putting together the “We first have to have public acceptance of ment,” said D&F principal Peter Florey. housing opportunities on Long Island.” financing, which comes from a wide variety of the need in each community,” he says. “If you In Bay Shore, D&F is currently building a Another of the area’s long-time advocates public agencies and private institutions. can’t get past that challenge, then you’re out of 75-unit, affordable rental project for peo- for affordable housing has been the Long “You’ve got to have a lot of patience,” said luck.” ple aged 55 and over, which will include an Island Housing Partnership, one of the leading Mitch Pally, CEO of the Long Island Builders But once they do get on board, developers 8,000-square-foot LGBTQ community center administrators of state- and municipal-man- Institute. “There are so many different financ- say municipalities need to make better ac- and should be finished next spring. In Bellport, dated affordable housing components–usually ing sources. It’s very difficult to make all of that commodations for affordable housing in their D&F is constructing a 70-unit non-age-re- 10 percent of total units – for new multifamily work in a timely fashion.” codes. stricted workforce rental complex that’s slated developments. Over the last six months, LIHP One example of how long it could take is Gallo says rezoning a property to allow to be completed by the end of next year. oversaw the leasing of more than 100 new the Matinecock Court project in East North- for affordable housing is often an incredibly And the affordable housing-centric firm rental units priced below market rate. port, which promises to bring 146 affordable expensive, years-long process with no guar- has more projects in the works, including an In addition to those efforts, LIHP is now housing units–both rental and for sale–to a antee of a favorable result, which discourages 83-unit rental complex in Wheatley Heights a couple of years into building and selling 14.5-acre parcel of vacant land on the north- developers from even considering affordable within a short walk of the Wyandanch Long workforce-priced homes via its Community west corner of Pulaski Road and Elwood Road. housing as a viable option. He urges local Island Rail Road station, where rents for a Land Trust. First pitched in 1978, (yes, 42 years ago), governments to streamline the process and one-bedroom apartment will start at about The Hauppauge-based nonprofit purchases the project, sponsored by a Greenlawn-based support affordable housing by prioritizing it in $1,000 a month. properties through the land trust, builds new nonprofit called Housing Help, has survived terms of both funding and process. Another prolific developer of affordable homes and sells them to qualified buyers who multiple court challenges, one of which went “That will go a long way toward increasing housing on Long Island is Jericho-based Geor- earn 80 percent or less of the area median all the way to the U.S. Supreme Court, as the the availability of these units,” Gallo said. gica Green Ventures, which has built more income. The cost of acquisition and construc- Town of Huntington and local residents tried -DAVID WINZELBERG LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM I 9
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LAW & GOVERNMENT NEWSMAKERS OF THE YEAR Help wanted s Long Island grappled with COVID-19, its business lead- ers looked to various government programs, such as the A Payment Protection Program, for a badly needed lifeline. This overview points to the struggle in the region, the experts who offered assistance and the hope for the future.
Report: LI lost jobs wave of the virus, the region is calling for more federal dollars for innovative programs faster than NYC that would reignite the economy while fos- and other suburbs tering social change. And as employers reimagine the work- Amid the COVID-19 crisis, Long Is- place, working from home may take prece- land is seeing a net job loss of 220,000. dence, changing the demand for office space. That loss is prompting a $61 billion Meanwhile, consumer confidence may doors and may not return, Rizzo said. economic times without sales and income decrease in economic activity. take a bit to return despite “pent-up demand For businesses, reopening could be a tax revenue coming in. What’s needed, ex- That’s according to a bi-county report for personal services,” said Richard Vogel, costly endeavor, facing bills, rent and interest perts said, are federal dollars. on the pandemic’s impact on the re- dean of the School of Business at Farmingda- payments as well as salaries, even for those The region “needs to get massive new dollars gion’s economy. le State College. organizations that managed to access federal into clean energy industries and conser- The report was developed by HR&A “On the one hand we have to reopen support through such initiatives as the Pay- vation industries,” Melkonian said. That Advisors, with support by IDAs in Suf- because the economy can’t take much check Protection Program. effort would “restore economic activity and folk and Nassau counties. more, and kids need to have a high-quality And the unemployment rate for Long Is- deal with the longer-term crisis of global “We’ve been hammered,” Suffolk education,” said John Rizzo, chief econo- land climbed to 16 percent in April, accord- warming.” County Executive Steve Bellone said of mist at the Long Island Association. “On ing to preliminary numbers from the state’s As for entertainment, that will take a the economic impact of the virus. the other hand, we are running the risk of Department of Labor. while to rebound as well. Concert halls are The study found that Long Island infection.” These are levels not seen “since 1933,” rescheduling events. And as organizations businesses lost jobs at a faster rate than “If people are afraid, the fear factor is out Melkonian said, adding, though, that unem- that offer performances in the park are New York City and its suburbs, as well as there, and economics is really the quantifica- ployment did hit 11 percent in 2009-10. evaluating appropriate formats, families are the United States as a whole during the tion of [how] people’s habits have changed,” “It’s a very dangerous situation unless it’s flocking to pop-up drive-in movie events. initial months of the crisis. Martin Cantor, director of the Long Island turned around fairly quickly,” he said. But when movie theaters re-open they will It also found that a “disproportionate Center for Socio-Economic Policy, said. The shut-down has taken a toll on com- face new challenges, as release dates from share” of the jobs lost were low-pay- The U.S. economy entered a recession mercial real estate, with “for lease” signs major-motion picture studios are postponed, ing jobs. This kind of loss is especially in February as the coronavirus struck the dotting the landscape, Melknonian said. Vogel said. impacting workers with low levels of nation, a group of economists declared Mon- And without income and sales tax reve- “Summer blockbusters have shifted six education as well as Hispanic and Latino day, ending the longest expansion on record. nues, the state and local municipalities face months, to a year to two years,” Vogel said, workers, according to the study. The economists said that employment, financial risk. noting that some releases will go directly to The hospitality industry was hit the income and spending peaked in February It could cause further layoffs and furloughs, streaming. hardest, losing 82,000 jobs and health- and then fell sharply afterward as the viral this time in the public sector, affecting And whether people feel comfortable care and social assistance lost 59,000 outbreak shut down businesses across the teachers, healthcare workers, and more, sitting in close proximity for a two-and-a- jobs. country, marking the start of the down- Melkonian said. half or three hours for a show” and what the “This report outlines the economic turn after nearly 11 full years of economic A mix of innovation and grassroots solu- seating rules would be, remains to be seen, shock to our local economy and the con- growth. tions, fueled with federal assistance, might Vogel said. tinued pain among our businesses and A committee within the National Bu- boost the economy, experts said. Meanwhile, consumers are spending when minority communities,” Laura Curran, reau of Economic Research, a trade group, “Economies need road repairs,” Rizzo said, it comes to home improvement and garden- Nassau’s county executive, said in a determines when recessions begin and end. adding that on Long Island, while that’s been ing, Vogel said. statement. It broadly defines a recession as “a decline in discussed on and off for years, “it’s never Still, even with stores reopening, some Both county executives said that economic activity that lasts more than a few come to fruition. But I think that would put consumers may prefer shopping online, financial assistance from the federal and m ont h s .” people back to work who couldn’t otherwise something they may have grown accustomed state government was necessary. For that reason, the NBER typically waits get into the workforce.” to, Vogel said. “This report makes clear that federal longer before determining that the economy It would get people back to work in “a And tele-visits and online services may aid from Congress is necessary if our is in a downturn. In the last recession, the socially useful way,” Rizzo said. continue their prevalence in the medical, le- region is going to rebound and recover committee did not declare that the economy Melkonian pointed to a green economy, gal, financial, banking and educational fields, from the worst economic crisis since was in recession until December 2008, a year which includes wind energy. Melkonian said. the Great Depression,” Bellone said in a after it had actually begun. But in this case, In July, New York Gov. Andrew Cuomo More jobs could be shed as employers find statement. the NBER said the collapse in employment approved two wind farms off Long Island, they can automate certain activities. “That’s -ADINA GENN and incomes was so steep that it could much said to generate $3.2 billion in economic ac- already happening,” Melkonian said,adding more quickly make that call. tivity, 1,600 jobs and electricity for 1 million that the trend could accelerate. The COVID “The unprecedented magnitude of the homes. And while the debate may be on as Still, indicators of an improving economy decline in employment and production, and to the impact of COVID on the renewable abound as the region moves through the recession its broad reach across the entire economy, energy market, it is projected to grow from state’s reopening phases. Long Island’s economy is beginning to warrants the designation of this episode as $184.3 billion to $226.1 billion by 2021, But don’t look to the stock market, which reopen amid the COVID-19 pandemic. But a recession, even if it turns out to be briefer according to a May report by Research and could be artificially inflated by federal loans the recovery could be slow and sometimes than earlier contractions,” the NBER panel Markets. and grants and tax incentives, as well as painful, experts say. said. And there are proposals to reconsider management at major corporations buying “Despite the phased reopening, we could Now, local companies are grappling with the stock transfer tax, which in New York, back stock, reducing supply so that the cost see higher unemployment ahead, as the a climate in which consumers lack the “derives about $16 billion,” Melkonian said. goes up. current CARES program begins to phase financial security to spend money, according Recouping part of that instead of rebating it “Much more important is personal in- out,” said Martin Melkonian, an economics to a bi-county survey from Hofstra Univer- to brokers could bring long-term benefit to come,” Melkonian said. professor at Hofstra University. sity, which collected responses from 1,300 New York, partially eliminating the need for “Recovery will take a long time – we took As the region began Phase 2 of the businesses. budget cuts. a very serious hit,” he said. “We have to look reopening this week, uncertainty prevailed. Meanwhile, as many as 20,000 small But right now, this looks to be the year of now towards longer-term solutions.” Along with the threat of a possible second businesses on Long Island have closed their spending cuts, with the state falling on hard -ADINA GENN LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM I 11
LAW & GOVERNMENT NEWSMAKERS OF THE YEAR
Unopened mendous amount potential to rattle performance on the stock owners, with options available online for do- of inquiries from market as well as the real economy in the it-yourselfers, Tenenbaum said. envelopes those who are coming months.” And there is hope for those struggling to having difficulty And, Tayne points out, organizations had pay the full amount: There are offers in com- In some offices across Long Island, the paying their debts debt and tax problems prior to COVID. promise – based on your ability to pay and envelopes are piling up. Stacks and stacks and their bills.” “Now they’re exacerbated,” she said. Small hardship. “There are other options,” she said. of unopened mail from creditors and the “And even business owners may have taken merchant For those with debt and loans while cop- Internal Revenue Department are sending though there’s cash advances, inventory loans or business ing with hardship, explanations to creditors the message: It’s time to pay up. been moratoriums loans that they can no longer pay, she said. about COVID or being out of work can “fall That’s what some business advisers or these forbear- “It’s really raining down on them right now. on deaf ears,” Tayne said. These creditors are seeing from their clients amid the KAREN TENENBAUM ance or deferment This is not a problem that’s going to go away.” may even file lawsuits to collect. COVID-19 crisis. programs, those are Banks will reassess their risk tolerance in To get a creditor to reduce the balance, it’s “It’s always very scary to get a letter slowly ending,” Tayne said. the new year, she said, and determine what helpful if there is a skilled advocate on your from the IRS in normal times,” said Karen This comes amid an uncertain business available credit they’re going to allow busi- behalf, Tayne said. Tenenbaum, a tax attorney whose law firm is climate, and when income may be reduced nesses to maintain, as all of the eco-nomic “I caution people about the information based in Melville. “Can you imagine if your and costs are rising while some reopening players seek to catch up. they are disseminating to their creditors,” business has been closed or you haven’t had businesses firms cope with regulations that For businesses struggling to pay their bills she said. “They should seek out advice on a job?” call for limited capacity. and taxes, experts say it’s important to have how they are going to handle that and be “Sometimes when clients come to visit us “Small businesses are working hard to an advocate – someone who understands prepared when they are speaking to those they have a stack this high that they haven’t recover from the state shutdowns and effects an owners’ plight, and how to strategize in creditors.” opened,” she said. “They’re afraid of what can of COVID-19,” Bill Dunkelberg, chief econ- order to resolve issues. Amid the COVID crisis, the IRS gave tax be on the other side.” omist of the National Federation of Indepen- Tenenbaum said there are penalty abate- relief through July 15. Now the agency re- Ignorance may seem like bliss but the dent Businesses, said in a statement. ments for reasonable cause that can help started audits and collection letters, though consequences of not knowing what’s on the “We are seeing areas of improvement in people reduce the amount of taxes owed. But there’s been a backlog, experts said. For a other side could be onerous, Tenenbaum the small business economy, as job openings there are nuances. time, people who made payments were still said. Government-issued warning no-tices and plans to hire are increasing, but many “The IRS allows you to appeal these deci- getting notices, but the IRS has since stopped can lead to losing a license or even a pass- small businesses are still struggling and are sions – New York State does not allow that sending them, Tenenbaum said. port, based on collection laws. Wages could uncertain about what the future will hold,” collection to be appealed,” she said. For some, the relief period was a time to be garnished. Property could be seized. Or a he added. If you are proactive, there are things you clean up past tax matters, Tenenbaum said. business could be shut down, among other That uncertainty includes “the impending can do – even for non-filers, she said. During the height of COVID, creditors, outcomes. election, the prospects for further stimulus, “New York State has a voluntary disclosure too, were backlogged in accepting payments, “It’s a very scary time,” said Leslie Tayne, whether and when a Covid-19 vaccine will program for non-filers, a limited look-back though now there is a push to resolve issues, the founder and head attorney of Tayne Law become available and economics ten-sions period of three to six years with no penalties Tayne said. Group, with offices in Melville. “To receive with China,” John Rizzo, chief economist or criminal referral.” And eager as they are to get those pay- that kind of letter is very overwhelming.” for the Long Island Association, wrote in Installment agreements from the IRS and Tayne said her firm was “receiving tre- his October economic report. “This has the New York State can help struggling business See LAW & GOVERNMENT, Page 12
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12 I LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM
LAW & GOVERNMENT NEWSMAKERS OF THE YEAR
Continued from Page 11 we needed,” Pancella said. Now Jake’s 58 is up and running, albeit at 25 percent capacity ments, there are circumstances where they amid the pandemic. might “wait it out” for when companies can Long Island Boat Rental, too, is operating, reopen or start making money again, she even though there were production delays said. with its new yacht. Still, as Long Islanders But don’t expect the envelopes to stop seek out fun, safe entertainment in the time coming any time soon. of COVID, business is good, Gordon said. “We haven’t even seen the tip of the ice- “Demand for services on the water has berg in the debt world because the creditors skyrocketed,” he said. “The volume is busier haven’t even assessed where they’re at” to than I’ve seen in the last seven years.” “see what the delinquency rates are going to Although the next reiteration of be,” Tayne said. And that reassessment may COVID-19 relief has stalled, Seiden believes not take place till June, she added. Congress will ultimately pass something This means that the current economic “because there is so much need.” struggles may “carry through the next three On Tuesday, the bipartisan Problem to five years,” she said. Solvers Caucus, of which Rep. Tom Suozzi Tenenbaum said that as many as 30 to 50 is vice-chair, unveiled a relief package that percent of restaurants may not come back, includes $290 billion for small business and triggering tax issues and a new flux of per- nonprofit support. sonal or corporate bankruptcies. Photo by Judy Walker Should that pass, Seiden said, his team “is This is the time to reassess budgets weekly, Neil Seiden helped Suffolk OTB, which operates Jake’s 58 Casino Hotel, qualify for a ready to roll.” understanding cash flow, costs and spending, Paycheck Protection Program loan. -ADINA GENN Tayne said. Cutting costs, consolidations, renegotiating contracts, debt settlement and Besides assisting with other forms of financ- and consultants he knew, most of them ex- Executive refinancing are ways to avoid bankruptcy. ing, Seiden helped pierce through the haziness perts in finance. It also included an educator, Bankruptcy, she said, should be a last resort. of PPP’s onset to help Long Island Boat Rental Evan Siegel, who found it rewarding “to help wish list 2021 And you’re not alone if this all seems and scores of others – including Suffolk OTB – people understand the process.” The team A new COVID-19 stimulus package. Infra- overwhelming. participate in the federal program. presented 105 webinars, including several in structure investment. And the reinstatement of Which is why expert advice can go a long As Seiden tells it, he managed to get Long Spanish, so people understood how to adapt the state and local tax deduction. way, business advocates said. Island Boat Rental’s SBA loan closed as every to the technology needed to properly fill out These are just some of the top economic When the bills are too much bank “was focusing on PPP loans” amid a the application. priorities amid the COVID crisis that business There are ways to navigate those mountains sense that “the world was coming to an end.” The PPP loans ranged widely – from leaders have for the incoming Biden adminis- of unpaid bills, experts say. But Seiden saw that PPP loans became the $600 for an independent contractor to more tration. Tax attorney Karen Tenenbaum said there only program generating buzz from existing than $7 million for a university. One team “We need COVID recovery for small are installment agreements from the IRS and and would-be clients. member, Brian Fern, said he encouraged business – more grants to help them with the New York state, as well as “penalty abate- “Businesses wanted the free money offered Seiden to focus on larger loans, but noted financial pain they suffered,” said Kevin Law, ments for reasonable cause,” among other by the government,” he said. that Seiden “altruistically” wanted to “help president and CEO of the Long Island Associa- options. But there may be nuances, so it’s Hearing about “the chaos going on with the everyone.” The team worked with applicants tion. “They don’t need more loans – they need best to speak with a tax expert. initial rollout” of the program, he wanted to who were turned down previously, or never grants.” And attorney Leslie Tayne urges owners to help. heard back from the bank, and analyzed why. Passing a new COVID-19 stimulus package understand the links between their business AES was recognized as an agent, which Sometimes it was because applicants used is a top priority for more than 67 percent of the and personal finances. “Trouble for your enabled Seiden to refer PPP loans to different the wrong code or didn’t identify themselves c-suite level executives responding to the most business’s finances likely means trouble for banks, and under the program, get paid by under the correct category, the team said. recent CEO survey from Marcum, a national your personal finances,” she said. the bank, not the client, he said. To date, the “It was a collaborative effort, but Neil accounting firm with offices in Melville, and Struggling businesses should focus on firm processed 800 PPP loans, totaling $100 should take credit for putting this team Hofstra University’s Frank G. Zarb School of cutting costs wherever possible, she said. million, helping to save an estimated 10,000 together,” said Stephen Schwartz, who served Business, in Hempstead. “Explore debt relief methods: consolidation, jobs, Seiden said. as the team’s chief financial officer. “Middle-market CEOs are clear about renegotiating contracts, debt settlement, refi- But hearing about so many initial appli- Dave Saunders was the firm’s gatekeeper, their need for additional economic relief to nancing.” Bankruptcy should be a last resort. cants being turned away, Seiden decided to helping determine applicants’ eligibility, and withstand the impact of COVID,” Jeffrey And a debt attorney can help. “provide VIP service and hold their hand letting them know what to expect next in the Weiner, Marcum chairman and CEO, said in a -ADINA GENN through the process.” process. “People said, ‘it’s a pleasure to be statement. Recent reports show that many organiza- able to talk to someone,’” as AES members A wish list among executives is emerging The lifeline tions that applied for PPP loans did get them. followed up on applications. In one case, he across the nation as it struggles with another There was confusion. And the urgent sense A new Marcum LLP-Hofstra University CEO said, the team helped a large employer in a COVID-19 surge. Now, business leaders are that if you didn’t get a lifeline, your company survey, for example, found that ultimately 87 small town upstate keep its doors open, help- sharing insights on their business outlook, was doomed. Maybe it would be doomed percent of those who applied for PPP and/or a ing that community’s economy stay afloat. government economic priorities and the coro- anyway. Main Street Lending loan were successful. Time was of the essence, especially in the navirus crisis itself as the Biden administration That’s how business owners amid the Released last week, the survey offers a first round of PPP, whose initial deadline prepares to get underway. COVID-19 crisis describe the lead-up to and snapshot of CEOs’ outlooks as the economy was June 30. In mid-June, for example, AES CEOs “have deep concerns about the imme- roll-out of the federal Paycheck Protection reopens. It polled more than 250 CEOs across began working with Suffolk OTB, which also diate future, and optimism has continued to Program, the forgivable loan program created the nation to see how mid-market companies operates Jake’s 58 Casino Hotel in Islandia. trend downward,” Weiner said. “The resilience in April that helped businesses stay afloat and are handling the simultaneous challenges of Suffolk OTB, was in bankruptcy at the time, of mid-market companies—the backbone of keep America working. surviving in the COVID-19 economy amid and gearing up to reopen Jake’s 58, with all our economy—is being tested, and time will Christian Gordon, a proprietor of Port increasing calls for racial equality. It also the mandated PPE and physical distancing tell whether the next administration is able to Washington-based Long Island Boat Rental, considers the CEOs’ outlook of the current guidelines. AES managed to secure a bridge help right the course for U.S. businesses.” remembers those days well. His family-run business climate and their priorities and con- loan for Suffolk OTB, which last year sent Released last week, the Marcum-Hofstra business was already working with Neil Se- cerns over the next 12 months. $102 million to New York State Department survey in mid-November polled c-suite execu- iden’s firm, Uniondale-based Asset Enhance- Yet if an organization didn’t know about of Education. With the bridge loan, Suffolk tives at 250 companies across the nation, from ment Solutions, on closing a loan from the the PPP program, it wouldn’t apply. So Seiden OTB got out bankruptcy, and as a result, a broad spectrum of industries. The survey Small Business Administration to finance a decided to get the word out and help organi- qualified for a PPP loan. looked at economic priorities for 2021 and yacht, expanding its fleet as the firm prepared zations, big and small, learn about and access “We worked day and night, and through beyond. to open for boating season on May 1. funding if they qualified. the weekends” on the loan, said Tony Pan- And then came COVID, the need to quar- cella, Suffolk OTB’s vice president and chief Manufacturing antine, new regulations and promise of the Building a team operating officer. Policies that promote U.S.-based manufac- PPP loan, whose guidelines, amid an unprece- AES went from a one-man operation to turing were favored as a top priority by more dented time, shifted, spurring the confusion. a team of 19 within 16 weeks, with Seiden Moving forward than 36 percent of the survey’s respondents, “We had Neil help us navigate the uncer- shaping his organization to respond to the Out of bankruptcy, and with a PPP loan, as well as Long Islanders that spoke to LIBN. tainty,” Gordon said. need. The team included furloughed workers Suffolk OTB could “maintain the staff that “A key indicator of bringing back Amer- LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM I 13
LAW & GOVERNMENT NEWSMAKERS OF THE YEAR ica’s economy is to figure out how more of Congress to pledge to repeal the SALT cap. products can be produced in the United He also aims to urge New Yorkers to withhold States,” said Phil Andrews, the president of support from members of Congress who do the Long Island African American Chamber not support the repeal of the cap. of Commerce. “The SALT cap of 2017 was a gut-punch “Increased employment and productivity to New Yorkers, who already subsidize other in America will get America back to work, states by paying more in taxes than we receive and ‘made in America’ will be more than just back from the federal govern-ment,” Suozzi a slogan,” he added. said. “COVID has compounded SALT and we A stimulus package would go a long way are now seeing large corporations and their toward that end, Andrews said. JEFFREY WEINER PHIL ANDREWS KEVIN LAW U.S. Rep. TOM SUOZZI employees looking to move to other states.” “A new round of stimulus injected into the economy will get the country moving in “From FDR’s New Deal in response to our access to markets west of the Hudson,” Education the right direction by increasing consumer the Great Depression to Obama’s American Brookhaven Rail Terminal President Andy Investing in education and childcare are confidence and spending, along with a se- Recovery & Reinvestment Act in response to Kaufman told LIBN. “The billions of federal critical for the region. cond round of support for small businesses, the Great Recession, history has proven that dollars required for construction would create “We have to focus on the community will point the economy in the right direction,” federal stimulus dollars for infrastructure benefits for generations to come and there is colleges and colleges because training and he said. projects can be a critical tool in rebuilding our already a Tier II environmental study that sets retraining our future workforce will play economy,” Kyle Strober, executive director of the stage for progress by the Biden adminis- dividend down the road,” Law said. Infrastructure the Association for a Better Long Island, an tration.” Infrastructure funding, too, is a top priority, economic development advocacy organiza- Law also pointed to the need for continued COVID according to the survey, and to leaders on tion, told LIBN. improvements at MacArthur Airport and the Amid COVID-19, more than 82 percent Long Island. “On Long Island, federal infrastructure need for the Gateway Tunnel project, which of CEOs responding to the Marcum-Hofs- On Tuesday, Nassau County announced dollars could be invested in road projects like would construct two new tunnels under the tra survey said they are taking precautions that it had requested federal stimulus for large the Oakdale Merger, expansion of sewers in Hudson River between New Jersey and Penn in the event of another lockdown, with scale improvements. According to County Suffolk, upgrades to MacArthur Airport or Station, easing congestion. While the tunnel 64 percent saying that a lockdown would Executive Laura Curran, federal stimulus that even the electrification of the LIRR out east,” project has prompted “a lot of debate, it’s criti- impact operations. More than 58 percent advances shovel-ready projects would create he added. “All of these projects would spur cally important,” he said. And funding for the said COVID would continue to impact U.S. more than 3,300 construction jobs in Nassau. an exponential increase in economic activity cash-strapped MTA and LIRR, he said, is key. businesses over the next year. Law pointed to infrastructure projects once completed.” “The government should continue to across the region that warrant merit. Experts say these kinds of benefits would SALT implement ideas that will stop the spread “Investing in infrastructure puts people be long lasting. Reinstating the state and local tax deduc- of COVID-19,” Andrews said. “Control back to work,” Law said, referring to improve- “The proposed New York Harbor freight tions is also critical, Law said. mechanisms are vital to America in its ments needed in the region, including roads, tunnel would have a significant and positive That sentiment was echoed earlier this efforts to get the economy back on track to sewers, bridges and tunnels. impact on Long Island, the New York metro week when U.S. Rep. Tom Suozzi said on a pre-COVID-19 levels.” -ADINA GENN Such projects would fuel the economy. area, our economy, the environment, and callVirtual_James_Gaughran_1-8-21_Layout that he would ask all incoming members 1 12/16/2020 10:46 AM Page 1
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FINANCE/ACCOUNTING NEWSMAKERS OF THE YEAR
EDITOR & ASSOCIATE PUBLISHER Banking on recovery Joe Dowd [email protected] ong Island’s finance and accounting sectors had a turbulent 631-913-4238 2020, along with everything else. From navigating the feder- Lal stimulus and business loan programs to advising compa- ASSOCIATE PUBLISHER, SALES nies on changes in tax laws, accounting firms had their hands full Ali Jabbour
keeping their clients economically healthy this past year. Banks, [email protected]
credit unions and other financial institutions also made news, 631-913-4233 highlighted by a few mergers and consolidations.
Here’s a look back at some of LIBN’s coverage. EVENTS MANAGER
Jenna Natale
[email protected] Moving the be less quiet about it. 631-913-4246 “We want to give more attention to our in- brand forward vestment management and trust services in our The First National Bank of Long Island bills marketing,” he said. “Investment management PUBLIC NOTICE itself as the bank “where everyone knows your has been concentrated in larger institutions. A Robin Burgio name,” a fitting slogan for one of the few re- lot of smaller banks have gotten out of it, which [email protected] maining Long Island-based community banks. creates opportunity for a level of investors that Headquartered in Glen Head, the bank has a the larger institutions are not interested in. It’s 631-737-1700 new president who is looking to build on First a nice niche we can serve for a lot of local Long Photo by Phil Molinari National’s branding message. The idea is to Islanders to help them with their trusts and CHRISTOPHER BECKER: First National’s ACCOUNT MANAGERS better communicate its products and services estates and wealth management. We don’t have branches have a traditional feel, with fireplac- as the bank seeks to expand in a climate that is a minimum investment requirement; a lot of the es and dark woods. Barbara Pescuma punishing to community banks. bigger banks have minimums that people don’t [email protected] Christopher Becker, who took the helm at the qualify for.” Manditch said. “You can spread the expenses 631-913-4249 start of the year following a planned transition, It’s important to break through the clutter as out among a lot more earning assets.” is a name that people know both within First market conditions have become increasingly Becker concurs that the biggest challenge Jackie Douglas National and the Long Island banking commu- difficult for local community banks. Following First Long Island currently faces is the interest [email protected] nity. Prior to joining First National in 2011, he the banking crisis of 2008, a tightening regula- rate environment. 631-913-4259 held high-level positions with Bank of Smith- tory environment led to an astronomical rise “Short-term and long-term rates are very town and BNB. He served as executive vice in compliance costs for financial institutions, a similar, which makes for a flat yield curve,” he LAW & GOVERNMENT president and chief risk officer at First National burden that has been particularly difficult for said. Banks pay short-term rates on deposits before advancing to president and CEO with smaller banks to shoulder. And for many years, and take in long-term rates on loans. A steeper Adina Genn the retirement of Michael Vittorio, who had led interest rates have been historically low, nega- yield curve generally has a positive impact on [email protected] the bank for 18 years. The change in leadership tively impacting bank profits. bank profits, while a flat curve puts downward 631-913-4241 was announced last March, and the two leaders Many Long Island-based banks that were pressure on profits. spent the next nine months working together to around 20 years ago are no longer in existence, “When those rates are very close, the spread REAL ESTATE / RETAIL / FRANCHISING allow for a seamless transition. Becker said, citing some of the bigger players narrows, and that makes it challenging to grow,” Its status as a locally based community bank in State Bank of Long Island, North Fork Bank, Becker said. David Winzelberg Suffolk County National Bank and the Bank of Though it may be challenging for banks, the will continue to be a branding focus for First [email protected] National, which has 52 branches in Long Island Smithtown, which have all been merged into low interest rate environment, and the economy 631-913-4247 and New York City. larger banks. as a whole, has been good for businesses in the “Our independence makes us special,” Becker State Bank was acquired by Valley Bank, region. said. “We are still a local community bank North Fork joined Capital One Bank, and Bank “The businesses that we work with and RESEARCH MANAGER serving the community from Port Jefferson into of Smithtown and Suffolk County National businesses that we try to attract are doing well,” Kathy Lombardo Manhattan. We are available to lend to small Bank became part of People’s United Bank, all Becker said. “The economy is still growing. businesses and middle-market businesses, and of which are headquartered in other states. We’re trying to build relationships one at time. [email protected] we work with municipalities, nonprofits and In 2019, two Islandia-based banks entered We have people out there on the street, talking 631-913-4248 consumers. Decisions are made locally; our into deals to become part of larger banks. Gold to customers. We build on that one at a time. If management team is here, there’s fast turn- Coast Bank is being acquired by Short Hills, you do that successfully you’re going to build NEWS DESIGNER around. We’re not going to another state to get N.J.-based Investors Bank, while Empire Na- the bank.” approvals.” tional Bank will become part of Flushing Bank, First National, which has about 400 employ- Anna Otto First National’s branches have a traditional which is based in Uniondale. Flushing, which ees, has been in expansion mode for the last look and feel, with fireplaces and dark woods. has 20 existing branches in Nassau, Queens, decade, opening two to four branches in many AD PRODUCTION “They’re designed to be warm and inviting, Brooklyn and Manhattan, will add Empire’s of those years. In 2019, it opened one, in Fort since we focus on personal, one-on-one com- four branches, which include three in Suffolk Hamilton, Brooklyn. Two are in the queue for Abby Wilhelm munity relationships,” Becker said. County. this year, Becker said: one in Marine Park, also But in addition to communicating its status Bridgehampton-based BNB, which was estab- in Brooklyn, and the other in Riverhead. (The Send address corrections to [email protected] as a local, friendly, traditional bank, First lished in 1910 and today has 38 branches from bank purchased a building in Riverhead and is National wants to do a better job of getting the Montauk to Manhattan, is another remaining going through the approvals process to make Customer Service For inquiries, call 877-615-9536 or email word out about its digital services, as well as its Long Island-based community bank. renovations.) [email protected] investment services. But in the current low interest rate environ- “We have 11 branches in New York City To locate your nearest LIBN “We offer all the digital channels to comple- ment, “it’s very difficult to survive as a tradi- (Manhattan, Brooklyn and Queens), and nine of newsstand call (718) 937-0402 ment the personal touch,” Becker said. “All the tional community bank in a metropolitan area,” them have been opened in the last three years,” online banking channels are available for any- said Douglas Manditch, president and CEO he said. “The city is a big part of our expansion one that wants them, but we don’t push them of Empire National Bank, who will become a strategy. The majority of our branches are in on people who would rather bank in person. director of Flushing Bank once the deal goes Nassau and western Suffolk. We have tremen- There’s always a balance between the traditional through. “The net interest margin spread, which dous opportunity both east and west of our Long Island Business News (ISSN 08944806), and automated feel, and it’s important to offer is the difference between earning assets and main area of concentration, and we are looking (USPS No. 318-380) is published weekly by Long Island Business News Inc., 2150 Smithtown Ave., Suite b ot h .” earning liabilities, is too small.” for additional opportunities.” 7, Ronkonkoma, N.Y. 11779-7348. Periodicals, 52 issues in 2020 plus 4 additional issues in the months of March, In Becker’s estimation, the bank has “quietly It’s challenging for all community banks, but First National looks to open small branches – October, November and December mailed separately and periodicals postage paid done very well in the investment management especially smaller ones. of about 1,000 or 1,500 square feet. at Ronkonkoma, N.Y. 11779 at additional entries. Phone: and trusts area.” Going forward, it would like to “Size matters; there’s no two ways about it,” “Our footprint has traditionally been small 631-737-1700, Fax: 631-737-1890. LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM I 15
FINANCE/ACCOUNTING NEWSMAKERS OF THE YEAR branches,” Becker said. “We feel it’s import- mies on policy, said the economic impact of ant to have branch locations in communities the coronavirus is higher than past outbreaks we want to serve, so that customers have the because “the global economy has become availability to go there to open accounts and substantially more interconnected, and Chi- have their questions answered.” na plays a far greater role in global output, The small branches are in keeping with a trade, tourism and commodity markets,” larger industry trend. As many customers according to the Associated Press. migrate to electronic banking services, they -BERNADETTE STARZEE do not come into the branch as often as they used to, eliminating the need for larger branches. LI small businesses -BERNADETTE STARZEE shut out of PPP mull seeking new lender Empire shareholders or staying put approve Flushing Donna Drake stayed up late on April 2, acquisition the night before the Paycheck Protection Program was due to begin accepting appli- The shareholders of Empire Bancorp cations. voted on Thursday to approve a deal by “I went to which Empire will be acquired by Flushing uity sectors,” Balas the SBA [Small Financial Corp. The vote, which was the final said. Business Admin- hurdle after recent regulatory approvals were In times of stress, istration] site and obtained, clears the way for the deal to close “I think the most downloaded a on or about April 4, 2020. important thing paper application, The parent company of Flushing Bank, as an advisor is so that the minute which is based in Uniondale, agreed to to stick with your the portal opened, buy the parent company of Islandia-based process, regardless I would have all my Empire National Bank in October for an of what that process information ready,” estimated $111.6 million. might be,” Balas said Drake, who DONNA DRAKE “We are pleased that the Empire share- CHARLES MASSIMO CRAIG FERRANTINO FRANK BALAS said. “Make sure owns Drake Media holders have provided approval to continue you remain disci- Network in Huntington and hosts a weekly to move forward on our acquisition of generally speaking, people who are five years plined and don’t make any rash investment talk show on CBS-WLNY. Empire,” John Buran, president and CEO of or less from retirement “should not have decisions. Very often when we allow emotion But her bank did not have the portal up on Flushing, said in a statement. “This approval been in an allocation where they are exposed to affect our decisions, we don’t make good April 3. brings us another step closer to the execu- to too many equities in the first place,” said decisions.” “I drove to the bank and talked to the tion of our plan to merge our two organi- Charles Massimo, CEO of CJM Wealth Wall Street hates uncertainty, and the bank manager, who told me not to worry, it zations to achieve significant cost synergies Management in Deer Park. “This is true magnitude of the impact that the virus will would be up soon, there was no rush – that it and create one of Long Island’s largest banks regardless of where the markets are. When have on the country, the world and the na- would be going on till June,” she said. When by deposit share among regional and com- the markets are good, people chase returns tional and global economies is still anybody’s the portal finally opened a few days later, she munity banks.” and they forget how much risk is involved. guess. got her application in, requesting $17,000. Empire has branches in Port Jefferson You have to maintain an allocation that is “The best-case scenario, we have some “I got a notice saying the loan application Station, Shirley and Mineola in addition to good for your needs and your time frame no short-term disruption and the virus becomes was complete, and then a follow-up email its Islandia flagship. matter what the market is doing.” another event like SARS, Ebola or H1NI, asking me to e-sign the documents,” she said. “This acquisition will expand Flushing For investors who are 20 to 30 years from causing only a temporary disruption for a But a few days later, another email came, Bank’s reach into Suffolk County, creating a retirement, the current woes should have no short period of time,” Ferrantino said. “The stating that her application had been denied. stronger community bank with a network of impact on allocations, Massimo said. worst-case scenario is it will impact supply, “No one from the bank called to say, ‘We 24 branches in Queens, Brooklyn, Manhat- “The market always comes back,” he said. and shelves at Walmart and Target will be need one more piece of information.’ It was tan, and on Long Island,” Buran said. “At the end of the day, the recovery will be empty. With the economy doing well, we just denied,” she said. “I am so disheartened. -BERNADETTE STARZEE t h e re .” have a lot of people with money in their I have had a relationship with this bank since Another important lesson from the sud- pockets, but when supply is low and demand 1996, and I don’t understand why they didn’t den turn of events is the perils of having too is high, what happens is prices go up. When say yes to me. This loan is meant for people Taking stock many eggs in one basket. you have more dollars chasing fewer goods, like me.” “It’s risky to have a portfolio that is weight- inflation rises and long-term growth can be The Paycheck Protection Program, which of the virus ed too heavily in one asset class,” Massimo affected.” provides forgivable loans to help small busi- Stocks are falling as coronavirus cases said. “Even though everything’s getting hit, Last week’s precipitous drop was con- nesses weather the coronavirus crisis and and the uncertainty surrounding the deadly tech is getting hit the hardest.” cerning because it happened so quickly, retain their employees through the end of disease are rising. The stock market recently There are certain periods of time where Ferrantino said, but the market was due for a June, ran out of money on April 16, leaving had its worst week since the financial melt- the economic picture rewards risk-taking correction. many applicants out in the cold. Some lend- down of 2008, with the S&P 500 losing 11.5 and certain times when it doesn’t, said “We have had such a positive experience ers were much more successful in securing percent and the Dow Jones Industrial Av- Frank Balas, who is manager of research and for the last few years. If you look at the loans for their customers than others, and as erage dropping 12.4 percent. With fortunes investment strategy for GM Advisory Group months that were up versus the months that the federal government prepares to add $320 and 401(k)s seemingly in freefall, what’s a in Melville. were down, it’s been up more than 75 per- billion to the original $349 billion, some jittery investor to do? “We are in the last stages of the global cent of the time, which is very unrealistic,” small business owners who were closed out That depends on many factors, chief cycle, and for the last 15 months the global he said. “We had this great up, up, up market the first time have been frantically searching among which is time. economy has been slowing,” Balas said. “As a with no real correction. With a 10 percent for another lender. “If your time horizon is short – if you’re result we have been defensively positioned, correction, I feel the market is normalizing.” “There’s a lot of disappointment and a lot retiring soon or you are already retired and which has made conversations with clients The spreading virus may cause the world of regret,” said Ed McWilliams, a director it’s your only money – you may want to go a lot simpler over the last couple of weeks economy to shrink this quarter for the first at Cerini & Associates in Bohemia, which to a more defensive posture in your invest- than they would have been if this were not time since the financial crisis, according to has been hosting seminars to help small ments if you haven’t done so already,” said t h e c a s e .” the Organization for Economic Cooperation businesses navigate the PPP process. “Many Craig Ferrantino, president of Craig James While economic growth was still posi- and Development, a global agency based in people had what they thought was a strong Financial Services in Melville. “But if you tive last year and the equity market had an Paris. While the world economy will still see relationship with their bank and it turned have a longer time horizon to invest, you outstanding 2019, the slower growth hasn’t growth for 2020 overall, growth will drop a out they weren’t as valued as they thought may want to stay where you are, or step up to been a good environment for risk assets. “We half-percentage point to 2.4 percent, which they were. Reports have come out that at the plate and pick up some investments that have been leaning toward assets that trend could drop down to 1.5 percent if the virus some of the banks, the larger customers are now on sale.” upward with low volatility, such as long-term lasts long and spreads widely. While no two investor portfolios are alike, bonds, gold and companies in defensive eq- OECD, which advises developed econo- See FINANCE/ACCOUNTING, Page 16 16 I LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM
FINANCE/ACCOUNTING NEWSMAKERS OF THE YEAR
Continued from Page 15 be rebranded as Dime Community Bank, according to a joint statement from the two and private banking customers got priority firms. Certain branch locations on the East treatment.” End will operate under the BNB Bank name But as would-be borrowers have made a for at least one year. mad dash to switch banks, “the issue is that Dime will merge with and into Bridge, most banks aren’t taking new clients for this,” with Bridge as the surviving corporation, McWilliams said. “You have to be a pre-ex- and Dime Community Bank will merge with isting customer at many banks in order to and into BNB Bank, with BNB Bank as the qualify for these loans, so most people are surviving institution. Once the merger is stuck with what they’ve got.” approved by both Dime and Bridge share- Joe Ferreira, a partner at Haup- holders, Dime shareholders will own about pauge-based AVZ, said a couple of clients 52 percent and Bridge shareholders will own “who were attractive institutions” and whose about 48 percent of the combined company. banks were slow out of the gate were able to Following the closing of the transaction, find a new lender in time to get a PPP loan Dime shareholders will receive 0.6480 shares in the first round. of Bridge common stock for each share of “But many small businesses are in a Dime common stock they own. One important change for retirement interest will continue to accrue during the conundrum,” he said. “They don’t even know Kevin O’Connor, the current president plans is that required minimum distribu- delayed repayment period… Calendar year if their application is in process and if going and CEO of Bridge Bancorp, will become tions, or RMDs, for 2020 have been waived. 2020 will be disregarded for purposes of the somewhere else will screw up the process.” the CEO of the new company, while Stuart “Usually people are required to take some five-year repayment period.” Ferreira added, “Something like this is Lubow, the current president of Dime, will money from their IRA based on age,” Melissa Horne said beneficiaries of some inherited an example of what happens when you’re a serve as president and COO of the company. Negrin Wiener, partner with Genser Cona retirement plans must withdraw the fund small fish in a big bank. Bigger customers’ The combined company will trade under the Elder Law, said. investments over a five-year period. If such needs are going to be taken care of first.” Dime ticker symbol DCOM on the Nasdaq “Now, 2020 RMDs a beneficiary forgoes the RMD for 2020, Beth Granger, a Port Washington-based stock market. are being waived, the CARES Act determines the five-year social media trainer, coach and speaker, did “This highly compelling combination including inherited period without regard to calendar year 2020, not submit a PPP application in the first will allow us to build on our complemen- IRAs… this was thereby extending the distribution period to round. As a customer at a large national tary strengths and provide significant value something really six-years. “This provides an extra year for the bank, she was worried she would be lost in for shareholders,” O’Connor said in the important to get out assets to grow tax-deferred,” she said. the shuffle. She posted her frustration on statement. “Dime has earned its strong to our clients.” “It’s important to talk with your estate social media, saying she was considering reputation in the greater New York metro- Under the new attorney,” Negrin Wiener added. “It’s im- switching banks and asking, “Who loves politan market, and I’m thrilled to partner guidelines, there portant to seek the guidance of professionals their small bank?” with them. Our enhanced branch footprint MELISSA NEGRIN are certain require- because you could really be harming yourself “I got so many responses and suggestions and increased capital base will allow us to WIENER ments for eligibility. or others.” that it was overwhelming,” she said. better serve the needs of our customers. The coronavirus-re- The general non-taxable 60-day dead- Granger went to one of the recommend- In addition, both companies have strong lated distribution is a distribution made from line for IRA and RMD distributions to be ed community banks, which was accepting balance sheets and demonstrated histories of an eligible retirement plan to a qualified indi- contributed back to the IRA was extended applications from new customers, and com- low loan losses through prior cycles, which vidual who was diagnosed with COVID-19. through July 15, 2020. Under the new pleted her application last night. give me confidence that we will be well-posi- These guidelines extend to those whose guidance, the deadline extends until Aug. There are new options on this go-around, tioned to succeed in any environment.” spouse or dependent was diagnosed with 31. To avoid an income tax liability, an as additional lenders – including non-bank The merger is expected to close in the first the virus, who experienced adverse financial individual must return funds to the IRA by lenders PayPal, Square Capital and Intuit quarter of 2021, subject to closing condi- consequences as a result of being quarantined, that date, regardless of when they with- – were recently approved by the SBA to do tions, regulatory approvals and approval by furloughed, laid off, or having work hours drew the RMD. PPP loans, McWilliams said. the shareholders of each company. reduced, or was unable to work due to lack of The new rules can help families, but “People will have an opportunity to apply -DAVID WINZELBERG child care. Other factors may apply based on Horne urged caution. “Using retirement through them, but I really don’t know what the financial impact from the pandemic. funds should be the absolute last resort,” their capacity will be,” he said, recommend- These regulations under Notice 2020-50 she said. “There are certain disadvantages ing that people who have an application in IRS issues new have altered IRA and required minimum to taking out a loan against a 401(k) – the with an existing bank “stay the course.” distribution rules for eligible individuals. individual is taking out pre-tax dollars and And stay on their banker’s case. guidelines to help From Jan. 1 to Dec. 31, the act allows for up repaying with after-tax dollars. There is also “You need to be on top of the banker,” Fer- in a pandemic to $100,000 of early retirement withdrawals lost opportunity for growth of these assets reira said. “You need to get an answer from and the 10 percent penalty for early distri- within the 401(k). In addition, if the taxpay- the bank about where you stand; you can’t let As families struggle with economic stress butions has been waived for those under the er ultimately loses or changes their employer, them off the hook. Find someone to answer triggered by the coronavirus, experts say age of 59½. they will have to repay the loan shortly after your questions.” help could be on the way by tapping into These repayment contributions will be leaving the employer.” -BERNADETTE STARZEE retirement funds. treated as if the person received a nontaxable Tim Speiss, The Internal rollover distribution and will not affect the leader of Eisner- Revenue Service re- contribution limit for that year. But if the Amper’s Personal BNB Bank to cently released new distribution is repaid within the three-year Wealth Advisors become Dime guidance to help repayment period, the individual may file Group, said that it retirement-plan an amended income tax return to claim a could be an option Community Bank participants affect- refund of tax paid attributable to the amount as a loan, depend- ed by COVID-19. of the distribution previously included in ing on the individ- in $489M merger Provisions under income. ual’s foreseeable The parent company of Bridgehamp- the CARES Act Horne added that prior to enactment of future. “If you’re ton-based BNB Bank is merging with Brook- are now providing the CARES Act, qualified employer retire- going to be staying TIM SPEISS lyn-based parent of Dime Community Bank enhanced access to VERONIQUE HORNE ment participants could borrow up to the with your current in a $489 million deal. plan distributions lesser of $50,000 or 50 percent of their vested employer for the next three-to-five years, The two publicly traded firms, Bridge and plan loans. retirement plan benefits, which were subject you’re better off taking it as a loan,” he said. Bancorp and Dime Community Bancshares, “COVID-related distributions are reported to a five-year repayment period. “Definitely talk to your employer’s HR and announced the all-stock merger Wednesday. as taxable income spread evenly over a three- Now, starting March 27 through Sept. 401(k) advisors.” The combined company will have more year period, unless the taxpayer elects other- 23, the cap on loans from qualified employ- Negrin Wiener said clients are asking about than $11 billion in assets, over $8 billion wise,” Veronique Horne, senior principal at er plans to participants has increased to about the new options. “This kind of opened in total deposits and 66 branches spanning Berdon, an account and advisory firm, said. $100,000. “The repayment period for such everyone’s eyes,” she said. “It came full circle Montauk to Manhattan. The new company, “The individual may repay such distribution loans with due dates between March 27, to remind everyone that it’s important to get which will be headquartered in Hauppauge, at any time during the three-year period 2020 and Dec. 31, 2020 is delayed for one their affairs in order. The more we get this will operate under the Dime Communi- beginning on the day after the distribution is year,” she said. “Repayments of such loans info out there, the more it helps people.” ty Bancshares name and BNB Bank will received, in one or more payments.” will be adjusted for delay in the due date and -JULIANNE MOSHER LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM I 17
HEALTHCARE NEWSMAKERS OF THE YEAR
The war on COVID ack in February, as medical experts warned about the coro- navirus, the general population knew very little about living Bthrough a pandemic. Oh, have times changed, as some of LIBN’s coverage of COVID-19 demonstrates.
Epidemic versity. “My hope is that it doesn’t proportions? facilitate racism or xenophobia.” The coronavirus epidemic crossing the The coronavirus mihalec via depositphotos globe is getting nonstop news coverage, but can cause fever, Long Island medical experts say there’s no coughing, wheezing reason to panic. and pneumonia. Business continuity plans surface,” Santella said. Still, he said “the aver- Those reassurances haven’t stopped some Experts think it In addition to absenteeism, a virus out- age person has no reason to wear them.” from donning face masks while going about spreads mainly break could hurt productivity and impact And while all healthcare facilities work their day. For the most part, life here goes on from droplets when ANTHONY SANTELLA demand for goods and services. with their supply chain to ensure continuity as usual. an infected person That’s why, Jarrett said, “businesses should of operations, “the routine use of masks in Whether the coronavirus will ultimately coughs or sneezes, similar to how the flu always have a continuity plan,” which can public can potentially deplete the supply to disrupt business and health on Long Island spreads. include working from home. those in healthcare with patient contact,” remains an open question. The new virus is a member of the coro- Employers, even those without deep Donelan said. “This one is unique because it’s new,” navirus family that’s a close cousin to the pockets, have a host of resources available to Rizzo said experimental psychology has Dr. Susan Donelan, the medical director SARS and MERS viruses that have caused them when navigating an outbreak. taught us that people systematically overesti- of healthcare epidemiology at Stony Brook outbreaks in the past. The new virus has Donelan also suggested staggered work mate the danger of things that are particular- University Hospital, said about the virus. “Its sickened thousands, mostly in China, and shifts (including weekends and evenings) ly scary when they first occur. “For example, impact on Long Island remains to be seen.” killed more than 400 by midweek. and distancing between workers on site. the dangers of earthquakes or airplane The immediate Last week, for the first time in the U.S., Consider conference calls or webinars crashes are overestimated,” he said. “This economic impact the new virus from China spread from one instead of in-person meetings, and provide helps explain why many people are more involved the roiling person to another. hand hygiene products and tissues. fearful of catching a flight than driving their of world markets, In that case, the man diagnosed had Donelan said employers can look to car, even though the latter is statistically most of which caught the virus from his wife, a Chicago small business consortiums or chambers of more dangerous.” recovered from the woman who became infected after returning commerce as well as the CDC “for guidance And there’s always room for common initial uncertainty. from the epicenter of an outbreak, Wuhan and ideas.” sense. Many airlines can- in central China. There were previous cases Helpful online resources include the “Pan- “When I’m out in public and see people celled flights to and in China and elsewhere of the virus’ spread demic influenza Business Toolkit” by the who don’t look well, I’m going to cross the from China. between people in a household or workplace. Missouri Department of Health and Senior street,” Santella said. “I’m always surprised DR. SUSAN As to impact on Experts warn that the frenzy around the Services, Donelan said. Online searches for when people are coughing on the train and DONELAN local businesses, virus may overshadow a potentially bigger “pandemic influenza for businesses” results touch the rails. That’s how disease transmis- “the answer is no, threat: this year’s flu. in lots of information. sion works.” or at least it should not,” said John Rizzo, “This flu season is a particularly bad one,” As for travel, “the most important thing is Economists say impact chief economist for the Long Island Asso- said Dr. Mark Jarrett, senior vice president, situational awareness,” and adjusting accord- ciation, the region’s largest business group. chief quality officer and deputy chief medical ingly, she said. to be brief and minimal “True, flights and other trade with China has officer at Northwell Health. Still, once a virus hits, it might be difficult Local economists agree that, unless some- been curtailed in the interest of containing Already, more for an employer to put together a continuity thing changes dramatically, the coronavirus the virus. And that will have some adverse than 19 million plan. outbreak’s impact on Long Island will be economic consequences which will probably were diagnosed “When all settles down, they should build minimal and short-lived. be mild for Long island and confined to the with flu in the U.S., what they learned” into that plan, Jarrett “Any adverse impact on trade and tourism first quarter of this year.” with 180,000 of said. will be temporary… not permanent, and While the medical community follows them hospitalized. recoverable after the travel ban is lifted,” said U.S. Center for Disease Control and Preven- The nation is cur- Not out of the woods, yet Martin Cantor, the director of the Long Is- tion protocols, they say prevention is key, rently experiencing With the coronavirus, experts anticipate land Center for Socio-Economic Policy and especially where we spend the bulk of our high flu activity, additional U.S. cases, and say that at least a former Suffolk County economic develop- time. For many of us, that’s the workplace. and the CDC antic- some limited spread of the disease in the ment commissioner. That’s why employers are urged to plan ipates this pattern DR. MARK JARRETT country was likely. The longer the travel ban to China ahead to help ward off the spread of illness – will continue for Quick detection and isolation of new remains in effect the greater the impact on whether it’s the coronavirus or the common several more weeks. patients would help prevent the virus from Long Island, particularly on such items as flu. For some organizations, this can mean “It’s disheartening that people don’t take spreading. electronic and other technological compo- revamping policies for business continuity, advantage of the flu vaccine,” Donelan With any contaminant, including the nents assembled here, Cantor said. The result sick days and working from home. They may said. “Even if it’s not perfect [and some coronavirus or flu, there is the danger of could be some loss of gross regional product. also want to plan carefully for any upcoming may] get the flu anyway, it keeps people cross-contamination. The travel ban, if it lingers, could also impact business travel. out of the hospital or intensive care – or That’s why coughing and sneezing eti- new business ventures from China on Long Other recommendations include sharing the morgue.” quette matter. Cough or sneeze into your Island but limiting that nation’s interaction reminders about proper sneezing and cough- But Santella said, “It’s not too late for the elbow to maintain hand hygiene, and avoid with entrepreneurs. ing etiquette. flu vaccine. And if you don’t feel well, don’t touching the eyes, nose and face, Donelan John Rizzo, chief economist for the Long And the face masks suddenly spotted go to work or school.” said. Island Association, said the lost flights and locally are likely not providing benefits. To reduce the spread of a virus outbreak, And in most scenarios, wearing face trade with China will have some adverse Still, when the CDC implements coronavi- employers should see to it that employees don’t masks in public is not likely to protect economic consequences, but be limited to rus screenings at New York JFK, the proxim- return to work until they are well, and aren’t against the spread of germs. the first quarter. ity to the virus hits a little close to home. penalized for calling in sick, Donelan said. “They cannot be worn continuously for Rizzo pointed to past outbreaks. The coro- “The average Long Islander has little to Returning to work after five days “might hours, as they lose efficacy once they become navirus is about as infectious as the flu and worry about unless they are around people even be on the early side,” Jarrett said, adding moistened by breath,” Donelan said. SARS. “While much more deadly than the who traveled in China,” said Anthony Santel- that it can take at least that long to feel ready But the “bright side is people are less likely la, a public health professor at Hofstra Uni- to be back to the office, Jarrett said. to rub their nose or mouth after touching a See HEALTHCARE, Page 18 18 I LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM
HEALTHCARE NEWSMAKERS OF THE YEAR
Continued from Page 17 occurring in patients with severe infections. Thanks to her study, physicians began flu,” Rizzo said, it is far less lethal than SARS. applying blood-thinning therapies. “Previous breakouts of SARS have not “It’s not going to prevent COVID,” Rapkie- brought down the economy, so why should iwcz said, in a statement. “But we’re trying to the coronavirus,” he said. prevent the complications that cause people Most of the time “the market overreac- to die.” tions are done by market psychology and And at Mount Sinai South Nassau in investors tend to overreact to distressing Oceanside, Dr. Frank Coletta, the chief of news — much to the response to the ‘talking pulmonary medicine and critical care, spear- heads’ in the media,” said Jon Ten Haagen, headed the training of hospital physicians, a certified financial planner whose firm, physician assistants and medical residents Ten Haagen Financial Group, is based in from all medical disciplines to assist critical Huntington. care, emergency medicine and respiratory “Long-term investors should be looking physicians. These teams provided specialized for select opportunities created by near-term medical care for more than 1,300 COVID-19 loss of focus and confidence,” he added. patients during the height of the pandemic. Predictably, the outbreak has rattled This week, the United States is approach- financial markets and generated some fright- ing 6.9 million cases, according to Market- ening worst case scenarios in the media, Watch, and has exceeded 200,000 deaths. Rizzo said. “But my best guess is that genius As Long Island continues to see a low rate Photo by Kevin P. Coughlin / Office of Governor Andrew M. Cuomo) investors — Warren Buffett comes to mind of infection, health experts credit the efforts Gov. ANDREW CUOMO and MICHAEL DOWLING, Northwell Health President and CEO, col- — view this as a buying opportunity. And, to laborated to educate the public about protecting against COVID. of every day New Yorkers to fight against the me at least, the smart money is on the genius spread. investor,” Rizzo said. “People are generally following guidelines, men on the moon, with its Bethpage-based testing site expertise where it was needed – which include using a mask, social distanc- The Associated Press contributed to this engineers behind the Lunar Module. such as the state’s first drive thru site in New ing and practicing good hygiene,” Dr. Patrick story. Fast-forward 50 years-plus, and Long Island’s Rochelle – and solving near-daily supply O’Shaughnessy told Newsday. O’Shaugh- -ADINA GENN talent pool was at it again, fighting COVID, chain issues in the process. nessy offered his perspective as chief clinical and diminishing an infection rate in New And the innovation continued as Jones officer at Catholic Health Services of Long Survival York that would become the lowest in the Beach became the first coronavirus drive- Island, which has six hospitals in Nassau and nation – and to date, retaining it there. through testing site on Long Island, thanks Suffolk counties. of the smartest The medical community began to mobilize to a close partnership with Northwell Health, And as long as New Yorkers continue to The lawn signs thanking healthcare in ways that serve as an example for the rest Northwell Health-GoHealth Urgent Care be vigilant, the region may stave off another workers may linger indefinitely across Long of the country where the virus began to take and Cuomo. outbreak. Island. And that would be fitting. Along with hold. With these efforts and more, Long Island Such scenarios played out across the -ADINA GENN the rest of the essential workers that got us is positioned to weather through the rest of the region. through the worst of COVID-19’s hit in the pandemic as the virus remains in the region. At Stony Brook University Hospital Renewed vigilance region, it was healthcare workers who sprang Leading the fight was Michael Dowling, CEO Carol Gomes was instrumental in Stay vigilant. into action, saving as many lives as possible president and CEO of Northwell Health. leading the team to maintain a “laser focus That’s the message from medical experts when the pandemic first hit New York. Arguably, the healthcare system harkens on resource management.” Her leadership to the business community and the rest of It was a heart-wrenching stretch of time Grumman, which in its heyday was the helped steer Long Island through not only the region as the rate of infection grows on for those who watched the pandemic play region’s largest employer, as Northwell is the pandemic but also the shifting federal Long Island – where, this week it was at 3.5 out on the streets – never mind what we saw now. Viewers tuning into Andrew Cuomo’s and state policy changes and guidelines. percent. on our screens – something we won’t soon daily press conferences in the height of the That included instituting a hospital incident “The virus is very patient,” said Dr. Susan forget. pandemic may have grown familiar with command system to manage its response to Donelan, the medical director of Healthcare Back in late February and early March, Dowling’s presence at the dais with the gov- the pandemic, serving as the backbone of the Epidemiology at Stony Brook Medicine. some began dismissing the virus’ impact, or ernor as they pressed to educate the public response across Suffolk County. “There’s no timeline. It’s not in a rush to be the need to wear masks. But what unfolded about staying safe. SBUH increased testing, provided safe somewhere else. It’s waiting for you to get on Long Island mostly told a different story. Along with New York’s healthcare leaders, surgical and procedural care and expanded tired of whatever you’re doing that’s keeping Some communities were already masking Dowling addressed the region’s struggles, telehealth response from 14 appointments a you safe so far.” up. Businesses began planning to work from fighting the fight for staffers, patients and the day to more than 1,300 a day, and ensured And the numbers are climbing. Hospitals home. Some would soon lay off workers, or public at large. staff had enough PPE and clean scrubs. now have four times as many COVID pa- even close altogether. Shoppers at the super- “Our tireless and dedicated staff treated Meanwhile, in Mineola, Dr. Joseph Greco tients than they did in September, a North- markets began decimating the shelves – wip- more than 77,000 people when New York had just begun his role as senior vice pres- well Health spokesman said. ing out entire inventories of toilet paper, and was the COVID-19 epicenter,” Dowling said ident and chief of operations at NYU Win- “This really just what’s expected if people then meat. Hand sanitizer couldn’t be found in a statement just last week. “They worked throp Hospital. Then COVID hit the region, didn’t pay careful attention to the masking, anywhere. Schools grappled with online through and beyond exhaustion to care for putting Greco immediately to the test. hand-washing and learning. Skilled nursing facilities turned to people in need.” Under his direction, the hospital’s confer- social distancing,” virtual patient visits as they could no longer Innovation got the team through the ence space became a COVID acute ICU. The Dr. David Battinelli, allow family members in to see loved ones as diciest moments. Dowling redeployed more library transformed into a COVID staff-sup- Northwell Health’s the federal and state guidelines shifted. than 1,400 clinicians from their specialties port area. Tents were set up to help with ER chief medical offi- Was it hype that shut the region down? to help the front lines. As the healthcare overflow. cer, said about the Not if you ask the healthcare workers system’s inventory of nasal swabs began to Greco brought in traveling nurses from spikes. setting up tents to handle the overflow of dip, Northwell 3D printed enough material across the country to assist with staffing. “The virus was patients, stricken by this unprecedented to maintain testing. When it seemed that And based on new and emerging sciences, always around,” he virus, fighting to stay alive. Not if you asked ventilators might run scarce, researchers and the hospital pushed forward with the most said, noting that local officials arranging for morgue trucks clinicians transformed 300-plus sleep apnea advanced clinical techniques for treating earlier protective DR. DAVID to accommodate those who fought COVID machines into ventilators. COVID. measures had BATTINELLI and lost. Not if you subsequently spotted The Feinstein Institutes for Medical Re- And Dr. Amy Rapkiewicz, chair of pathol- “suppressed the Long Islanders grieving for their family and search president and CEO, Dr. Kevin Tracey, ogy at NYU Long Island School of Medicine transmission of the virus.” friends, colleagues and acquaintances who announced clinical trials to study the safety and chief of pathology at NYU Winthrop “It can easily be contained,” he said, by lost the COVID battle. and efficacy of the drugs sarilumab and rem- Hospital, conducted a study of COVID doing “the same things we did before.” The county health department numbers desivir, which would soon make headlines. patients who’d lost their lives. Through her Long Island is grappling with an uptick, paint the picture: To date, Nassau County Meanwhile, COVID cases ramped up. research, she found blood clotting in COVID even as promising news of imminent, effec- saw 46,259 cases, while Suffolk saw 46,109. Dr. Dwayne Breining, executive director at patients not only in the lungs but also in tive coronavirus vaccines make headlines. At the heart of that fight was Long Island Northwell Health Labs, helped drive the rap- every organ and in every other part of the It’s a fraught-filled moment riddled with ingenuity – a resource earning global rec- id response to meet the need for COVID-19 body. Her study, published by the Lancet, pandemic fatigue as some shun mask-wear- ognition back in 1969 when Grumman put testing. Northwell Labs provided mobile offered new insight into physiological issues ing in public and ache to return to their lives LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM I 19
HEALTHCARE NEWSMAKERS OF THE YEAR to freely mill about the office and spend time The vaccine’s development “is not faster with family and friends. because we skipped safety steps,” he said. Yet an accelerating infection rate could “We did everything simultaneously this time, mean “further shutdowns in a sector that and that’s why it’s faster.” already been badly bruised – hospitality, movie theaters, recreation places – they’ve Supply chain all been hit badly, said Martin Melkonian, an During the apex of the pandemic, ac- economics professor at Hofstra University. cessing personal protective equipment and In the business community, an emphasis ventilators fed into the COVID crisis. on situational awareness can help keep first After working 12-hour shifts in the height stay open. of COVID, Levy still had work to do when “Business owners need to understand he got home. where their customers are coming from, and “I would go on to alibaba.com and I nego- what’s going on in those locations,” Donelan Photo via unsplash tiated with multiple manufacturers overseas said. for PPE equipment,” he said. That focus gives owners “hyperlocal “Had we not done that, we simply would awareness,” so that they know what’s “be- It’s that kind of diligence that will help Business News’s sponsored Healthcare not have had masks through the peak of the coming a hotspot,” and can act accordingly, protect the region, and local economy, Forum, a two-day virtual education presen- pandemic,” he said. she said. experts said. tation featuring thought leaders in medicine At the time, Stony Brook’s engineer- Regularly checking the state and county “If you pay careful attention to the usual from around the region. Tuesday’s panel, ing school partnered with the university’s Department of Health COVID maps can help measures then we can safely stay open,” “The Future of Healthcare on Long Island,” medical school to create a new ventilator, track the rate of infection and provide an Battinelli said. “The problem is people just was moderated by Joe Dowd, LIBN’s editor and designed plastic masks and face shields, understanding of the surrounding metrics. let their guard down.” and associate publisher. Kaushansky said. “You don’t want a fire on all sides,” Done- Perhaps it’s human nature that causes peo- Yet, despite the previous experience with It also circumnavigated a shortage of lan said. ple to become lax, especially as the economy SARS and Ebola, “I don’t know that any of medical providers to care for “437 very sick And even though the numbers are going began to reopen, prompting Long Islanders us were as fully prepared as needed for what patients,” he said. up, “we know how to suppress it” and can to get out and about after the initial crisis we faced with COVID-19,” said Dr. Patrick “We took an ICU doctor gave him or her avert a crisis, Battinelli said. had subsided. O’Shaughnessy, executive vice president four or five hospitalists who are used to inpa- Businesses should ensure that they have “People misinterpreted our phased open- and chief clinical officer of Catholic Health tient care but not to intensive care medicine, the proper processes in place now, Donelan ings,” believing that “it’s safe, and the virus is Services. and the intensivist would supervise,” he said. said. gone,” Battinelli said. “It’s highlighted a host of challenges that “And in that way we were able to expand One action that helped slow down the But as the virus remains ever-present, exist in the United States health care system our staffing ,” he said, adding that the expe- rate of infection during the initial outbreak “masking has to continue until everyone is in terms of how we move from a system of rience of creating teams amid COVID can was enabling people to work from home – a vaccinated – we’re looking at another year,” truly reactionary sick care to more popula- inform healthcare staffing and its response to tactic that Battinelli said would help now. Battinelli said. tion health-based and public health-based the next pandemic. Staggering shifts at the office and elim- Even though vaccination may begin as measures to really try to keep the public as There was so much unknown about the inating group-lunches in the break room early as December, many of the proposed healthy as possible,” he added. virus and the status of supplies and staffing, can also help. And no gathering at the office vaccines require a second dose, and “you O’Shaughnessy was joined by other panel- it was key to stay nimble. water cooler: “Instead spring for a few cases don’t know if you are successfull until later ists that included Dr. Robert Levy, a partner “Besides having to create these teams and of bottled water,” Donelan said. down the road,” he said. of AFC Urgent Care – Long Island; Dr. Ken- utilize different personnel for different pur- “If they have to be at the office – have And because people wouldn’t be able to neth Kaushansky, senior vice president for poses comes the fact of each time we change them sit every other desk or every third discern a vaccinated person from someone health sciences at Stony Brook University; our PPE, whether it was our masks or our desk,” Donelan said. And while Plexiglas not vaccinated, “people will be masking well Mary Mahoney, vice president of emergen- ventilators, we had to retrain our staff,” may prevent the spread, it might be hard to into the fall,” he said. cy management and clinical preparedness Mahoney said. find, depending on demand. And he said, “people think vaccines are at Northwell Health; and Holly Seirup the “What’s still lacking is what I call ‘care And don’t let your guard down, including 100 percent protective – they’re not.” dean of the School of Health Professions at traffic control,’ O’Shaughnessy said. “To get with mask-wearing – all it takes is an ex- But if you are vaccinated, and “you get the Human Services at Hofstra University. through these kinds of situations - whether haling coworker who is contagious, leaning disease, you’re not as sick as if you had not The panel coincided with the game-chang- they be a mass casualty event or a pandem- across a counter that can make you sick, been vaccinated,” he said. ing arrival of the first COVID-19 vaccine, ic - you have to have situational awareness Donelan pointed out. Meanwhile, it’s vigilance that will protect whose limited doses first go to critical care on capacities, and I don’t just mean locally I Another useful resource is U.S. Centers the region, as there is the rate of infection workers and then nursing homes before mean regionally.” for Disease Control and Prevention, which climbs. distribution to the general public. Data-sharing on supplies and ICU and offers checklists and guidelines for operating Patients are “not as sick as they used to be Yet despite the 300,000 Americans who al- hospitalizations rates would be instrumental a business in a pandemic, she said. – we have better ways to care for them, and ready died from the virus, an estimated 30 to to help ensure that facilities had the assets Of course, different sectors may face we’re not doing it in a crisis mode,” Battinelli 40 percent of Americans say they are wary of they needed, he said. their own set of challenges, but benefit from said. “We didn’t have testing then. Our care taking the vaccine. The panel spoke about the “We could load balance,” O’Shaughnessy gleaning lessons from the initial outbreak. is better. There are no cures, but we’ll be fine need to educate the public about the vaccine. said. “We could ship supplies and equip- For example, Maryellen McKeon, senior vice with manageable numbers.” They also spoke of lessons learned regarding ment. It doesn’t even have to necessarily hap- president of operations of Bristal Assisted And the newly declared 10 p.m. curfews the federal response to the nation’s lagging pen at the federal level. It could be delegated Living, recalls all too well when personal may seem onerous to some, they may help medical supply chain, the extraordinary to local regional levels.” protective equipment was difficult to get, as to bring the numbers down, and “hopefully resiliency from reconfiguring teams and the Boosting public health was the increase in the staff remained committed to protect its people see the positive effect,” Battinelli said. outlook for the region’s future clinicians. telehealth, and the foresight to provide men- residents. Still, this could be a cycle that repeats, with Experts say it’s not too early to prepare for tal health to frontline workers so that they “Today, we know restrictions lifted and people becoming lax the next storm. could process the crisis that they witnessed that in addition to again, he said. “Why aren’t we thinking about making a in real time, the experts said. this extraordinary How hard the region gets hit, and how pan-coronavirus vaccine?” Kaushansky said. These lessons are already inspiring the staff, our strate- long the uptick lasts “is still in our hands,” “It might actually even work for the common next generation of clinicians. gy requires us to Donelan said. cold.” Seirup said a “Dr. Fauci effect” has remain agile, to have But most immediately, the experts agreed, prompted “an increase in applications to the ability to quickly Beginning of the end is the need to raise awareness about the vac- medical schools.” pivot as directives Top medical experts say that we are at cines safety and its approval by the U.S. Food “We’re also seeing it in a lot of the other from the CDC and the beginning of the end of COVID-19’s and Drug Administration. areas,” she said “We’re seeing it across all the state warrant, to dark onslaught. But even with the vaccine Perhaps the most effective means is “per- health professions actually. So health admin- anticipate as much MARYELLEN emerging in the region, winter continues to son-to-person education,” Kaushansky said. istration, certainly public health, has gotten a as possible, which MCKEON look bleak. Still, there are already important “The biggest fear factor now is how could new look completely.” is why, for example, takeaways from this pandemic that will in- they have possibly made a safe vaccine in 11 Such key takeaways are key, O’Shaugh- we now have a four-month supply of PPE on form the future of healthcare on Long Island, m ont h s .” nessy said, adding, “I hate to say this, but this hand, and to recognize that we are facing a re- and around the world. Such skepticism would have been warrant- is not our last event.” lentless and unpredictable foe,” McKeon said. That was the consensus of Long Island ed even two years ago, but not now, he said. -ADINA GENN 20 I LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM THE YEAR OF COVID
As New York State locks down due to the COVID-19 pandemic, small businesses, restaurants, music, and recreational facilities go dark and quiet. PHOTOGRAPHS BY JUDY WALKER LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM I 21 THE YEAR OF COVID
The field hospital at South Shore University Hospital in Bay Shore is being used as an infusion center to deliver antibodies to non-hospitalized COVID patients in an effort to reduce hospitalizations.
Dr. Stephanie Lubin lost her beloved 98-year-old “Nana” to COVID-19 last April. Dr. Lubin also contracted the virus and is still suffering long-term effects some six months later.
John Kanaras, co-owner of Whiskey Down Diner in Farmingdale, has faced challenging restrictions due to New York State law.
Helen Tull, director of concierge services at a major catering facility for the past 12 years, polishes up her resume in search of employment after losing her job in the hard-hit hospitality industry. 22 I LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM
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