LI Business News articles from February 2009

LI Business News archives from February 2009

Venture capital investors in N.Y. metro area pull back amid downturn.
February 2, 2009... Byline: Laura Glasser Venture capital investments in the New York metro area fell 24 percent in the fourth quarter versus the prior year, as investors scaled back amid the worst economic downturn in decades. Venture capitalists...

Celebrating W.E.B. Du Bois just in time for Black History Month.
February 2, 2009... Byline: Ambrose Clancy On August 27, 1963, an African-American writer, teacher and leader who had renounced his citizenship and immigrated to Ghana died there in relative obscurity. The following day Martin Luther King delivered his...

Nassau County Executive Suozzi preps Nassau for harsh cuts.
February 2, 2009... Byline: Michael H. Samuels Nassau County Executive Tom Suozzi presented a nightmare ultimatum to county workers Monday: Either agree to an across-the-board 7 percent pay cut for all employees or face layoffs of 870 employees and a series...

Commentary: N.H.'s political chops not set in granite.
February 2, 2009... Byline: John Kominicki When I was in college in New Hampshire, I worked for a company that specialized in greeting cards and Republican politics. And not always in that order. The company had enjoyed commercial success, and won a...

Commentary: Bigger government means bigger problems.
February 3, 2009... Byline: Raymond Keating These are serious and rather grim economic times. After all, the current recession is over a year old, and real GDP growth in the fourth quarter of last year registered a dire -3.8 percent. And nobody sounds...

LI Financial Experts: For needed cash, more borrow against life insurance policies.
February 3, 2009... Byline: Claude Solnik As consumers and companies search for cash, experts worry they may end up raiding their own life insurance policy, jeopardizing payouts and increasing premiums. Jeffrey Nekrutman, owner of Dynamic Resources, a...

Commentary: The Citi sleeps.
February 3, 2009... Byline: David Reich-Hale When a $400 million marketing plan gives you nothing but bad publicity, perhaps it's time to pull the plug. That's what Citigroup is thinking as it evaluates its 20 year deal with the New York Mets to call the...

Stimulus bucks coming to L.I.
February 3, 2009... Byline: Michael H. Samuels Although more than $100 million of the federal stimulus package passed by House Democrats is slated to go to Nassau and Suffolk counties, none of that money will be for the local "shovel-ready" infrastructure...

Bankruptcy also rises on Long Island.
February 3, 2009... Byline: Henry E. Powderly II We hope you weren't looking for any good news. Bankruptcy filing on Long Island rose almost 40 percent in 2008, according to an article in All Headline News. The past year, one marked by the collapse of...

L.I. Attorneys: The death and birth of the estate tax.
February 3, 2009... Byline: Claude Solnik There is no such thing as a good time to die, but from the perspective of estate taxes, 2010 looks like the ideal year. The federal estate tax would expire before ramping up in 2011, when only $1 million would be...

L.I. Financial Experts: Strategies to reduce your estate tax bill.
February 3, 2009... Byline: Bernadette Starzee Although the new $1 million exemption will make more people eligible to pay the estate tax, there are steps you can take now to reduce that tax liability. Parents could put their real estate into a...

State budget deal reached in New York.
February 3, 2009... Byline: Michael H. Samuels Although details are slow in coming, it appears that the State Legislature and Gov. David Paterson have reached a deal to fill a $1.6 billion hole it New York State's $121 billion budget. Here's the statement...

L.I. Vodka: LiV for the East Coast.
February 3, 2009... Byline: Henry E. Powderly II The local potato vodka Long Island Business News once found to be better than top brands Grey Goose, Absolut and Chopin has landed a big distribution deal. LiV, which is made by Baiting Hollow's Long Island...

Ones to watch concerning L.I.'s retirement issues.
February 4, 2009... Byline: Claude Solnik Bronwyn M. Black Partner Black and Black Bronwyn M. Black is a partner at the brother-and-sister law firm based in Melville, focusing on elder law including trusts and estates, guardianships, Medicaid, nursing...

Agape employees in L.I. could lose assets to scam victims.
February 4, 2009... Byline: Michael H. Samuels While victims of alleged scam artists Bernard Madoff and Arthur Nadel can lean on regulators to help recoup losses, the blue-collar investors of alleged Long Island swindler Nick Cosmo may have a harder time...

Commentary: Being an elected official these days is not so super.
February 4, 2009... Byline: Jerry Kremer Many years ago they conducted a Gallup poll that rated politicians fairly high on the popularity poll, even higher than used car salesmen. A few years later they were tied. Now politicians are at an all time low and...

As newspapers fade, there's opportunity in parenting mags in L.I.
February 4, 2009... Byline: Ambrose Clancy Sheer guts, sheer delusion or shrewdness? While print publications watch ad revenues plummet in a death spiral, Nassau Parent, Suffolk Parent and Long Island Parent will blitz March and April with a total of more...

N.Y. State Attorney General Andrew Cuomo: L.I. biz giving out fake GEDs.
February 4, 2009... Byline: Michael H. Samuels New York State Attorney General Andrew Cuomo wants to send a Long Island man to jail for six months and make him pay restitution to victims he defrauded by claiming to run home study courses that would reward...

1-800-Flowers on the iPhone.
February 4, 2009... Byline: Henry E. Powderly II This comes just in time for Valentine's Day. Local flower and candy delivery firm 1-800-Flowers.com has created an iPhone application that allows owners of the world's coolest cell phone to order flowers on...

L.I.-based Cablevision takes Wi-Fi west.
February 4, 2009... Byline: Henry E. Powderly II Local telecommunications company Cablevision definitely set the precedent for cable companies when it announced the creation and launch of its massive Long Island Wi-Fi network. To recap: Subscribers to...

17th Annual Long Island Guitar Festival: Guitar heaven at C.W. Post.(Concert review)
February 4, 2009... Byline: Ambrose Clancy Robert Johnson went down to the crossroads to meet the Devil who offered him supernatural guitar-playing talent for the price of the delta bluesman's immortal soul. If he was around today, Johnson might check out...

Nassau sales tax receipts continue to dip.
February 5, 2009... Byline: Michael H. Samuels Nassau County's latest sales tax numbers show the economic downturn isn't lifting yet. County Comptroller Howard Weitzman said Thursday that with the latest sales tax distribution check, sales tax receipts...

Commentary: Get on the energy bus.
February 5, 2009... Byline: Richard Kessel Much as I hate to admit it, I've been attending the annual state-of-the-state addresses by New York governors since the early 1980s. Yet I've never heard a governor speak as emphatically and eloquently about energy...

Nassau County claims 100 Black Men misused funds.
February 5, 2009... Byline: David Winzelberg Nassau County Comptroller Howard Weitzman released a report Thursday criticizing the organization that owns the former bus terminal at 100 Main Street in Hempstead for loose financial controls. Weitzman claimed...

Commentary: Bad cuts for education.
February 5, 2009... Byline: Roberta Gerold We all understand the fiscal problems of New York and the need to close the deficit in the state budget. But even in tough times, the executive office scalpel has cut too deeply into the support required by the...

Small shops in L.I. say supermarket wine sales will sink them.
February 5, 2009... Byline: Ambrose Clancy Not long after ratification of the 21st amendment in 1933 allowing the sale of alcoholic beverages, Young's liquor store opened in Manhasset. It's been in business ever since. But now owner Edward Wassmer is...

$2.6M for Lindenhurst office building.
February 5, 2009... Byline: David Winzelberg Accommodations Plus, which specializes in short-term lodging, paid $2.6 million for an 11,262-square-foot office building in Lindenhurst, according to a report by Costar.com. TBC Securities sold the two-story...

Classy Claremont for Council cocktails in L.I.
February 5, 2009... Byline: David Winzelberg Guests at Wednesday evening's Fair Media Council reception were treated royally at Roslyn's Claremont Hotel. Peter Guarneiri, the cozy hotel's general manager, provided an elegant room and a tasty array of...

N.Y. Gov. Paterson's got a fit tax now.
February 5, 2009... Byline: Michael H. Samuels WIBV, a Hamburg, N.Y.-based television station, is reporting that Gov. David Paterson is proposing a new tax to help fill the state's budget deficit that represents an about face from his lambasted plan to tax...

Suffolk, New York City to share emergency services.
February 5, 2009... Byline: Michael H. Samuels Suffolk County Executive Steve Levy is asking the county Legislature to approve an agreement with New York City to share fire, rescue and emergency services in the event of a large-scale disaster. The...

Islandia-based Empire National opens third branch.
February 5, 2009... Byline: Laura Glasser De novo bank Empire National, which is based in Islandia, opened its third branch this week, its first new location since launching almost one year ago. The new branch is on Nesconset Highway in Port Jefferson...

Commentary: Fixing Long Island schools.
February 6, 2009... Byline: LIBN Staff When the Rauch Foundation released the Long Island Index last week, even executives involved in the survey admitted much of what was being proposed could never happen. The index showed that of the 1,200 Long...

Commentary: The new Ponzi Scheme: Work hard, don't screw people.
February 6, 2009... Byline: John Kominicki Con men like to say you can't cheat an honest man. The victim, in other words, must have a little larceny in his own heart. Besides that small frailty of human nature, a good swindler needs to be bright, to have...

Fed-up Long Islanders are over Florida.
February 6, 2009... Byline: David Winzelberg Leaving Long Island used to mean moving to Florida. Not anymore. Local Realtors and moving company officials report that fewer of their clients are making the traditional move south to the Sunshine State. But...

Chief Deputy County Exec. Jim Morgo stepping down from Suffolk post.
February 6, 2009... Byline: Michael H. Samuels Chief Deputy County Executive Jim Morgo is resigning from the county, effective April 1. Morgo circulated a memo detailing his resignation to senior staff late Thursday. He has been County Executive Steve...

Commentary: Meet the Early Years Institute.
February 6, 2009... Byline: Kenneth Cerini Research has shown that about 90 percent of brain development occurs by the time a child is five years old, yet 90 percent of public investment in education happens after age five. Recognizing the critical role of...

Q&A with Robert Wild, chairman of United Way of Long Island.
February 6, 2009... Byline: Claude Solnik Robert Wild, chairman of law firm Garfunkel, Wild & Travis, began this year with another title - chairman of the board of the United Way of Long Island. He takes that role at a precarious time for nonprofits. Wild...

Long Island credit unions look to drive up auto biz.
February 6, 2009... Byline: Laura Glasser Local credit unions, including the two biggest on Long Island, are aiming to boost their auto loan portfolios though a national program built to resurrect broken-down U.S. auto manufacturers. Through the program,...

Long Island Nonprofit Briefs: February 6, 2009.
February 6, 2009... Byline: Bernadette Starzee Seeking spots for bins Breast Cancer Help Inc. in Bay Shore is looking for additional locations at which to place its pink clothing drop-off bins. Through the sale of donated clothing, Breast Cancer Help...

Long Islanders On the Move: February 6, 2009.
February 6, 2009... Byline: Bernadette Starzee Accounting The Fuoco Group, an accounting and business advisory firm in Hauppauge, announced that Elizabeth A. Vuozzo has become the first female director of the firm. Vuozzo has been with the Fuoco Group and...

Vic Amoroso promoted to sales manager of Daniel Gale's Stony Brook office.
February 6, 2009... Byline: Bernadette Starzee Vic Amoroso has been promoted from associate broker to sales manager of the Stony Brook office of Daniel Gale Sotheby's International Realty. Amoroso, who joined Daniel Gale two years ago, is a relative...

Commentary: Treat your employees right.
February 6, 2009... Byline: Mary Crisafulli As ClearVision Optical gears up to celebrate its 60th anniversary in business, its management team evaluated the numerous reasons for the company's positive growth. Unanimously, they agreed that the organization's...

Long Island Profiles creates Mortgage Marketplace.
February 6, 2009... Byline: David Winzelberg The Long Island Profiles Publishing Company is now offering a free service for lending institutions and individuals who want to sell mortgages that they hold. Brightwaters-based LI Profiles, long known for its...

Suffolk County attacks trans fats.
February 6, 2009... Byline: Michael H. Samuels Suffolk County is now officially against trans fats. County Executive Steve Levy signed two resolutions by the county Legislature that ban trans fats in food and also requires chain restaurants to post the...

The Met beamed to Stony Brook.
February 6, 2009... Byline: Henry E. Powderly II If you're one of the lucky folk who've seen an opera live at New York's famed Metropolitan Opera you know what a majestic event each production is. The music is perfect, the sets are as unbelievable as some of...

Commentary: Growing green movement lifts Southampton campus.
February 6, 2009... Byline: Jeff Miller Everything's more expensive than ever (or was until the housing bubble splattered), but what's been the fastest-rising cost of all? College, by a landslide. According to a recent CNN Money story, After...

Autistic students from New York are being sent out of state.
February 9, 2009... Byline: Claude Solnik May-Lynn Andresen for more than a year drove eight to 12 hours round-trip to visit her autistic son at his Connecticut school and bring him home for the weekend. Her husband then drove their son back to the school on...

Recession not so bad for Long Island's SUNY schools.
February 9, 2009... Byline: Bernadette Starzee In the current economic climate, not everyone is losing business. Long Island's public colleges and universities are receiving record numbers of applications as students who may have otherwise chosen to study at...

Agape World owner Nicholas Cosmo's new attorney reps celebs, linked to mob families.
February 9, 2009... Byline: Michael H. Samuels Agape World owner Nicholas Cosmo has a new high-profile attorney. Cosmo, who is in jail awaiting a bail hearing, has hired Bronx attorney Stacey Richman to replace Steven Feldman. Richman, the daughter of...

Newsday costs Long Island-based Cablevision.
February 9, 2009... Byline: Henry E. Powderly II Local media company Cablevision today said its ownership of Newsday and other shoppers magazines caused it to record charges of $375 million to $450 million in its 2008 financial statements. That's almost...

Let Suffolk County Community College help you find a job.
February 9, 2009... Byline: Michael H. Samuels With the economy continuing its free-fall and job losses mounting, more and more people are out there looking for jobs and help. Here's what Suffolk County Community College says it can do for those just laid...

New rules for bailout recipients.
February 9, 2009... Byline: Laura Glasser The fears of many Long Island bankers were confirmed last week as the first stipulations were placed on banks that receive bailout money. Those banks that get money from the government will not be able to pay...

Long Island-based Brookhaven Lab has 150 job openings caused by its $1B expansion.
February 10, 2009... Byline: Claude Solnik Need a job? You're in luck, if you're a scientist. Brookhaven National Laboratory said it has 150 openings caused by its $1 billion expansion that includes a second facility dedicated to studying the microscopic...

New York Governor David Paterson creates state cabinet to deal with economic recovery funds.
February 10, 2009... Byline: Michael H. Samuels New York is preparing for what it hopes to be an influx in cash from the federal government's American Recovery and Investment Act. With the U.S. Senate passing the $838 billion economic stimulus plan this...

Commentary: Working hard to find good news.
February 10, 2009... Byline: John Kominicki I received a reasonably cranky note from a reader recently carping that we reported the national unemployment rate without mentioning Long Island's lower jobless figure, which now stands at 5.7 percent versus 7.6...

With new tech, classroom content getting better.
February 10, 2009... Byline: Claude Solnik After years of laboring to bring in computers and become wired for high-speed Internet access, public school systems are using that technology to transform education through new content and wider use of...

Commentary: Gregg at Commerce, is it politics or openness?
February 10, 2009... Byline: Raymond Keating When announcing the nomination of Judd Gregg, a Republican senator from New Hampshire, as secretary of commerce on Feb. 3, President Barack Obama said, Clearly, Judd and I don't agree on every issue - most notably...

Ones to watch in Long Island education.
February 10, 2009... Byline: Claude Solnik William F. Connors Jr. Associate Vice President for Academic Affairs, College Dean of Faculty Suffolk County Community College Connors late last year took this position at the largest community college in the...

Woodbury-based contractor E.W. Howell tapped to build Suffolk County correctional facility.
February 10, 2009... Byline: David Winzelberg Woodbury-based contractor E.W. Howell was just tapped to build a new 318,000-square-foot Suffolk County correctional facility in Yaphank. The $130 million project is one of the largest Suffolk has developed in...

Uniondale-based RXR Realty adds partner.
February 10, 2009... Byline: David Winzelberg An increase in vacancies and a decrease in rents and property values have created new challenges as well as opportunities for Uniondale-based RXR Realty (formerly RexCorp). After a recent round of layoffs and...

Nassau Health Care Corp. retains four to solicit redevelopment proposals.
February 10, 2009... Byline: David Winzelberg Phil Heilpern, Marty Lomazow and David Zelinski of CB Richard Ellis, and Poe Corn of Jones Lang LaSalle have been retained by the Nassau Health Care Corp. to solicit proposals for the redevelopment of a portion of...

East End bus line won't be cheap.
February 10, 2009... Byline: Michael H. Samuels A study commissioned by five East End towns has revealed that creating a network of interconnecting rail and bus lines on the East End could cost up to $247 million, 27east.com is reporting. The Volpe Study...

Long Island wineries join liquor stores' fight against proposal.
February 10, 2009... Byline: Ambrose Clancy A week ago local wineries were mostly quiet on Gov. David Paterson's proposal to allow supermarkets, drugstores and convenience stores to sell wine. Currently only stores with a license from the New York State Liquor...

Agape World-funded restaurant in Oyster Bay to open.
February 11, 2009... Byline: David Winzelberg Speranza Food Studio just received its certificate of occupancy from the Town of Oyster Bay and is scheduled to open next week. The new Italian restaurant at 7940 Jericho Turnpike in Woodbury was listed as one...

L.I. Rihanna fans to shred Chris Brown.
February 11, 2009... Byline: Michael H. Samuels Radio station WBLI is holding a "shred your ex" party on Friday the 13th in part to show support for battered R&B beauty Rihanna and to celebrate the horror that is Valentine's Day for anyone who is single. ...

New branch for Bank of Smithtown.
February 11, 2009... Byline: Laura Glasser Bank of Smithtown opened its 20th branch this week in Port Jefferson, this one across from John T. Mather Hospital. The branch is the first opened by the Hauppauge-based bank in 2009, but the fifth since the...

Commentary: Ideas for project V-Day.
February 11, 2009... Byline: Ambrose Clancy The story goes that St. Valentine believed in love so fervently that he fearlessly married Christian couples in ancient Rome when doing so was a capital offense. He was arrested but Emperor Claudius II took a liking...

With new plugs, L.I. a leader in ear devices.
February 11, 2009... Byline: Ambrose Clancy As the New York to San Francisco flight began its descent a woman started screaming. Drew O'Connell, a Long Island e-commerce executive, asked a flight attendant why the woman was in agony and was told that the...

Commentary: L.I. communities prepared to cash in on stimulus.
February 11, 2009... Byline: Eric Alexander The 2009 federal stimulus package will provide resources for high-priority infrastructure projects. Over the last two months, Long Island's towns and villages have pulled together over $3 billion of requests for...

Commentary: Finally, a real economic solution.
February 11, 2009... Byline: John R. Durso President Barack Obama's massive $819 billion economic recovery package recently passed by the House of Representatives is 647 pages of good news for working families. With the emphasis on infrastructure, health...

Suffolk County finally ready to name developer for Yaphank project.
February 11, 2009... Byline: David Winzelberg Three years after asking for proposals, Suffolk County said it's close to choosing who will build a mixed-use community on 250 county-owned acres in Yaphank. Deputy County Executive James Morgo said the choice...

Hempstead looks to change Seasons.
February 11, 2009... Byline: David Winzelberg The Town of Hempstead held a hearing Tuesday night to consider lowering the age limit of a condominium complex from 62 to 55. Garden City-based Engel Burman wants to allow younger homeowners in its 416-unit...

January home sales plummet on L.I.
February 11, 2009... Byline: David Winzelberg Sales of single-family homes on Long Island fell again last month. There were 1,096 homes sold in Nassau and Suffolk counties in January, 119 fewer than in December, according to numbers from the Multiple...

Westbury-based Kaled Management named top property manager.
February 11, 2009... Byline: David Winzelberg Westbury-based Kaled Management was named Management Company of the Year by the New York Association of Realty Managers last month. Kaled, which owns and manages nearly 6,500 rental apartments, co-ops and...

Port Washington-based Cedar Shopping Centers goes shopping.
February 11, 2009... Byline: David Winzelberg Port Washington-based Cedar Shopping Centers has acquired two supermarket-anchored shopping centers totaling 523,000 square feet for about $73.5 million, according to a company statement. The properties, one in...

Green dean for Stony Brook University Southampton.
February 11, 2009... Byline: Henry E. Powderly II Stony Brook University has plucked a leader in conservation to helm its Southampton campus. The state university said it has named Mary C. Pearl, who has been president conservationists group Wildlife Trust...

5 Browns and a few Steinways to visit gallery in Melville.
February 11, 2009... Byline: Henry E. Powderly II Here's your chance to see five prodigious, piano-playing, twentysomething siblings make a Rachmaninoff prelude look as easy to play as Twinkle Twinkle Little Star. The 5 Browns, the classical piano troupe...

Employee Free Choice Act: Unions, businesses battle over membership rules.
February 12, 2009... Byline: Ambrose Clancy Two long-time opponents are spoiling for a fight, accusing each other of strong-arm tactics and questioning the other side's patriotism. The mud thrown by organized labor and business interests is over proposed...

Agape World forced into bankruptcy by a U.S Bankruptcy Court.
February 12, 2009... Byline: Michael H. Samuels A U.S Bankruptcy Court judge ordered Agape World into Chapter 7 bankruptcy protection Thursday so that its assets could be frozen, collected and distributed back to defrauded investors. Judge Dorothy...

Q&A with Michael Kessler, the Port Jefferson Station P.I. who sniffed out Agape World.
February 12, 2009... Byline: David Winzelberg He never wears a fedora and there's no bourbon in his drawer, but that's because Michael Kessler isn't your father's private eye. Although he's been on his share of stakeouts, the man credited for helping to...

Commentary: Suozzi burns Nassau taxpayers.
February 12, 2009... Byline: Joseph Mondello You can't say Tom Suozzi wasn't warned that the bottom was about to fall out of his world. Unfortunately, those who were telling him he had overspent, overtaxed and overdrawn the county's coffers were Republicans,...

L.I. dems go to Washington.
February 12, 2009... Byline: Michael H. Samuels Long Island's two Democratic state senators were among 16 legislators invited by Senator Majority Leader Malcolm Smith to join him on a jam-packed, day-long junket to Washington D.C. today. Smith is being...

Kansas firm comes to L.I.
February 12, 2009... Byline: Laura Glasser TPP Certified Public Accountants based in Overland Park, Kan. has opened its first location on Long Island in West Hempstead. Robert Meyer, Jr., who lived on Long Island for six years before joining TPP, worked in...

Commentary: For one small eastern spot, a whole lot to dig into.
February 13, 2009... Byline: Jeff Miller Charles DeSousa wants to build a small retirement house for his mother in Montauk, on a shy-acre with some wetlands near Fort Hill Cemetery. But there's a problem: Somebody else got there earlier - like 5,000 years...