Calverton Aviation and Technology

The New Jersey megamall owned by Triple Five, which is in contract through another affiliate company to purchase more than 1,600 acres of industrial land in Calverton from Riverhead Town, had $245 million in operating losses last year, security filings released this week shows.

The public information session with the Triple Five affiliate will be held “so that the agency and the public can get a more detailed understanding of its proposed project,” said Tracy Stark-James, citing Justin Ghermezian's July 11 letter to RiverheadLOCAL.

Amazon Air's growing fleet of freighters serve an expanding network of air cargo hubs across the country, but metro New York remains a weak spot for Amazon, researchers at DePaul University say. Calverton could help address that.

Editorial: A lot of big projects are heading to the Riverhead Industrial Development Agency for "benefits," collectively millions of dollars in tax exemptions. It's important for residents to understand what the IDA does and why. The agency, which lacks transparency, must do a much better job to provide public information to the public, or it does not deserve the public's support.

The public on Monday got a glimpse of what’s been taking place behind the scenes as the Riverhead Industrial Development Agency begins vetting the joint application for financial assistance made by Calverton Aviation Technology and the Riverhead Community Development Agency.

Construction loan creditors have sued a Triple Five affiliate to collect $389 million on a defaulted loan agreement. The debt was one piece of $1.7 billion in private construction financing for the American Dream mall in New Jersey.

The IDA board at a special meeting Dec. 21 appointed a new law firm to review the Triple Five affiliate's application for financial benefits, citing a “perception of a conflict of interest" of its existing counsel.

Riverhead IDA’s legal counsel, charged with the due diligence review of Calverton Aviation and Technology’s application for IDA benefits, has represented a Triple Five subsidiary in connection with its American Dream mall in New Jersey.

The Calverton Enterprise Park will fill the need for a regional air cargo logistics hub on Long Island, representatives of Calverton Agency & Technology told the Riverhead IDA in a presentation last night.

Triple Five, the company in a $40 million land deal with the Town of Riverhead, is at risk of default on its $800 million bonds for its American Dream mega mall in New Jersey, according to a public securities filing made Friday by the bond issuer’s trustee. The company reported losing $59.4 million last year in a separate filing last month.