Long Island Business News

Like the Tech Industry Before It, the Mortgage Business has Come Crashing Down

American Home Mortgage represented a way to help people achieve their American dream by owning a home. Behind the scenes, American Home was also living the dream. Michael Strauss, over a 20-year period, grew the mortgage company from a home-based business into an empire with 7,500 employees and 550 loan offices. The firm regularly made Fortune magazine's fastest- growing companies list, finishing as high as No. 2. It provided mortgages to nearly 200,000 people. And then the walls caved in and...

Net Loss: Online Auctions Sink Iconic Collectibles Store in Huntington

Nostalgia is not what it used to be. The pun resonates with Ken Farrell, owner of Huntington's Just Kids Nostalgia. Talking earlier this week in his shop on New York Avenue, Farrell said he was closing the doors in the next few months. The Internet is killing the walk-in retail section of his collectible business, he said.

Long Island's King of Beer Distributors Taps Kentucky Construction Firm

Long Island's king of beer distributors has picked an out-of- state construction firm to design and build its new 260,000-square- foot facility in Shirley, much to the chagrin of three local firms that bid on the project. Lexington, Ky.-based Gray Construction snagged the design-build contract from Clare Rose for the beverage distributing company's new facility at Exit 68 of the Long Island Expressway. Clare Rose has applied for Brookhaven Industrial Development Agency benefits to help reloca...

Modifications Lift Sagging Mortgage Industry

With lending tight and mortgage jobs scarce, many brokers and bankers are joining the booming mortgage modification industry. Modifications, which often involve lowering a loan's interest rate or principal, or extending a loan's duration, have taken off since the start of the housing meltdown.

Stony Brook University Inks Deals with Long Island-Based Ca, in Talks with Verizon

In its most aggressive work with academia to date, CA has embarked on three collaborations with Stony Brook University researchers at the school's Center of Excellence in Wireless and Information Technology. Though he wouldn't give specifics, CA Vice Chairman Russell Artzt said his firm signed the research and development deals for what he calls "nice-sized projects" a few months ago.

Q&a with Robert Wallstrom, President of Saks Fifth Avenue Off 5th

Fifth Avenue feel It was opening night at Saks Fifth Avenue Off 5th's third Long Island store, this one at the new Tanger Outlets Center in Deer Park. As models strolled around and shoppers stuffed their faces with sliders and pretzels, Wallstrom, the president of Saks Fifth Avenue Off 5th, found time to talk about why Long Island is an ideal market for the chain.

Long Island Real Estate Briefs: October 31, 2008

Report says real estate recovery will take awhile Expect financial and real estate markets in the United States to bottom in 2009 and then flounder for much of 2010, with ongoing drops in property values, more foreclosures and delinquencies, according to an annual report from the Urban Land Institute and PricewaterhouseCoopers.

Long Island Legal Briefs: October 31, 2008

A sleepover party? An ex-wife who often had a man spend the night at her home may still be able to collect support payments from her ex-husband, New York's highest court has ruled.

How To...Choose a Corporate Law Firm

A talented, dedicated attorney, like a good accountant or insurance agent, can be an asset to your business. An attorney who understands what your business is about, where it is and where it is going can provide sound advice at every juncture of your company's lifecycle. Should a legal crisis knock at your door, an attorney that you have a relationship with can be at the ready, a knowledgeable ally prepared to guide you. For many, choosing the right attorney can be an intimidating process. Bu...

Tracey Segarra Joins Garden City-Based Margolin, Winer & Evens As Director of Marketing

NAME: TRACEY SEGARRA TITLE: DIRECTOR OF MARKETING

Long Islanders On the Move: October 31, 2008

Education Michael I. DeVito has been named the chief operating officer of the Long Beach City School District. In his most recent position, DeVito was chief information officer and director of strategic initiatives for the New York City Board of Education's division of school facilities and office of school support services.

Long Island Nonprofit Briefs: October 31, 2008

Islanders help nonprofits score The New York Islanders will kick off this season's Hockey with a Heart program on Nov. 8, when the Islanders face the Pittsburgh Penguins at Nassau Coliseum. The game will be billed as United Way of Long Island Night, with proceeds from ticket sales going toward the United Way's Project Warmth Fund, which provides one-time assistance to Long Islanders who are struggling to pay their heating bills.

Long Island-Area Organizations Help Entrepreneurs Decide How and Whether to Start a New Business

Last November, sisters Lori Bainbridge and Michelle Hart celebrated the grand opening of their Huntington store, the Treat Suite Pet Boutique. It features a front patio, where on nice days pet owners sit and drink coffee while their dogs enjoy fresh treats from the shop's bakery. Pets can try on new outfits or get their portraits taken inside the store, which also carries toys, accessories and food for both dogs and cats. After batting the idea around for about a year, Bainbridge and Hart met...

Cash Businesses the Targets of New York State Investigation

A small Long Island catering hall is hit with a $178,000 tax bill because church events were paid out of brotherhood and sisterhood accounts instead of the main church account. A Long Island deli is handed a $100,000 bill for failing to collect sales tax for a salad bar, although the same materials sold at the counter are exempt from sales tax.

New York State Sales Tax Audits Examine Three Years Back Typically

New York state sales tax audits don't examine only one year: They typically seek written records that look three years back. When records, such as cashier tapes, aren't available, the state estimates based on business size or observation.

Portrait of the Artist As a Business Person; It's Possible to Make a Living Being Creative

Those seeking to make living with their art face many of the same problems as other business people - and then some. Artists confront psychological, marketing, sales, investment and even sales-tax issues. And those who succeed often do so because of a mix of artistic and entrepreneurial skills in a tough profession.

Ones to Watch: Long Island Small Business People

Joseph Brown President

Trading Places: Former Stockbrokers Discover Main Street Is More Hospitable Than Wall Street

Lehman Brothers' bankruptcy and the Bank of America acquisition of Merrill Lynch are leaving thousands unemployed. JPMorgan Chase's acquisition of Bear Stearns left thousands without jobs. Wall Street firms are looking like today's dot coms. Tens of thousands of stockbrokers who once moved millions with the motion of a finger have lost jobs to technology and due to the subprime mortgage meltdown. And the exodus may have only just begun. Estimates as to the number of jobs likely to be lost due...

Long Island Macarthur Airport Is Becoming the Model of an Airport Security System That Works

Long Island MacArthur Airport is becoming the model of an airport security system that works. Within just five days, Transportation Security Administration personnel screening passengers at the airport intercepted two individuals who allegedly sought to bring weapons on aircraft. In the case of one defendant, in addition to a knife, he allegedly had a pipe bomb cushioned in his carry-on luggage. Both individuals were arrested and are now before the courts.

Long Island Financial Briefs: October 31, 2008

A Carle Place mortgage lender is being sued by federal prosecutors in Brooklyn for allegedly manipulating application forms for $4 million worth of mortgage loans. The lawsuit says Madison Home Equities and its president, Nadine Malone, intentionally provided false information on applications for 12 Federal Housing Administration loans to make unqualified borrowers look qualified.