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Calverton Aviation and Technology

It’s official: Riverhead Town cancels contract to sell EPCAL land to Triple Five affiliate, CAT

by Oct 24, 2023
The Riverhead Town Board wasted no time acting to cancel the town's contract with Calverton Aviation & Technology following the Riverhead Industrial Development Agency's decision Monday night to deny CAT's application for financial assistance to develop the Calverton Enterprise Park

Triple Five megamall suffered $245 million in operating losses in 2022, filing shows

by Sep 20, 2023
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.

Triple Five company will publicly present its current plans for Calverton development to Riverhead IDA, agency executive director says

by Jul 18, 2023
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.

Might Calverton become an Amazon Air hub in the future? Long Island is a ‘unique difficulty’ for Amazon, researchers say

by May 26, 2023
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.

Is the Riverhead IDA serving the public’s interest? With many big projects about to seek agency benefits, the answer is critical.

by Apr 17, 2023
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.

Riverhead IDA provides update on vetting process of purchaser in $40 million Calverton land deal

by Mar 29, 2023
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.

Triple Five’s New Jersey mall slapped with $389 million lawsuit claiming construction loan default

by Feb 14, 2023
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.

Riverhead Industrial Development Agency hires new law firm to assist with Calverton Aviation & Technology application for benefits

by Dec 27, 2022
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 law firm represented Triple Five subsidiary in connection with American Dream mall

by Oct 3, 2022
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.

Air cargo logistics hub in Calverton planned by Triple Five affiliate to enhance package delivery services on Long Island

by Sep 22, 2022
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.