Triple Five Group

At issue, Riverhead Supervisor Yvette Aguiar says, is what happens if the buyer does not gain approval from Riverhead IDA. Triple Five attorney Christopher Kent denies his client is reneging on anything and says they are simply trying to work out the details.

One year after the contract deadline for the town to gain approval of the land subdivision required to complete the $40 million sale to Triple Five, the subdivision remains in limbo. Triple Five says it's ready to close, but will allow the town another year to get its approvals, the company's attorney said.

Triple Five Group, the company in a $40 million land deal with the Town of Riverhead to buy nearly all of the town's remaining vacant land at the former Grumman site in Calverton, detailed losses at its American Dream retail and entertainment complex in New Jersey in financial statements made public Thursday.

Riverhead Town has canceled the runway use agreement it signed with Luminati Aerospace and has authorized a license agreement with tech start-up Launcher Inc. for use of part of the runway taxiway.

"We are looking to transform the economy of the East End and one day this region could be recognized as the Silicon Valley of the east. It's a big goal, but it starts with a first step." Chris Kent, attorney for Calverton Aviation and Technology, laid out the company's vision for the Calverton Enterprise Park in general terms at Thursday's town board work session.

The document, obtained through a Freedom of Information Law request to the State DEC, shows "an initial layout" and "a work in progress," according to the developer’s representatives.

It's been more than two months since the town learned of Luminati Aerospace's mounting legal and financial troubles — and CEO Daniel Preston's intention to move his operation off Long Island. Where does that leave the town? We still don't know.

Triple Five says its affiliate, Calverton Aviation and Technology is committed to fulfilling its obligations under the contract with Riverhead Town.

Luminati Aerospace, an owner of the company in contract to buy 1,643 acres of vacant land at the Calverton Enterprise Park, is facing eviction from the manufacturing building it leased at the enterprise park and is being sued by a principal investor for alleged default on a $10 million promissory note and mortgage in its real property and equipment at the industrial park.

Riverhead Town officials have agreed to review the additional financial information Triple Five Group has offered to provide at the town's request.