Triple Five

Luminati Aerospace owner Daniel Preston, 52, died at his home in Little Falls, New York on Thursday, Jan. 12. Luminati is part owner of a join venture with Triple Five called Calverton Aviation & Technology, which is in a $40 million land deal with the Town of Riverhead.

Riverhead IDA's own legal counsel in federal court filings accuses Triple Five principals, including two men involved in the Calverton land deal, of using a shell company with no assets and no records to dodge personal liability.

Calverton Aviation & Technology is walking back its presentation to the Riverhead Industrial Development Agency last month, maintaining that the plans unveiled at the IDA meeting did not depict an air cargo logistics hub at the Calverton Enterprise Park.

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.

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.