Triple Five

The clock is ticking as an important deadline looms in the $40 million land deal with a Triple Five affiliate at the Calverton Enterprise Park. The company must have a complete application for benefits filed and accepted by the Riverhead Industrial Development Agency by Sept. 24.

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.

Triple Five has agreed to move forward with the town’s proposal to involve the Riverhead Industrial Development Agency in the $40 million EPCAL land deal, Supervisor Yvette Aguiar announced this afternoon.

Ever since the crash-landing of Sean Walter's Bezos-like trip into aerospace with Luminati, his successors on the town board have found themselves in bed with the Ghermezians but not getting much sleep.

A Triple Five company and members of the Ghermezian family, whose conglomerate is involved in a $40 million land deal with the Town of Riverhead, have been accused of selling counterfeit hand sanitizer beginning in the early days of the COVID-19 pandemic.

The Triple Five company developing the 3-million-square foot mall has drained its debt reserve and has been put on notice by its bond servicer that it has not fulfilled its disclosure obligations under a grant agreement with the New Jersey Economic Development Authority.

The Triple Five subsidiary that bought the Dowling College aviation campus in a bankruptcy proceeding in 2018 has been forced to terminate its benefits agreement with the Brookhaven Industrial Development Agency.

In first public appearance in Riverhead Town Hall since Triple Five signed a $40 million land deal in 2018, company chairman Nader Ghermezian told the town board Triple Five wants to close as soon as the town is able.

Riverhead Town has filed a lawsuit challenging the DEC’s handling of a n application for a permit needed to subdivide vacant land at the EPCAL site and the agency's position that Suffolk County Water Authority, not the town, has the right to supply water to new development there.

Arieli Capital, a technology and innovation holding company with offices in Israell and New York, brushed aside questions raised during a Chamber of Commerce Zoom meeting about the dissolution of a recent partnership for an innovation accelerator with NYU's Tandon School of Engineering, citing a nondisclosure agreement. A partner in the firm said it would "help unlock Riverhead's economic and employment potential."